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ARTICLE V PARTICIPANT ELECTIONS 5.1 INITIAL ELECTIONS An Employee who meets the eligibility requirements of Section 2.1 on the first day f, or during, a Plan Year may elect to participate in this Plan for all or the remainder of such Plan Year, provided he elects to do so before his effective date of participation pursuant to Secti n 2.2. However, if such Employee does not complete an application to participate and bene it election form and deliver it to the Administrator before such date, his Election Period shall xtend 30 calendar days after such date, or for such further period as the Administrator shall etermine and apply on a uniform and nondiscriminatory basis. However, any election durin the extended 30-day election period pursuant to this Section 5.1 shall not be effective until t e first pay period following the later of such Participant's effective date of participation purs ant to Section 2.2 or the date of the receipt of the election form by the Administrator, and shall e limited to the Benefit expenses incurred for the balance of the Plan Year for which the electi n is made. Notwithstanding the foregoing, an Employee who is eligible to participate in this nd who is covered by the Employer's insured or self-funded benefits under this Plan shall auto atically become a Participant to the extent of the Premiums for such insurance unless the Empl yee elects, during the Election Period, not to participate in the Plan. 5.2 SUBSEQUENT ANNUAL ELECTIONS During the Election Period prior to each subsequent Plan Year, each Participant shall e given the opportunity to elect, on an election of benefits form to be provided by the Admi istrator, which spending account Benefit options he wishes to select. Any such election shall e effective for any Benefit expenses incurred during the Plan Year which follows the end of the Election Period. With regard to subsequent annual elections, the following options shall apply (a) A Participant or Employee who failed to initially elect to participate may elect different or new Benefits under the Plan during the Election Period; (b) A Participant may terminate his participation in the Plan by notifying the Administrator in writing during the Election Period that he does not want to participate in the Plan for the next Plan Year; (c) An Employee who elects not to participate for the Plan Year following the Election Period will have to wait until the next Election Period before again electing to participate in the Plan, except as provided for in Section 5.4. 5.3 FAILURE TO ELECT Any Participant who fails to complete a new benefit election form pursuant to Secti n 5.2 by the end of the applicable Election Period shall be treated in the following manner: (a) With regard to Benefits available under the Plan for which no Premium Expenses apply, such Participant shall be deemed to have elected not to participate in the Plan for the upcoming Plan Year. No further Salary Redirections shall therefore be authorized or made for the subsequent Plan Year for such Benefits. 8