Tesla’s board approved an interim stock award of 96 million restricted shares for Chief Executive Officer Elon Musk, worth about $29 billion at Monday’s pre-market price, the company disclosed in a regulatory filing. The grant will vest on Aug. 3, 2027 provided Musk remains in a senior leadership role. He must pay $23.34 a share to exercise the award and is barred from selling or transferring the stock for five years. The shares will be forfeited if an appeal restores Musk’s voided 2018 compensation package, preventing a double payout. A special board committee made up of Chair Robyn Denholm and director Kathleen Wilson-Thompson described the grant as a “good-faith” step to keep Musk’s “energies focused” on Tesla amid what it called an intensifying artificial-intelligence talent war and the company’s pivot toward robotaxis and humanoid robots. Tesla shares rose roughly 2% to about $309 in pre-market trading following the announcement. The board said it will present a longer-term compensation plan for shareholder approval at Tesla’s Nov. 6 annual meeting. If the new award vests, Musk’s stake would rise to more than 15% from about 12.7%, further entrenching his control as the automaker grapples with slowing vehicle sales, rising competition and the fallout from the Delaware court decision that struck down his record 2018 pay deal.