In the first two definitions, a simple “why thank you” would likely be sufficient. It allows you to be gracious and humble.
If you are being publicly recognized for an achievement, it might be appropriate to share the praise with everyone that helped you on the way to your achievement. You would provide examples or anecdotes of their assistance and in conclusion you would thank the person praising you for their recognition.
Like many situations in interpersonal relationships, context can be important. If somebody that you don’t have a great relationship with heaps praise on you, which is out of their character, you have to wonder what’s going on behind the scene. Some times people use praise as a way to manipulate us or to gain an unfair advantage over somebody else.
Others with malicious intent can craft the praise so that it actually doesn’t show you in a good light. My fellow work colleagues have coined the term “complisult.” At first it looks like a compliment but when you dig deeper into its intent, it isn’t. It is actually a veiled insult.
Many people have difficulty receiving praise. If you get used to using a conscientious filter to sift out genuine and pseudo praise, you will do well. One technique I have learned to help me accept praise better is to freely and genuinely offer it to others.
Thanks for your question!