Presented annually to the author of the outstanding doctoral dissertation in the area of Programming Languages. The award includes a prize of $1,000. The winner can choose to receive the award at ICFP, OOPSLA, POPL, or PLDI.
I guess it is fairly obvious why professors should propose their students (the deadline is January 4th 2015). Newly minted PhD should, for similar reasons, make sure their professors are reminded of these reasons. I can tell you that the competition is going to be tough this year; but hey, you didn't go into programming language theory thinking it is going to be easy, did you?
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