Lockhart v. The Queen, 2008 DTC 3044, 2008 TCC 156 -- summary under Subsection 5(1)

The taxpayer, who was the president of a start-up technology company ("AVL") was issued shares of AVL in recognition of past services. Although it was anticipated that these shares would be exchanged by him for escrowed shares of another corporation ("USX") on an acquisition of the AVL shares by USX, this did not represent a contractual restriction on his right to deal with AVL shares. The value of the shares (net of the subscription price) was included in his employment income.