Shares of Tesla Inc. were climbing Monday after the electric-vehicle giant’s board of directors approved Chief Executive Elon Musk’s pay package, which includes an award of $29 billion worth of stock.

The “interim” package announced on Monday was intended to help retain Elon Musk, whose previous pay plan was invalidated by a judge.

Tesla's board approved a compensation package for Elon Musk worth about $29 billion in order to keep the chief executive focused on the company.