The Collaborative International Dictionary of English v.0.48:

Meed \Meed\, v. t.
   1. To reward; to repay. [Obs.] --Waytt.
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   2. To deserve; to merit. [Obs.] --Heywood.
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The Collaborative International Dictionary of English v.0.48:

Meed \Meed\ (m[=e]d), n. [OE. mede, AS. m[=e]d, meord; akin to
   OS. m[=e]da, OHG. miata, mieta, G. miethe hire, Goth.
   mizd[=o] reward, Bohem. & Russ. mzda, Gr. misqo`s, Skr.
   m[imac]dha. [root]276.]
   1. That which is bestowed or rendered in consideration of
      merit; reward; recompense.
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            A rosy garland was the victor's meed. --Spenser.
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   2. Merit or desert; worth.
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            My meed hath got me fame.             --Shak.
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   3. A gift; also, a bride. [Obs.] --Chaucer.
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WordNet (r) 3.0 (2006):

meed
    n 1: a fitting reward