As used in this subchapter:
(1) “High-need public school” means an Arkansas public school that, at the time a master principal first becomes entitled to a high-need school salary bonus, is identified as failing to meet certain established levels of academic achievement under rules adopted by the State Board of Education;
(2) “High-need school salary bonus” means an annual bonus to a master principal serving as a principal of a high-need public school;
(3) “Hold-back longevity bonus” means a portion of the high-need school salary bonus held back to be paid at the end of three (3) years and five (5) years of serving as a principal of the same high-need public school; and
(4) “Incentive bonus” means a bonus paid to a master principal serving as a principal of any public school in the state.