OBR -- remove the glove. No other penalty.
NCAA -- offense can select the play or to replay the pitch.
FED -- offense can select the play or the penalty (the penalty is as Thaai indicated above, except that since it was a catch, the BR (nor other runners) wouldn't have advanced a base). Also, if it was a caught foul fly, then the "penalty" part is to just ignore the catch and treat it as a foul ball.
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