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BRYANT, Ark. (KTHV) – The Bryant School District is officially parting ways with suspended Superintendent, Randy Rutherford. A "separation agreement" was released to the media on Thursday afternoon. In it, Rutherford agrees to submit his resignation, effective June 30, 2014 and to have no further obligation or duties to the district from then on out.

The agreement also states that Rutherford agrees not to file complaints or take any legal action against the School District.

As far as compensation goes, the agreement states that the district will pay the remaining monthly installments of Rutherford's salary, including his monthly telephone and automobile allowances through June 30, 2014. He will also be compensated for remaining vacation days, sick time, and personal time.

The agreement continues, stating that Rutherford agrees to not apply for a position, whether direct employment or contract work, with the district in the future.

Rutherford was placed on paid leave from his duties as Superintendent of the Bryant School District in early March. Circumstances of the suspension was not released at the time; though earlier this month, Prosecutor Ken Casady told THV11 that the Saline County Prosecutor's Office is investigating a recent audit involving the finances of the Bryant School District.

See the entire Separation Agreement: http://on.kthv.com/R7gVB5 (.pdf)

On Thursday afternoon, the Bryant School District released the following statement:

With the authorization of all parties involved, the separation agreement between the former superintendent of schools and the Bryant School District is hereby released.

The contents of this separation agreement were negotiated and accepted by both parties with aid of their respective attorneys. "This agreement represents the most expedient and cost-effective solution to this matter and also serves the best interests of the school district," said Rhonda Sanders, school board president.

Most importantly, this agreement enables the school board to focus on selecting a new superintendent. The school board will continue to work in concert with the district administration, school staff, and community to plan for a new era of success for the Bryant School District.

Previous Stories:

Bryant School Superintendent, Randy Rutherford, placed on paid leave: http://on.kthv.com/1iwPCri

Saline County Prosecutor looking at Bryant Schools' finances: http://on.kthv.com/OLPVoz

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