Yes! You can remove the person you invited from your plan and invite someone new instead. If the invitee does not accept the invite, you can also send it to another person.
To remove a connection from your plan, just do the following:
Navigate to your account settings on our website here.
Go to the Account tab and scroll down until you find the "Premium plan sharing" section.
Click on "Remove" and you're done.
To invite someone else to your plan after you've removed someone, just click on the "Generate Link" button that will now appear in your Settings, or follow the instructions illustrated in this article.