Definitions of award:

• noun:   a grant made by a law court

  Example: "He criticized the awarding of compensation by the court"

• noun:   a tangible symbol signifying approval or distinction

  Example: "An award for bravery"

• noun:   something given for victory or superiority in a contest or competition or for winning a lottery
• verb:   give, especially as a reward
• verb:   give on the basis of merit
• verb:   bestow an honor upon