EU insider grant: 175,133 RSUs to director vesting 2026–2027

Rhea-AI Filing Summary

Susan Hoxie-Key, a director of enCore Energy Corp. (EU), was granted 175,133 restricted stock units on 10/08/2025. Each restricted stock unit represents the contingent right to receive one common share and the award carries a reported grant-date amount of $0 per unit. The RSUs vest in two equal installments: one-half on 10/08/2026 and one-half on 10/08/2027, and the reporting shows 175,133 common shares beneficially owned following the grant in a direct ownership form. The Form 4 was signed by an attorney-in-fact on 10/10/2025.

Positive

• Director alignment: 175,133 RSUs strengthen long-term alignment between the director and shareholders
• Retention structure: RSUs vest in two equal tranches on 10/08/2026 and 10/08/2027, supporting multi-year retention

Negative

• Potential dilution: Settlement of 175,133 RSUs will increase outstanding common shares when vested
• Compensation expense: The award will generate non-cash stock-based compensation expense over the vesting period

Insights

Corporate Governance Analyst

Director equity grant for retention and alignment with shareholders.

The grant of 175,133 restricted stock units to a director increases that director's direct stake in company equity once vested, aligning long-term incentives between management and shareholders. The award vests in two equal installments on 10/08/2026 and 10/08/2027, creating a multi-year retention mechanism.

This structure depends on continued service through each vesting date and may create modest near-term dilution when units settle into common shares. Watch the company disclosures at or after each vesting date for actual share issuances and any accompanying tax withholding or share-withholding practices within the next 12/31/2027 timeframe.

Compensation Analyst

Large single grant sized as RSUs with no per-unit cash price disclosed.

The record shows the RSUs have a reported price of $0, consistent with restricted stock unit awards that convert to common shares upon vesting rather than a cash-paid purchase. This implies the company will record compensation expense over the vesting period rather than immediate cash outlay.

Key metrics to monitor are the total share count and expense recognition in periodic filings around 10/08/2026 and 10/08/2027, which will show the accounting and dilution effects of these awards.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hoxie-Key Susan

(Last) (First) (Middle)

5950 BERKSHIRE LANE, SUITE 210

(Street)

DALLAS TX 75225

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
enCore Energy Corp. [ EU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	10/08/2025		A		175,133		(2)	(2)	Common Shares	175,133	$0	175,133	D

Explanation of Responses:

1. Each restricted stock unit represents the contingent right to receive one common share of enCore Energy Corp.

2. On October 8, 2025, the reporting person was granted 175,133 restricted stock units. The restricted stock units vest one-half on October 8, 2026 and one-half on October 8, 2027.

	/s/ Robert Willette as attorney-in-fact for Susan Hoxie-Key	10/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did enCore Energy (EU) report on Form 4 for 10/08/2025?

The Form 4 discloses a grant of 175,133 restricted stock units to director Susan Hoxie-Key on 10/08/2025.

How do the RSUs for Susan Hoxie-Key vest?

The restricted stock units vest one-half on 10/08/2026 and one-half on 10/08/2027.

Does the Form 4 show a cash price for the RSUs?

The filing reports a price of $0 per unit, consistent with restricted stock units that convert to shares at vesting.

How many shares will Susan Hoxie-Key beneficially own following the grant?

The filing reports 175,133 common shares beneficially owned following the reported transaction.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Robert Willette as attorney-in-fact for Susan Hoxie-Key on 10/10/2025.

What should investors monitor after this RSU grant?

Monitor periodic filings for actual share issuances, total share count changes, and stock-based compensation expense recognized around the vesting dates 10/08/2026 and 10/08/2027.