Withdraws, with "out" (4)
I believe the answer is:
opts
'withdraws with out' is the definition.
(I've seen this in another clue)
This is the entire clue.
(Other definitions for opts that I've seen before include "Selects between alternatives" , "Settles" , "Chooses from a range of possibilities" , "Makes choice from post" , "Selects as an alternative" .)