26Contracts and existing employees

26 Contracts and existing employees (1) A person who becomes eligible to be an executive because of the employment in which he or she is then employed or the office which he or she then holds may elect to enter into a contract of employment relating to that employment or office at any time up until the end of 3 months after the date on which he or she became so eligible. (2) A person who makes an election in accordance with subsection (1) is entitled to be offered a contract of employment. (3) The employment or appointment of a person referred to in subsection (1) who chooses not to elect to enter into a contract of employment is not thereby terminated and he or she continues in that employment or office on the same terms and conditions as before and with the benefit of all accrued or accruing rights but ceases to be entitled to any performance-related incentive payments. (4) This section does not apply to a person to whom it otherwise would apply because of the making of an Order under section 23(1)(d) if that Order specifies that it is not to apply.