Motorola V710

I have a question about the settlement. In option C, it states you are allowed to return your phone for a full refund. Do you just a credit for this and return you phone and things keep on going as normal contract wise, like you still have the same contact and same date when the contract ends. Or by choosing this option, do you have to sign a new contract with them. For my plan we have the NE2 family share with two additional lines and the primary line is the v710 that I want to have refunded. How will all this work?