Is it being withheld? Have you asked?

Liquidation preferences are mostly there for the low exits -- the VC is trying to stop the founders from making ONE MILLION DOLLARS!!! by just selling it out right away for a low (but still very high for a pair of people) amount of money. I haven't found that this is a secret.

As an employee, you should assume that you aren't going to see much if the exit is low (no matter what the founders/VCs tell you).

I would also say that this is basically true for Angels if the company goes through a few more rounds and then fails to reach real exit velocity.