13-43-62. Payment in lump sum or installments. Any payment authorized in § 13-43-61 may be paid as follows:
(1) In one lump sum upon completion of the teacher's first year of employment in the school district; or
(2) In installments over a period not to exceed three years from the date the teacher signed a contract of employment with the school district, and upon the terms and conditions as may be mutually agreed upon by the school district and the teacher.