The noun award has 3 senses (first 3 from tagged texts)
1. (26) award, awarding -- (a grant made by a law court; "he criticized the awarding of compensation by the court")
2. (7) award, accolade, honor, honour, laurels -- (a tangible symbol signifying approval or distinction; "an award for bravery")
3. (5) prize, award -- (something given for victory or superiority in a contest or competition or for winning a lottery; "the prize was a free trip to Europe")
Overview of verb award
The verb award has 2 senses (first 2 from tagged texts)
1. (7) award, present -- (give, especially as an honor or reward; "bestow honors and prizes at graduation")
2. (2) award, grant -- (give as judged due or on the basis of merit; "the referee awarded a free kick to the team"; "the jury awarded a million dollars to the plaintiff";"Funds are granted to qualified researchers")