The first option would need to be exercised within the number of days expressed in the applicable fill-in clause prior to the delivery date of the base year CLIN. That clause would likely be 52.217-6 Option for Increased Quantity or 52.217-7 Option for Increased Quantity-Separately Priced Line Item. The applicable clause would have had to been filled in prior to award of the contract when it was initially added to the solicitation and then incorporated into the resulting contract. 

If no more supplies are required, then proceed with contract closeout procedures.