diff --git a/zion/lib/shared_ptr.h b/zion/lib/shared_ptr.h
new file mode 100644
index 0000000..7af3b10
--- /dev/null
+++ b/zion/lib/shared_ptr.h
@@ -0,0 +1,63 @@
+#pragma once
+
+#include <stdint.h>
+
+#include "debug/debug.h"
+
+template <typename T>
+class SharedPtr {
+ public:
+  SharedPtr() : init_(false), ptr_(0), ref_cnt_(0) {}
+  // Takes ownership.
+  SharedPtr(T* ptr) {
+    ptr_ = ptr;
+    ref_cnt_ = new uint64_t(1);
+  }
+
+  SharedPtr(const SharedPtr<T>& other)
+      : ptr_(other.ptr_), ref_cnt_(other.ref_cnt_) {
+    (*ref_cnt_)++;
+  }
+
+  SharedPtr& operator=(const SharedPtr<T>& other) {
+    Cleanup();
+    ptr_ = other.ptr_;
+    ref_cnt_ = other.ref_cnt_;
+    (*ref_cnt_)++;
+    return *this;
+  }
+
+  ~SharedPtr() { Cleanup(); }
+
+  T& operator*() { return *ptr_; }
+  const T& operator*() const { return *ptr_; }
+  T* operator->() { return ptr_; }
+  const T* operator->() const { return ptr_; }
+
+  T* ptr() { return ptr_; }
+
+  bool operator==(const SharedPtr<T>& other) { return ptr_ == other.ptr_; }
+
+  bool empty() { return !init_; }
+
+ private:
+  bool init_ = true;
+  T* ptr_;
+  uint64_t* ref_cnt_;
+
+  void Cleanup() {
+    if (!init_) {
+      return;
+    }
+    if (--(*ref_cnt_) == 0) {
+      dbgln("Deleting shared ptr: %m", ptr_);
+      delete ptr_;
+      delete ref_cnt_;
+    }
+  }
+};
+
+template <typename T, class... A>
+SharedPtr<T> MakeShared(A... args) {
+  return {new T(args...)};
+}
diff --git a/zion/scheduler/process.cpp b/zion/scheduler/process.cpp
index ac80b61..d3bfdbc 100644
--- a/zion/scheduler/process.cpp
+++ b/zion/scheduler/process.cpp
@@ -12,11 +12,11 @@ static uint64_t gNextId = 1;
 
 }
 
-Process* Process::RootProcess() {
+SharedPtr<Process> Process::RootProcess() {
   uint64_t pml4_addr = 0;
   asm volatile("mov %%cr3, %0;" : "=r"(pml4_addr));
-  Process* proc = new Process(0, pml4_addr);
-  proc->threads_.PushBack(Thread::RootThread(proc));
+  SharedPtr<Process> proc(new Process(0, pml4_addr));
+  proc->threads_.PushBack(Thread::RootThread(proc.ptr()));
   proc->next_thread_id_ = 1;
 
   return proc;
@@ -34,7 +34,7 @@ void Process::CreateThread(uint64_t elf_ptr) {
   sched::EnqueueThread(thread);
 }
 
-Thread* Process::GetThread(uint64_t tid) {
+SharedPtr<Thread> Process::GetThread(uint64_t tid) {
   auto iter = threads_.begin();
   while (iter != threads_.end()) {
     if (iter->tid() == tid) {
diff --git a/zion/scheduler/process.h b/zion/scheduler/process.h
index b5f19d5..3014b3e 100644
--- a/zion/scheduler/process.h
+++ b/zion/scheduler/process.h
@@ -3,6 +3,7 @@
 #include <stdint.h>
 
 #include "lib/linked_list.h"
+#include "lib/shared_ptr.h"
 
 // Forward decl due to cyclic dependency.
 class Thread;
@@ -15,15 +16,14 @@ class Process {
     RUNNING,
     FINISHED,
   };
-  // Caller takes ownership of returned process.
-  static Process* RootProcess();
+  static SharedPtr<Process> RootProcess();
   Process(uint64_t elf_ptr);
 
-  uint64_t id() { return id_; }
-  uint64_t cr3() { return cr3_; }
+  uint64_t id() const { return id_; }
+  uint64_t cr3() const { return cr3_; }
 
   void CreateThread(uint64_t elf_ptr);
-  Thread* GetThread(uint64_t tid);
+  SharedPtr<Thread> GetThread(uint64_t tid);
 
   // Checks the state of all child threads and transitions to
   // finished if all have finished.
@@ -39,5 +39,5 @@ class Process {
 
   uint64_t next_thread_id_ = 0;
 
-  LinkedList<Thread*> threads_;
+  LinkedList<SharedPtr<Thread>> threads_;
 };
diff --git a/zion/scheduler/scheduler.cpp b/zion/scheduler/scheduler.cpp
index 121e378..91c653f 100644
--- a/zion/scheduler/scheduler.cpp
+++ b/zion/scheduler/scheduler.cpp
@@ -8,7 +8,7 @@ namespace {
 
 extern "C" void context_switch(uint64_t* current_esp, uint64_t* next_esp);
 
-void DumpProcessStates(LinkedList<Process*>& proc_list) {
+void DumpProcessStates(LinkedList<SharedPtr<Process>>& proc_list) {
   dbgln("Process States: %u", proc_list.size());
   auto iter = proc_list.begin();
   while (iter != proc_list.end()) {
@@ -20,8 +20,9 @@ void DumpProcessStates(LinkedList<Process*>& proc_list) {
 class Scheduler {
  public:
   Scheduler() {
-    Process* root = Process::RootProcess();
-    runnable_threads_.PushBack(root->GetThread(0));
+    SharedPtr<Process> root = Process::RootProcess();
+    sleep_thread_ = root->GetThread(0);
+    runnable_threads_.PushBack(sleep_thread_);
     proc_list_.PushBack(Process::RootProcess());
   }
   void Enable() { enabled_ = true; }
@@ -38,7 +39,7 @@ class Scheduler {
     }
     asm volatile("cli");
 
-    Thread* prev = nullptr;
+    SharedPtr<Thread> prev;
     if (CurrentThread().GetState() == Thread::RUNNING) {
       prev = runnable_threads_.CycleFront();
       prev->SetState(Thread::RUNNABLE);
@@ -48,12 +49,14 @@ class Scheduler {
       prev = runnable_threads_.PopFront();
     }
 
+    SharedPtr<Thread> next;
     if (runnable_threads_.size() == 0) {
+      next = sleep_thread_;
       DumpProcessStates(proc_list_);
-      panic("FIXME: Implement Sleep");
+    } else {
+      next = runnable_threads_.PeekFront();
     }
 
-    Thread* next = runnable_threads_.PeekFront();
     if (next->GetState() != Thread::RUNNABLE) {
       panic("Non-runnable thread in the queue");
     }
@@ -74,8 +77,10 @@ class Scheduler {
  private:
   bool enabled_ = false;
   // TODO: move this to a separate process manager class.
-  LinkedList<Process*> proc_list_;
-  LinkedList<Thread*> runnable_threads_;
+  LinkedList<SharedPtr<Process>> proc_list_;
+  LinkedList<SharedPtr<Thread>> runnable_threads_;
+
+  SharedPtr<Thread> sleep_thread_;
 };
 
 static Scheduler* gScheduler = nullptr;
diff --git a/zion/scheduler/thread.cpp b/zion/scheduler/thread.cpp
index 2521abc..a513d3b 100644
--- a/zion/scheduler/thread.cpp
+++ b/zion/scheduler/thread.cpp
@@ -19,9 +19,11 @@ extern "C" void thread_init() {
 
 }  // namespace
 
-Thread* Thread::RootThread(Process* root_proc) { return new Thread(root_proc); }
+SharedPtr<Thread> Thread::RootThread(Process* root_proc) {
+  return new Thread(root_proc);
+}
 
-Thread::Thread(Process* proc, uint64_t tid, uint64_t elf_ptr)
+Thread::Thread(const SharedPtr<Process>& proc, uint64_t tid, uint64_t elf_ptr)
     : process_(proc), id_(tid), elf_ptr_(elf_ptr) {
   uint64_t* stack = new uint64_t[512];
   uint64_t* stack_ptr = stack + 511;
diff --git a/zion/scheduler/thread.h b/zion/scheduler/thread.h
index f47e775..da8036b 100644
--- a/zion/scheduler/thread.h
+++ b/zion/scheduler/thread.h
@@ -2,6 +2,8 @@
 
 #include <stdint.h>
 
+#include "lib/shared_ptr.h"
+
 // Forward decl due to cyclic dependency.
 class Process;
 
@@ -15,9 +17,10 @@ class Thread {
     BLOCKED,
     FINISHED,
   };
-  static Thread* RootThread(Process* root_proc);
+  static SharedPtr<Thread> RootThread(Process* root_proc);
 
-  explicit Thread(Process* proc, uint64_t tid, uint64_t elf_ptr);
+  explicit Thread(const SharedPtr<Process>& proc, uint64_t tid,
+                  uint64_t elf_ptr);
 
   uint64_t tid() { return id_; };
   uint64_t pid();
@@ -38,7 +41,7 @@ class Thread {
  private:
   // Special constructor for the root thread only.
   Thread(Process* proc) : process_(proc), id_(0) {}
-  Process* process_;
+  SharedPtr<Process> process_;
   uint64_t id_;
   State state_ = RUNNABLE;