The "immediate release" causes the fish to not to be included in your daily limit. If you haul them around in a livewell and then decide to release them, it's not illegal but those fish do have less of a chance to survive than if they had been released immediately.

If you want to give them away, that's fine you, just need to give the person you are giving them to your name, address, permit number, species and the date when taken. Those fish count towards your daily limit not the person you give them to. They would count towards the recipient's possession limit.