[swingbridge]

Without knowing the total number of shares it's hard to know what you have. You also need to know how your options will be treated under various scenarios: company goes public, company is sold, company is acquired, company gets more funding, etc. In general employee options get the short end of the stick in most of those scenarios. One can still make out well, just usually not as well as they had thought/hoped.

At the end of the day one must remember that more often than not options don't work out the way one hopes. They're used as a cheap form of comp since it's just paper to the company. They can provide a nice bonus under the right scenario but be very cautious about accepting options in place of proper compensation at your full value (e.g. cash in the bank). More people than would care to admit it accepted options in place of cash for their base comp and lived to regret it.

Negotiate proper comp up front and only accept options as part of the icing on the cake. If they can't pay you properly then you have serious reason to question if this thing is a "real company" or just a bunch of hyped up fluff with a valuation that could vaporize overnight--making your options completely worthless before you even knew what just happened.