I imagine it would depend on the structure of the shares - they could be "first money out" - so how much everyone gets depends on overall amounts during exits;

I imagine it would depend on the structure of the shares - they could be "first money out" - so how much everyone gets depends on overall amounts during exits; similarly, it's why early employees may not gain anything more than their salary, not getting anything in exchange for the equity they were given during an exit event.