Tesla’s board has approved an interim compensation package granting Chief Executive Officer Elon Musk 96 million restricted shares, worth roughly $29 billion at current prices, according to a regulatory filing on Monday. The award, dubbed the “2025 CEO Interim Award,” was recommended by a special board committee and represents about one-third of the compensation Musk had been slated to receive under his 2018 performance plan. The shares will vest after Musk remains in a senior leadership role for two years. He must pay $23.34 per share—the same strike price as the 2018 package—and is barred from selling, transferring or pledging the stock for five years after the grant date. The filing notes that the interim award will be forfeited or offset if courts reinstate the earlier, larger pay package, preventing any double benefit. Directors said the grant is intended to keep Musk focused on Tesla as the company pivots toward autonomous driving and robotics, and as he appeals a Delaware Chancery Court ruling that voided his prior $50-plus-billion compensation plan for being unfair to shareholders. Tesla shares rose about 2% in pre-market trading following the disclosure. The board also plans to present a longer-term CEO compensation strategy for shareholder approval at the company’s annual meeting on Nov. 6.