Will Smith is allowed to keep the Academy Award he won despite his 10-year ban from attending the Oscars

• Will Smith will be allowed to keep his Oscar despite his Academy ban.

• On Friday, the Academy of Motion Pictures Arts & Sciences banned him from all Academy events, including the Oscars, for 10 years.

The Academy of Motion Pictures Arts & Sciences will allow Will Smith to keep his Oscar after slapping Chris Rock at this year's Academy Awards ceremony on March 27, according to The Hollywood Reporter.

On Friday, the Academy revealed their decision to enact a 10-year ban on Smith following the on-stage altercation in an open letter signed by Academy President David Rubin and CEO Dawn Hudson that was sent to Insider and other media.

"The Board has decided, for a period of 10 years from April 8, 2022, Mr. Smith shall not be permitted to attend any Academy events or programs, in person or virtually, including but not limited to the Academy Awards," the letter reads." The letter also denounced Smith's actions as "unacceptable and harmful behavior."

According to a previous statement from the organization, the decision was a result of "disciplinary proceedings" brought against Smith "for violations of the Academy's Standards of Conduct, including inappropriate physical contact, abusive or threatening behavior, and compromising the integrity of the Academy."

Smith responded to the ban with a brief statement to CNN that read, "I accept and respect the Academy's decision."

Smith hit Rock on-stage for a joke about Smith's wife, Jada Pinkett Smith

Smith struck Rock on stage during the live broadcast of this year's ceremony after Rock made a joke suggesting Smith's wife, Jada Pinkett Smith, was going to be starring in "G.I. Jane 2" because of her shaved head. Pinkett Smith has been open about shaving her head as a result of the autoimmune hair loss condition alopecia.

Minutes after the incident, Smith accepted the award for best actor in a leading role for his performance as Richard Williams, the father of tennis superstars Venus and Serena Williams, in the biopic "King Richard." During his acceptance speech, Smith apologized to the Academy and his fellow nominees. On March 28, a day after the ceremony, Smith issued a public apology to Rock for his actions via his Instagram account.

Celebrities including Tiffany Haddish and Tatyana Ali have expressed support for Smith. Others, including Zoe Kravitz and Howard Stern, have publicly criticized him.

Richard Williams, who Smith played in "King Richard," also spoke out against Smith's actions in a statement to NBC News. "We don't know all the details of what happened," he said, via his son Chavoita LeSane. "But we don't condone anyone hitting anyone else unless it's in self-defense."

Will Packer, who produced this year's Academy Awards, expressed disappointment at the ceremony's "inclusive" moments being eclipsed by Smith's actions, including Troy Kotsur becoming the first deaf man to take home an acting Academy Award and Ariana DeBose becoming the first openly queer and Afro-Latina actor to win an Academy Award.

"You have all these moments that are overshadowed now, so that's the bittersweet part of it," said Packer.