Sec. 5. A grant received by a school corporation or charter school may only be used to pay stipends within the amounts described in section 8 of this chapter to one (1) or more teachers selected by the school corporation or charter school who:
(1) have instructed students in a school or district for at least one (1) school year prior to the grant distribution year;
(2) maintain employment at the same school or district at the time of the grant distribution;
(3) are determined to significantly impact student outcomes using national, state, or local assessment measures; and
(4) are designated in one (1) of the categories described in section 6 of this chapter.