How to compute worth of my equity?

I am a newly appointed consultant to a startup. I work in another organization which forbids me to receive any salary for being a consultant. However, I am allowed to have an equity.

The startup management has provided following equity to me in the contract that I am yet to sign:

  • Total number of Options: 100,000 Ordinary Shares
  • Exercise price: $0.00001 per Ordinary Share.
  • Vesting period: All Options are to vest progressively on a monthly basis over a 3-year period with a 3-month cliff period.

This terminology is new to me. How do I compute the total worth of my equity? It seems like I hold only $1 because 100000*$0.00001 = $1. What is meant by the vesting and cliff periods?

Any basic explanation will be greatly appreciated.