That's only even more confusing. The strike price is by law supposed to be the "fair market value" of the stock option. So what do you mean by the "price of stock as determined by management." While the strike price is typically kept artificially low by use of 3rd-party audit firms that calculate valuations, how do you know management is not artificially inflating the price of stock (so as to give you a misconception of the worth of the stock).
Also, you should make clear what the cash equivalent of stock is. Is it cash = cumulative difference between strike price and "price of stock as determined by management"?