EU Director Awarded 200,133 RSUs; Vesting in 2026–2027

Rhea-AI Filing Summary

enCore Energy Corp. director Dennis Stover was granted 200,133 restricted stock units (RSUs) on 10/08/2025. Each RSU represents the contingent right to receive one common share, and the award vests in two equal installments: one-half on 10/08/2026 and one-half on 10/08/2027. Following the grant, the reporting person beneficially owns 200,133 common shares on a direct basis. The Form 4 was signed by an attorney-in-fact on 10/10/2025. The grant carries a $0 purchase price and is disclosed under Section 16 reporting rules.

Positive

• 200,133 RSUs granted aligns the director’s incentives with shareholders
• Clear vesting schedule (one-half on 10/08/2026, one-half on 10/08/2027) provides retention linkage
• Reported as direct ownership (200,133 shares) following the grant

Negative

• Potential dilution when 200,133 RSUs convert to common shares at vesting
• No purchase price (grant recorded at $0), increasing outstanding shares without cash inflow
• Concentration of award in a single director could raise governance questions if comparable grants are not disclosed

Insights

Corporate Governance Analyst

Director received a time-vesting equity award to align long-term interests.

The director received 200,133 RSUs that convert one-for-one into common shares, vesting 10/08/2026 and 10/08/2027. This structure ties equity compensation to continued service over two years and is a common retention tool.

The primary dependency is the company’s share issuance and dilution effects as the RSUs convert to shares at vesting; the award carries no cash purchase price per the filing. Monitor equity outstanding and future filings around each vesting date in 10/2026 and 10/2027 for actual share delivery.

Compensation Specialist

Time-based RSUs provide non-cash compensation with predictable vesting.

Each RSU equals one common share on settlement, and the grant’s two-step vesting (50%/50%) is clearly specified. The award appears to be standard board-level compensation and is reported under Section 16 rules with a $0 price.

Key near-term items are the reporting of any changes in beneficial ownership at vesting and whether similar grants are made to other executives or directors in 2026 and 2027, which will affect dilution and total executive pay expense disclosures.

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^*

Stover Dennis

(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		200,133		(2)	(2)	Common Shares	200,133	$0	200,133	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 200,133 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 Dennis Stover	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 did Dennis Stover report on the Form 4 for enCore Energy (EU)?

The Form 4 reports a grant of 200,133 restricted stock units (RSUs) on 10/08/2025, each representing one common share.

When do the RSUs granted to the director vest?

The RSUs vest in two equal installments: one-half on 10/08/2026 and one-half on 10/08/2027.

How many shares does the reporting person beneficially own after the grant?

The reporting person beneficially owns 200,133 common shares on a direct basis following the grant.

Was there a purchase price for the RSUs?

No. The Form 4 shows the RSUs were granted with a recorded price of $0.

Who signed the Form 4 filing for Dennis Stover?

The Form 4 was signed by Robert Willette as attorney-in-fact for Dennis Stover on 10/10/2025.