I joined a startup earlier this year and part of my contract included options. We recently went through another round of funding and now our shares are in a tracking system as of today (15 minutes ago). I'm not quite understanding what I own, and am wondering if this sub can help before I contact Finance/HR.

My contract reads as follows:

Options

We will recommend to the Board of Directors of the Company that you be granted the opportunity to purchase shares of value $25,000 of the Company’s common stock through a stock option under the Company’s proposed equity incentive plan (the “Plan”) at the fair market value of the Company’s common stock as determined by the Company’s Board of Directors on the date that the Company Board of Directors approves such grant. However, the grant of any stock option by the Company is subject to the approval of the Company’s Board of Directors and this promise to recommend such approval is not a promise of compensation and is not intended to create any obligation on the part of the Company. Further details on the Plan and any specific stock option grant to you will be provided upon approval of such grant by the Company’s Board of Directors.

Obviously that verbiage is not quite in my favor, but it is what it is.

Per the options system, I have 8,993 unvested options with an exercise price of $0.31 (USD). That's about $2,800. The first 25% vest after 1 year, and then the rest vest at 3-month intervals.

Did I get absolutely screwed? Did the funding round dilute my shares that much?