I've never even heard of "exchangeable shares." I wonder what this is designed to protect against? An angel takes fewer protections but is also getting in a much more favorable price. Nor does the angel have any LPs to answer to.
5 person board is huge and unwieldy. Can you imagine how hard it will be to get 5 people organized for a board meeting?
I think a normal vesting schedule makes more sense, perhaps with double-trigger acceleration.
Right of first refusal will make future funding rounds hard, especially since the future round really ought to be priced by a new party. Typically, a prorata share is offered. This is very important in the event of a down round.
I wish I could have done my legal work for $6k. That doesn't smell likely to me.