No, it reflects a lower share price at the time the options were issued. eg some arbitrary numbers. current share price is 5.2, if company was issuing options now with expiry in 3 years then they may have an exercise price of say 8 or 9 cents or something.
if say next November we were trading at 10c and company was looking to offer staff options then for exercise in 3 years time then the exercise price would be something higher than 10, maybe 15-18 or something.
the strike price will always be some sort of stretch target higher than the share price at time it was set.
Ann: Change of Director's Interest Notice (x5), page-6
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