Maybe this story of drag-clad University of Georgia professor Max “Sasha” Reinhart does have a happy ending: The German professor won’t get fired from his $87,224-a-year post for allegedly turning $60 tricks. He’ll get to resign—in a year.

On Friday, UGA and Reinhart struck an agreement in which the school won’t attempt to revoke Reinhart’s tenure if he quits by May 10, 2013 and he, in turn, won’t sue the school. As part of the deal, he won’t return to the classroom. UGA was hoping to avoid a lengthy and costly process to revoke Reinhart’s tenure, which was granted in 1994.

“I’m embarrassed. I’m feeling very stupid,” Reinhart told WSB after his June 7 arrest. “I am deeply remorseful for anything I may have done to bring any kind of doubt to the integrity of the university and myself.”

Gwinnett police arrested Reinhart, 65, after detectives cruising set up a sting with Sasha, who was offering $60 for 30 minutes of services under “transsexual escorts.” An undercover cop met Sasha at a Norcross hotel and after negotiations over who’s doing what to whom, Reinhart was arrested.

Reinhart is a professor of Germanic and Slavic Studies. In addition to turning tricks, allegedly, he’s also an accomplished author, according to the Red & Black.