There can be no better reason, than to appreciate someone for their integrity. Targets and performance are awarded to encourage others to emulate such achievements.
Please consider honoring the employee in full view to everyone, by leader's of repute, whose presence matters to the employees. It's the acknowledgement of the act which is more important than the letter or any award you may decide to give.
Wish you all the best
10th December 2012 From India, Mumbai