Angels have the option to unilaterally terminate the trust for their own shares, but this is subject to a notice period as stated in the Trust Agreement. However, for the termination to take effect, the angel must then agree to the underlying shareholders' agreement as a direct shareholder. This usually involves the target company and its shareholders (including a group of angels) agreeing to the accession of a new shareholder and any necessary amendments to the SHA.
Updated over a year ago