Tesla rises on 96 million share award to CEO Musk

Shares of Tesla TSLA.O rise 2.5% to $310 premarket

Co awards CEO Elon Musk 96 million shares of the company worth about $29 billion

Musk must pay Tesla $23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 CEO Award, it said in the filing

Earlier this year, Tesla said the board of directors had formed a special committee to consider some compensation matters involving Musk

"While we recognize Elon's business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging ... we are confident that this award will incentivize Elon to remain at Tesla," the special committee said

Up to last close, stock had fallen ~25% YTD