Performing in occasion for award (6)
I believe the answer is:
honour
'for award' is the definition.
(synonyms)
'performing in occasion' is the wordplay.
'performing' becomes 'on' (as in being on stage).
'in' is an insertion indicator.
'occasion' becomes 'hour' (I've seen this before).
'on' inserted into 'hour' is 'HONOUR'.
(Other definitions for honour that I've seen before include "Symbol of approval or distinction" , "Acclaim" , "pay tribute to" , "Grace (with a presence)" , "Show respect towards, parents say" .)