The state board placed Farragut under the receivership of the Green Hills Area Education Agency last month after deciding it would revoke Farragut’s conditional accreditation on June 30, 2016, for failing to meet requirements related to its spending, accessibility and academic programs.

Lane Plugge, chief administrator of the Green Hills AEA, said Hinrichs will be paid through the end of January, when his superintendent exchange license with Nebraska expires. Hinrichs and Plugge both confirmed the agreement with The Daily Nonpareil in interviews Thursday afternoon.

Hinrichs’ license runs through Jan. 31, according to the Iowa Board of Educational Examiners. Hinrichs was previously a school administrator in Nebraska and received a one-year temporary credential to work in Iowa. Plugge said the license is a requirement of Hinrichs’ employment as superintendent.

Before the state board’s decision to begin shutting down Farragut, Hinrichs registered for classes and submitted paperwork to renew his license. Plugge said he signed off on Hinrichs to continue to seek an extension, which would allow him to serve as an administrator at another Iowa school district.

The agreement on resigning was reached because Hinrichs said he has not had much of anything to do since the AEA took over last month. By cutting short Hinrichs’ contract, Plugge said the district can save some money, too. Hinrichs was receiving a base salary of $62,500 for the 2015-16 school year, plus an $8,000 stipend in lieu of insurance and seven vacation days.

Hinrichs had been with Farragut since July 1, 2014.