The price at which the put option shall be exercisable is the fair market value as of the Annual Valuation Date which precedes the date the put option is exercised except in the case of a put option in favor of a “disqualified person” (as defined in Code Section 4975) in which event the fair market value shall be determined as of the date of the transaction. Payment for the shares of Employer Stock put to the Employer may be made in cash or in installments over a period not exceeding five (5) years, at the election of the Employer. If the purchase price is paid in installments, a reasonable interest rate and adequate security must be provided. The periodic payments shall begin within thirty (30) days after the put is exercised.