Checklist

Here is what you will need to implement an employee share scheme. Items marked * are essential:

A plain English summary of the scheme design, for future reference. We call it a “blueprint”.
A simple financial model to illustrate who will get what and with what expected value.
A share valuation, possibly with an HMRC assurance letter.
A set of plan rules.* You need this to qualify for wide-ranging exemptions from various pieces of legislation, such as the Companies Acts, inheritance tax laws and FCA regulations.
An option agreement or share subscription agreement or share purchase agreement.* The agreement type depends on the type of scheme.
A set of board minutes and shareholder resolutions.*
A trust deed, a trustee and additional company approvals.* Only if you are using an Employee Benefit Trust or a SIP.
Employee communication materials.
Registering of share scheme and awards with HMRC.*
Filings at Companies House, e.g. new Articles of Association.*