It will look just like it looks in your account before you "gift" it. The recipient can apply it to a new or existing reservation, let it sit in their account, or gift it to someone else.
It may make sense, but it's wrong. The T&Cs are pretty clear - "Transfers are not rescindable or reversable" The recipient of a GoH award can re-gift it to another person, so they could gift it back to you if it won't be used, but you can't reclaim it back.
After a little closer reading, it doesn't appear the GoH award can be re-gifted. It is clear the recipient can apply it to another person's reservation, conveying the in-hotel benefits, but it sounds like the award itself can only be transferred once.
It would be an interesting experiment if a multiple Glob household gifted a GoH award to each other as that would definitively answer the question.