I lived through an experience very similar to this. The little people got peanuts. Two things really burned me. One was exactly the point you made, with such a small team it would haven't been much to make the payout go from pathetic to meaningful for the peons who put years into the company. Second the sale contract specified employees would continue to receive similar salaries. So our salaries did not change, options that took years to vest were cashed in for little money, and the company suddenly had plenty of extra money to go on a hiring streak.