[Form 4] enCore Energy Corp. Insider Trading Activity

Rhea-AI Filing Summary

enCore Energy Corp. (EU) reporting person Dain A. McCoig, the Chief Operating Officer and a director, was granted a total of 103,500 restricted stock units (RSUs) on 10/08/2025. The awards consist of 36,000 RSUs that vest in three equal annual installments beginning 10/08/2026 and 67,500 RSUs that vest in three installments starting 05/01/2026 (33%/33%/34%). Each RSU represents the contingent right to one common share and the grants were reported at a zero grant price on the form, with the reporting form filed on 10/10/2025 by an attorney-in-fact. The filing shows direct ownership of 36,000 and 67,500 RSUs respectively, and no derivative exercises or dispositions were reported.

Positive

• 103,500 RSUs granted aligns executive pay with shareholder interests via equity compensation
• Staggered vesting (2026–2028) supports retention over multiple years
• RSUs represent common shares, providing straightforward alignment without option strike-price mechanics

Negative

• Potential dilution from 103,500 shares will occur upon vesting unless offset by share repurchases
• No performance conditions disclosed; grants appear purely time-based which may not link pay to operational targets

Insights

Corporate Governance Analyst

TL;DR: Executive awarded 103,500 RSUs with multi-year vesting, aligning compensation with retention.

The grant of 103,500 RSUs to the Chief Operating Officer ties a meaningful portion of compensation to future stock delivery, which is a common retention and alignment mechanism. The staggered vesting dates—one tranche starting 10/08/2026 and the larger tranche starting 05/01/2026—create multi-year service conditions before full share delivery.

Effectiveness depends on share price at vesting and potential tax/timing considerations; there is no exercise price and delivery is in common shares. Watch annual proxy disclosures and subsequent Form 4s for any early settlements or changes to vesting terms over the next 2026–2028 period.

Compensation Specialist

TL;DR: The award structure (33%/33%/34%) spreads dilution risk and incentivizes medium-term performance/retention.

Splitting vesting into equal annual tranches is standard to retain senior operators; the larger second grant (67,500 RSUs) front-loads potential compensation but still vests over three years. The form reports zero per-share grant price, indicating the awards are time-based RSUs rather than option-style grants.

Investors should monitor total outstanding share counts and any future disclosure of performance conditions or accelerated vesting events across 2026–2028 to assess dilution and management incentives.

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

OMB APPROVAL

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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^*

McCoig Dain A

(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)

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

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		36,000		(2)	(2)	Common Shares	36,000	$0	36,000	D
Restricted Stock Unit	(1)	10/08/2025		A		67,500		(3)	(3)	Common Shares	67,500	$0	67,500	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 36,000 restricted stock units. The restricted stock units vest one-third on October 8, 2026, one-third on October 8, 2027 and one-third on October 8, 2028.

3. On October 8, 2025, the reporting person was granted 67,500 restricted stock units. The restricted stock units vest 33% on May 1, 2026, 33% on May 1, 2027 and 34% on May 1, 2028.

	/s/ Robert Willette as attorney-in-fact for Dain McCoig	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 in the Form 4 filed on 10/10/2025?

The Form 4 reports that COO and director Dain A. McCoig was granted a total of 103,500 restricted stock units on 10/08/2025, with vesting schedules through 10/08/2028 and 05/01/2028.

How do the RSU vesting schedules for the grants break down?

One grant of 36,000 RSUs vests one-third on 10/08/2026, one-third on 10/08/2027, and one-third on 10/08/2028. The 67,500 RSU grant vests 33% on 05/01/2026, 33% on 05/01/2027, and 34% on 05/01/2028.

Do the RSUs have an exercise price?

No exercise price applies; the Form 4 reports the RSUs with a $0 price, indicating time-based restricted stock units that convert to common shares upon vesting.

Who filed the Form 4 on behalf of the reporting person?

The Form 4 was signed by Robert Willette as attorney-in-fact for Dain McCoig and dated 10/10/2025.

Will these RSUs immediately affect outstanding shares?

No; the RSUs will convert into common shares only as they vest on the scheduled dates between 2026 and 2028, creating dilution when shares are issued.