In the first wave of cuts, you're still getting free lunches, you're getting 1 month/year of severance or more, you're getting vesting beyond your departure date, you're getting 12 months of benefits.

In the third wave of cuts, you've had 3 managers in 6 months, everyone hates life, you're having all hands meetings biweekly, and when you get let go quietly, your severance is shit.