Frequently Investors and Founders get money before Employees. Investors frequently have clauses (warrants/ratchet) to increase their position if the sale wasn'

Frequently Investors and Founders get money before Employees. Investors frequently have clauses (warrants/ratchet) to increase their position if the sale wasn't at some threshold, which will affect (to downside) the basis for Employees payout. If the Employee thought the stock was at $150/share at 1.5B they will get less than $97 on payout.