New Delhi, Aug. 5 -- Tesla has granted long-term CEO Elon Musk an interim stock award of 96 million shares, valued at approximately $29 billion, in a new pay deal aimed at keeping the billionaire at the helm. Tesla says that Musk has delivered "extraordinary value" to shareholders but hasn't been paid in years after the 2018 pay package was struck down by a Delaware court last year.

Musk will be able to claim the award if he continues to be the CEO of Tesla for another two years and the court reinstates the 2018 package. The Tesla CEO has to hold these shares for five years and can buy them at $23.34 per share, the same as the exercise price of the 2018 award.

The electric vehicle maker also stated that it would present a longer-term CE...