Each award involves a tuition/fee remission and a $1000 stipend.
( ( Each award ) ( ( involves ( ( ( ( a ( tuition/fee remission ) ) and ) ( a ( $ 1000 ) ) ) stipend ) ) . ) )
(ROOT (S (NP (DT Each) (NN award)) (VP (VBZ involves) (SBAR (S (NP (NP (DT a) (JJ tuition/fee) (NN remission)) (CC and) (NP (DT a) ($ $) (CD 1000))) (VP (VBD stipend))))) (. .)))
Every honor cancels some tuition and awards one thousand dollars. 
( ( Every honor ) ( ( cancels ( ( ( some tuition ) and ) ( awards ( ( one thousand ) dollars ) ) ) ) . ) )
(ROOT (S (NP (DT Every) (NN honor)) (VP (VBZ cancels) (NP (NP (DT some) (NN tuition)) (CC and) (NP (NP (NNS awards)) (NP (QP (CD one) (CD thousand)) (NNS dollars))))) (. .)))