[Mr. Ayman Elsawy]

A reward is something that directly benefits the recipient in exchange for something good they have done, often, but not always, financially. For example: a child is rewarded for tidying their room with a bag of sweets, someone who catches a bank robber is rewarded with £30,000 by the bank, someone offers a £10 reward to whoever finds their lost dog.

An award (noun) is something that recognises something that someone has done. People are awarded medals for courage, the Oscar figurine is an award for excellence in film making etc. It need not have any financial value.

To award (verb) means to present, to give. It has a slightly wider meaning than that of just relating to an award (noun). It is also used when someone has achieved or won something, even if there is not an actual award (noun) involved. For example, you might award a business contract. There is still a suggestion of competition involved though.