[chrisduesing]

The document includes a 1x preference, anti-dilution, board seat, etc. Aren't those fundamentally the things that make their shares different than common? Can you disentangle the name 'preferred' from the added rights over common shares?

[zekevermillion]

That's a good point. In Delaware, liquidation preference would have to be accomplished through a preferred stock designation. Not sure what English law is, though. The terms might make more sense, both legally and culturally, from that perspective. This could possibly explain why commenters who know these guys are giving good reviews, while US-based commenters steeped in SV culture find this document strange.