[Form 4] enCore Energy Corp. Insider Trading Activity

Rhea-AI Filing Summary

enCore Energy Corp. insider Form 4 shows that Robert J. Willette, the company's Chief Executive Officer and a director, received equity awards on 09/24/2025 and 10/08/2025. The grants include 125,000 restricted stock units (RSUs) vesting over four years, 500,000 RSUs vesting in full on 09/24/2030, 125,000 stock options with an exercise price of $3.1 that vest over four years and expire on 09/24/2030, and 181,700 RSUs granted on 10/08/2025 vesting in three annual installments. Each RSU represents the right to one common share and all reported holdings are held directly.

The awards are standard time‑based compensation tied to multi‑year vesting schedules, aligning senior management incentives with shareholder value over the next several years.

Positive

• Time‑based vesting aligns executive incentives with multi‑year performance
• Large portion of RSUs vests over several years, supporting retention through 2030

Negative

• Potential dilution of 931,700 underlying shares/options if fully issued
• Single‑date cliff for 500,000 RSUs on 09/24/2030 concentrates future issuance risk

Insights

Compensation Analyst

Large time‑based awards tie executive pay to multi-year performance.

The package totals 931,700 underlying common shares and options granted across 09/24/2025 and 10/08/2025, mixing staggered vesting and a single cliff for the 500,000 RSUs. Time‑based vesting over three to five years is designed to retain the CEO and link realized value to sustained share performance.

This structure depends on share price performance through the vesting windows; monitor annual vesting milestones in 2026–2030 and the $3.1 option strike relative to market price to assess potential dilution and realized executive gains within that horizon.

Corporate Governance Specialist

Grants follow common governance practice but create near‑term dilution potential.

Vesting schedules include both graded vesting and a full vest cliff, which balances retention incentives with a concentrated future issuance on 09/24/2030. The options have a defined expiration of 09/24/2030 and a stated exercise price of $3.1, giving a clear threshold for option value creation.

Investors should watch reported share counts and future Form 4/Form 10 disclosures at each vesting date to quantify dilution and any subsequent option exercises during 2026–2030.

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

OMB Number:			3235-0287
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hours per response:			0.5

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^*

Willette Robert J

(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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2025

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)	09/24/2025		A		125,000		(2)	(2)	Common Shares	125,000	$0	125,000	D
Restricted Stock Unit	(1)	09/24/2025		A		500,000		(3)	(3)	Common Shares	500,000	$0	500,000	D
Stock Options (Right to Buy)	$3.1	09/24/2025		A		125,000		(4)	09/24/2030	Common Shares	125,000	$0	125,000	D
Restricted Stock Unit	(1)	10/08/2025		A		181,700		(5)	(5)	Common Shares	181,700	$0	181,700	D

Explanation of Responses:

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

2. On September 24, 2025, the reporting person was granted 125,000 restricted stock units. The restricted stock units vest one-fourth on September 24, 2026, one-fourth on September 24, 2027, one-fourth on September 24, 2028 and one-fourth on September 24, 2029.

3. On September 24, 2025, the reporting person was granted 500,000 restricted stock units. The restricted stock units vest in full on September 24, 2030.

4. On September 24, 2025, the reporting person was granted 125,000 stock options. The stock options vest and become exercisable one-fourth on September 24, 2026, one-fourth on September 24, 2027, one-fourth on September 24, 2028 and one-fourth on September 24, 2029.

5. On October 8, 2025, the reporting person was granted 181,700 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.

	/s/ Robert Willette	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.
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FAQ

What equity awards did enCore Energy (EU) CEO Robert Willette receive on 09/24/2025?

He was granted 125,000 RSUs (graded vesting), 500,000 RSUs (cliff vest on 09/24/2030) and 125,000 stock options with an exercise price of $3.1.

How many total shares/options were granted to Robert Willette in these filings?

The grants reported amount to 931,700 underlying shares/options in aggregate across 09/24/2025 and 10/08/2025.

When do the restricted stock units (RSUs) vest?

Vesting schedules: some RSUs vest one‑fourth annually from 09/24/2026 to 09/24/2029, 500,000 RSUs vest in full on 09/24/2030, and the 181,700 RSUs vest one‑third annually from 10/08/2026 to 10/08/2028.

What is the exercise price and expiration for the stock options granted?

The stock options have an exercise price of $3.1 and an expiration date of 09/24/2030.

Are these holdings reported as direct or indirect ownership?

All reported holdings in the filing are shown as direct beneficial ownership.