How to properly give equity to leadership team

Hi, I'm looking for advice on how other operators have successfully given employees equity. There are 2-3 team members we want to let participate in the upside of the company, but we're not sure how to structure this most effectively. The two options we're considering are: Phantom stock Stock options (ISOs/NSOs) For what it's worth, we're a C-Corp, and would prefer to tie this to milestones. Any thoughts would be appreciated.