The goal with the “Bill of Rights” is to establish lines that we will never cross as a media company, building trust for viewers, filmmakers and our investors that we will stay fixed on our North Star as we grow. This document has now been reviewed by our team, the board, filmmakers and investors. We are still open to making changes before we ratify our Bill of Rights (much harder to make changes after ratification).

We propose 80 percent of shares and 80 percent of investors to constitute a supermajority to change the Bill of Rights (percentage based on those who vote).

Viewers

1. Paying viewers and Investors (Angels) decide what gets the chance to be funded (by participating in a Guild that decides if the content is well-made and aligns with the North Star).
2. Viewers decide what is made (by supporting their favorites with an investment and becoming Angels themselves)
3. Angel Studios shall never infringe on a viewer’s right to skip any content they choose.

Investors (Angels)

1. Balance of power requires at least two classes of shareholders (between founders, institutions and the crowd) to agree to make major changes to the company
2. Board members, elected by our investors, evenly represent the founders, institutional investors and crowd investors
3. Founders, early institutional investors and our crowd have super-voting shares that convert to single vote shares if sold in the public market

Filmmakers

1. Angel Studios publishes what the Angel Guild decides is the best-made and matches Angel's North Star (all independent decisions, not controlled by Angel).
2. Angel Studios shall never be paid more than filmmakers (after actual costs).
3. Angel Studios shall not withhold access to customers who purchase a filmmaker's work (only the viewer has the power to opt out).