I see no reason you cannot exercise your option, but unless I see the contract it is hard to say what provisions could limit you. Review the contract and tell me if you see any conditions that may limit the exercise of your option.

This is a situation where the attorney has to really look at the contract. Unless there is something there that we don't know about, though it looks like you have the right to exercise when you want and even to sell your option.

Of course you state rules could affect this...but applying common law rules I don't see reason why you could not exercise.