Compensation can be converted to DSUs up to the time of constructive receipt or of legally enforceable entitlement to receive it

A deferred share unit plan can be drafted so as to permit a participant to wait to the very last moment before choosing to defer compensation and receive it instead in the form of DSUs, i.e., up the time that the executive (i) has a legally enforceable right to receive the compensation or (ii) it is "constructively received," i.e., the executive "has unfettered control over, access to, or use of, the compensation."

Neal Armstrong. Summary of 10 April 2015 T.I. 2014-0535951E5 under Reg. 6801(d).