Clock Status?

[jtparker12]

Here is the situation, and this is one that has drawn a lot of discussion with some of my fellow officiating compadres:

For the sake of argument, we will say that it is 3rd Down and the distance doesn't matter. Team A, which will become K, has lined up in a field-goal formation, with the holder down on one knee 7-yards behind the snapper. The clock is running at this time because the last play was a running play that remained inbounds, and we will say that there are 2:00 left on the clock when the ball is snapped. The snap is errant, and the holder recovers it, lifting his knee to do so and then immediately placing it back to the ground, which is legal under 4-2-2a EXCEPTION 2 in NFHS rules. After he returns to the ground, he "pitches" a forward shuffle pass to a receiver who (a) catches the ball and runs for a touchdown, or (b) drops the forward shuffle pass. Under Rule 4-2-2, the ball is dead and the down is ended at the point that the holder "pitches" the forward shuffle pass, but what is the status of the clock in each of these situations?

Please make sure to cite the rule(s) and case(s) for each so that I can reference them for the future, and so that I can pass it along to my compadres for their clarity. Thanks so much!!