Just to clarify one thing, the founders in the AirBnB case were not selling anything to investors -- they were taking a dividend, which is even worse for the early employees, because the founders get rich without dilituing themselves, precluding the other employees from doing better in a subsequent round.
Yes, I know. I should have mentioned that in my comment, but my point was that the agreement as originally written did not line up with the OPs comment.
