(a) An adjustment in the annual salary rate for an employee shall be made at the discretion of the President of the Arkansas Development Finance Authority.
(b) In addition to other salary payments under this section, the president may implement a merit program to reward employees for exceptional service.
(c) In order to recruit and retain exceptionally well-qualified personnel, the Arkansas Development Finance Authority may exceed the maximum salary levels by no more than twenty percent (20%) for no more than one-third (1/3) of the positions authorized.