For the majority of embeddable controls which are registered in the DAML category "esri_embeddableControls", options will always be null and can be ignored. Options are only needed if an enbeddable control is hosted within Task (should be registered in the DAML category "esri_tasks_embeddableControls") or an Editor Template in conjunction with a construction tool

Reference

EmbeddableControl Class
EmbeddableControl Members