I'd add to your analysis that the options typically vest over a period of several years (I can't remember or locate but I saw EITHER three or six years was typical in some IDCC document).
almost $2M of company stock to be used for ONE technical employee?
What planet are you from?
Using the corporate average package of 35,000 options, that's enough for about 32-33 new hires. Using a technical employee average of around 75,000 options per engineer that's enough for 15 new hires.
The idea is to give them a base to grow from....not $1M if the stock goes up to $37.
Greedy beyond belief....especially if your numbers were anywhere near accurate.