how to be thankful to someone for honouring us

When someone is honoring us, we should thank them by saying, "I am grateful and overwhelmed with this honor." It actually depends on the situation. If it is a meeting and an employer is honoring you with a reward, then you could say, "It is great to be a part of an esteemed organization, and this honor is a motivation. I am grateful to be a part of this organization."