Looks like someone entitled to buy shares at a set price may surrender that option for fewer shares without having to pay the option price, or anything further for that matter.

For example, someone with an option to buy 100 shares at $5 on a date where the market price is $10 would be allowed to takee 50 shares without paying anything. Not the best deal unless you don't have enough money to buy the 100 shares in the first place, at least you'd end up with 50 shares, not as good as 100, but better than nothing.