Tesla’s board approved an interim compensation award of 96 million restricted shares for Chief Executive Officer Elon Musk, according to a regulatory filing on Monday. At the electric-vehicle maker’s pre-market price of about $309, the grant is valued near $29 billion and equates to roughly one-third of the pay Musk could have received under his 2018 package that was struck down in court. The shares will vest on 3 August 2027 provided Musk remains in a senior leadership role, and they carry a purchase price of $23.34 apiece—the same strike price set seven years ago. Musk cannot sell, transfer or pledge the stock for five years, and the award will be forfeited if the Delaware Supreme Court restores the voided 2018 package, preventing any “double dip,” the filing said. A special committee comprising Chair Robyn Denholm and independent director Kathleen Wilson-Thompson said the grant was a “good-faith” step to keep Musk focused on Tesla as the company pivots toward robotaxis and humanoid robots amid what it called an intensifying war for AI talent. The committee added that a broader, longer-term pay plan will be put to shareholders at the 6 November annual meeting. The latest award lifts Musk’s stake in Tesla to more than 15% from about 12.7%, easing investor concerns that he might dilute his involvement in the company. Tesla shares rose approximately 2% in early trading after the announcement, though the stock remains down roughly a quarter for the year.