They will be stored with miscellaneous items in your inventory.
The rings are ornamental and cannot be worn by you.Velehk Sain cannot be summoned without the rings, so you should be careful not to misplace them. Unlike other quest items, the rings can be removed from your inventory.Kill: You can opt to kill him and loot his corpse for two scimitars, a daedra heart, Hammerfell garb, and Redguard boots.The treasure is conjured by your proximity, you will not see it from a distance. The treasure is magically hidden and will only reveal itself if Velehk is released. Note that there are several statues of Talos in the surrounding area the one you need is the one where the statue is at the very apex of the small island. The map leads to a hidden stash of treasure (leveled general treasure), located west-northwest of Winterhold, and north of Saarthal, on an island with a statue of Talos. Release: If you release him, he will vanish and you will receive Velehk Sain's Treasure Map.He will bargain with you for his release, offering treasure from his pirating days in exchange.
Once all four rings are placed on the appropriate fingers, the fingers will curl into a fist, and a Dremora pirate named Velehk Sain will be summoned.