Will Smith gives a statement following the Academy's decision to restrict him from attending the Oscars

Will Smith has agreed to a ten-year ban from attending the Academy Awards. The board of governors of the Academy of Motion Picture Arts and Sciences voted to bar the 53-year-old Best Actor winner from Oscar gatherings and other Academy events for the next ten years after he hit Chris Rock up on stage at last month's award ceremony.

"I accept and respect the Academy's decision," Smith said, according to PEOPLE. "The Board of Governors has decided that Mr. Smith shall not be permitted to attend any Academy events or programs in person or nearly, including but not limited to the Academy Awards, for a period of ten years, beginning April 8, 2022," the Academy said on Friday. The 53-year-old actor, however, will keep the Oscar he won this year for his achievement in King Richard.

Meanwhile, the Fresh Prince of Bel-Air star smacked Rock, 57, across the face on March 27 after the comedian made a sarcastic comment about Jada Pinkett Smith's shaved head. The 50-year-old Girls Trip celebrity undergoes alopecia, a hair loss disorder. While Smith did not apologize to Rock while accepting his Oscar, he did issue a statement on Instagram more than 24 hours later, saying, "Violence in all of its forms is poisonous and destructive." My behavior at the Academy Awards last night was both unacceptable and inexcusable." "Jokes at my expense are a part of the job," he continued, "but a joke about my Jada's medical condition was too much for me to bear, and I reacted emotionally."

Rock, on either hand, chose not to pursue legal action and has yet to respond publicly to the situation.