3 Wire starter?

The starter on my original 305 has two wires, and the new starter that came with my 350 has 3 connections. What do i do about this? This is the last issue i have to deal with before i get this 350 in!

There should be an "s" terminal and an "i" terminal. The small wire to the starter will go onto the "s" terminal. You will not need to use the "i" terminal