A Participant’s Base Salary Election must be made on or before the last day of the Plan Year immediately preceding the Plan Year for which he desires to participate, and it will be effective beginning with the paycheck for the first regular payroll period that begins during such Plan Year. Except as otherwise provided in Section 3.5, a Participant’s Base Salary Election will remain in effect through the paycheck for the last payroll period beginning during the Plan Year. A Participant must make a separate Base Salary Election with respect to each Plan Year.