Complex sentence: It was first awarded at the 1st Daytime Emmy Awards ceremony, held in 1974 and it is presented in honor of an actor "who has delivered an outstanding performance in a leading role while working within the daytime drama industry".
Split into simpler sentences: It was first awarded at the 1st Daytime Emmy Awards ceremony, held in 1974. The award is presented in honor of an actor "who has delivered an outstanding performance in a leading role while working within the daytime drama industry".