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Having been involved in a startup which offered participation certificates, I'll say this: Stay far, far away. Nope, even further than that.

Participation certificates are derivatives of an underlying, either a separate share class, or even worse, options on a separate share class. Startup equity is hard enough to value outright. Derivatives on customized terms in a market which is by definition highly illiquid? No thanks.

(It doesn't help when the terms of both shareholder agreement and participation certificate agreement are slanted in favour of the early employees/founders by so much that the participation certificates are worthless on close inspection, but that's a different rant.)

Viewing the PDF using either the github viewer in Iceweasel 38 or downloading it and viewing it in Atril resulted in 2.1GB memory usage in a spare Jessie / MATE VM I had lying around. Close Atril and Iceweasel, ps -ef to check they're gone, look at top - and Xorg still holds on to 1.14GB.

Kosher it ain't. Proceed at your own risk.