(a) Written notice of a board's intention to not renew the contract of employment of an administrator shall be given to the administrator on or before the third Friday in May of the year in which the term of the administrator's contract expires. An administrator shall give written notice to a board on or before the 14 th calendar day following the third Friday in May of the administrator's rejection of renewal of a contract of employment.
(b) Terms of a contract may be changed at any time by mutual consent of both an administrator and a board.