On Friday afternoon, Will Smith announced in a statement that he was resigning from the Academy after he slapped Chris Rock during last Sunday’s Oscars telecast.

The Academy plans to forge ahead and conduct a formal investigation and disciplinary process on April 18, at which time the organization could impose further sanctions or punishment in accordance with its bylaws. In the meantime, here’s what Smith’s resignation means for the actor’s Oscars future:

  • Yes, he still gets to keep his Best Actor Oscar for “King Richard”
  • Yes, he can still get invited to future Academy Awards ceremonies
  • Yes, he can still be nominated for future consideration
  • No, he is no longer a voting member of the Academy

Smith’s resignation came in response to a disciplinary hearing notice from the Academy. Smith admitted he fully accepted all consequences for his conduct and said in his statement, “My actions at the 94th Academy Awards presentation were shocking, painful, and inexcusable. The list of those I have hurt is long and includes Chris, his family, many of my dear friends and loved ones, all those in attendance, and global audiences at home.”

He also acknowledged that his actions took away from the other nominees and winners of the night. “I am heartbroken. I want to put the focus back on those who deserve attention for their achievements and allow the Academy to get back to the incredible work it does to support creativity and artistry in film.”

Meanwhile SAG-AFTRA released a statement after the Oscars incident saying Smith could also face disciplinary action from his guild. “We have been in contact with the Academy of Motion Picture Arts and Sciences and ABC about this incident and will work to ensure this behavior is appropriately addressed. SAG-AFTRA does not comment on any pending member disciplinary process,” the statement said.

Earlier in the week, Academy President David Rubin and CEO Dawn Hudson had met with Smith, who faced suspension, expulsion or other actions, to discuss the events of the night.

The Academy’s earlier statements in response to Smith’s actions said, “The Academy condemns the actions of Mr. Smith at last night’s show,” the organization said in a statement. “We have officially started a formal review around the incident and will explore further action and consequences in accordance with our Bylaws, Standards of Conduct and California law.”

Following Sunday’s night’s events, Smith issued an apology in a statement on Monday morning. “I was out of line and I was wrong,” the actor said. “I am embarrassed and my actions were not indicative of the man I want to be. There is no place for violence in a world of love and kindness.”