Payment Elections. The SRA ▇▇▇▇▇▇ shall be made available to Superintendent in the same manner that Superintendent’s Base Amount is made payable to him. At Superintendent’s election, the SRA ▇▇▇▇▇▇ can be used to: (i) fund and pay through salary reduction contributions for any of the qualified benefits selected under a Code section 125 plan maintained by the School Corporation, (ii) make salary reduction contributions to Code section 403(b) and/or 457(b) plans, or (iii) paid as additional wages to Superintendent. However, unless and until Superintendent completes an applicable salary reduction agreement, the SRA Amount shall be paid throughout each fiscal year of the Amended Contract (the “Contract Year”) in installments directly to Superintendent less applicable income and employment tax withholdings.
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