To be eligible for a lifetime teaching license, the licensed educator must:
(1) Hold a current or expired Arkansas teaching license;
(2) Be either:
(A) At least sixty-two (62) years of age; or
(B) Retired from active teaching under §§ 24-7-701, 24-7-702, or 24-7-704; and
(3) Have either:
(A) Worked in an educational setting while maintaining an Arkansas teaching license; or
(B) Made significant contributions to education, educational research, or the profession of teaching through scholarly endeavors, teaching experience, excellence in teaching, or educational innovation.