The Sports Direct founder and major shareholder is in line for more than £23m worth of free shares if the retailer hits its profit targets in coming years.
Britain's biggest sports goods retailer has increased the number of shares being awarded to Ashley to 8m from 6m.
The shares will vest in 2018 if the company meets "very stretching" profit targets in each of the next three years and a net debt to earnings ratio of 1.5 times or less by 2015.
The shares are worth £23.4m at the current price of 293p.
Ashley, who owns the Sports World and Lillywhite stores as well as the Slazenger, Lonsdale and Dunlop brands, is gearing up for a bumper summer, thanks to the Queen's diamond jubilee, the Euro 2012 football tournament in Poland and Ukraine, and the London Olympics.
Total sales climbed 13.2% to £267.6m in the nine weeks to 25 March, taking gross profits up 13.5% to £99.8m. Retail sales were up 16.1% to £232.6m, boosted by online sales.