The electric car company has granted Musk 96 million restricted shares, emphasizing that he had not received compensation in recent years due to a Delaware court’s decision to dismiss his 2018 pay package.

The award comes eight months after a judge revoked the 2018 pay package a second time. Tesla has appealed the ruling.

Tesla’s regulatory filing states that for Musk’s stock to vest, he is required to pay $23.34 per restricted share, which matches the exercise price stipulated in his 2018 compensation agreement.

In December, Delaware Chancellor Kathleen St. Jude McCormick upheld a previous ruling that required Tesla to cancel Musk’s multi-billion-dollar compensation package.

She found that Musk engineered the landmark pay package in sham negotiations with directors who were not independent.

The rulings came in a lawsuit filed by a Tesla stockholder who challenged Musk’s 2018 compensation package.

That pay package carried a potential maximum value of about $US56 billion, but that sum has fluctuated over the years based on Tesla’s stock price.

Musk challenged this decision in March. Subsequently, Tesla mentioned in a filing that it was setting up a special committee to review Musk’s remuneration as CEO.

Musk has been one of the richest people in the world for several years.

Wedbush analyst Dan Ives feels Musk’s stock award may alleviate some Tesla shareholder concerns.

“We believe this grant will now keep Musk as CEO of Tesla at least until 2030 and removes an overhang on the stock,” Ives wrote in a client note.

“Musk remains Tesla’s big asset and this comp issue has been a constant concern of shareholders once the Delaware soap opera began.”

Under pressure from shareholders last month, Tesla scheduled an annual shareholders meeting for November to comply with Texas state law.

More than 20 Tesla shareholders, who have observed a decline in Tesla’s share prices, expressed in a letter to the company their concern, urging it to at least announce the details of the annual meeting publicly.