Negotiate, my friend…if the company is growing as rapidly as you say, they should be interested in negotiating, particularly if you play the sob story about how your fiance is in college, you can’t afford a house yet, and your fiance desperately wants to get pregnant. With a little luck you can equalize the salary plus get some options.
The whole scenario seems a bit odd to me. I can see a sales manager being bonus dependent based on performance, but for the manager to take that kind of a cut purely on the option opportunity seems to be a bit much.