SAN FRANCISCO, California — Tesla Chief Executive Office (CEO) Elon Musk told employees on Monday that the electric vehicle (EV) maker is working on stock-based compensation for high-performing employees, according to two people who reviewed an internal memo.

The plan comes just days after Musk won shareholder approval for his $56 billion pay plan consisting of stock options and two months after he announced job cuts affecting more than 10 percent of Tesla's global workforce in the face of slowing demand for EVs and intensifying price competition from Chinese rivals.