If you select Create Animated GIF, you will be prompted to select a Destination (this must be an Export Destination), Resolution, Sample Frame Rate, and Speed. You will also be prompted to select whether the original clip should be kept or discarded after the GIF is created, and you will have the option to add meme text to the GIF.

You will see a task popup indicating the progress of GIF creation:

Once the GIF is complete, you can View it or send it as an E-mail attachment:

When viewing a GIF, you can download it using the Save option in your web browser.