Do stocks get refreshed after the initial award?

Hey guys, I have an offer from PayPal and the offer has a 3 year stock component to it. Offer details:

Base: 29 LPA Stock: $40,000 over 3 years Current comp: 24 base, no stock.

I wanted to know what happens after 3 years? Do my stocks get refreshed? (Additional $40,000?) or do I just get the base pay after that point?

Profile: Machine Learning Engineer with 2.5 YoE.