(1) The State Board of Education shall promulgate rules for an additional high-need school salary bonus, including a hold-back longevity bonus, for each principal receiving master school principal status and serving as a principal of a high-need public school.
(2) The Division of Elementary and Secondary Education shall pay a high-need school salary bonus of twenty-five thousand dollars ($25,000) for every school year for no more than five (5) years to any building-level principal who: Receives a master school principal designation from the Arkansas Leadership Academy; and
(3) At the time of receiving the bonus of twenty-five thousand dollars ($25,000), is employed full time as a building-level principal in a high-need public school.
(4) The high-need school salary bonus under subdivision (b)(1) of this section shall be paid as follows: Twenty thousand dollars ($20,000) for each school year a master principal is employed in a high-need public school; and
(5) An additional five thousand dollars ($5,000) to be set aside for each qualifying school year to be paid as follows: A hold-back longevity bonus of fifteen thousand dollars ($15,000) at the end of three (3) consecutive school years as a master school principal in the same school; and
(6) A hold-back longevity bonus of ten thousand dollars ($10,000) at the end of five (5) consecutive school years as a master school principal in the same school.
(7) The high-need school salary bonus with the hold-back longevity bonus payable under this section shall be paid in addition to the five-year incentive bonus allowed under § 6-17-1603, if the master principal is within the time frame for eligibility for the five-year incentive bonus.
(8) Regardless of a person's past participation in the Master School Principal Program, a person shall not receive a yearly incentive bonus, a salary bonus, or a longevity bonus if the person leaves full-time employment as a principal of an Arkansas public school district.