What does this statement mean in my ESOP?

I am in senior marketing position at my startup and I have been recently granted ESOP.

My contract has this written in it:

55,000 options (Shareholder Interests, Options), which represents an aggregate of 4,95,000 shares of the Company

What does this mean? I have been granted 55,000 options but does that mean it’s equivalent to around 4.95 lakh of actual shares?