Or did he receive a 200,000-share signing bonus?
Looks to me like he got the 207K as part of his hiring package:
The note on the stock says they are restricted:
1. These Restricted Stock Units were granted on 5/10/2022. Each restricted stock unit represents the right to receive one share of CorMedix Inc. common stock. The restricted stock units vest as follows: 50% on the first anniversary of the grant date, 30% on the second anniversary of the grant date, and the remaining 20% on the third anniversary of the grant date, subject to continued service through the applicable vesting date.
He also got 500K options:
2. These options were granted on 5/10/2022. These options vest over four years in four equal installments on the first four anniversaries of the grant date, subject to continued employment through the applicable vesting date.
I'd say he has plenty of skin in the game.
The fact that he also bought some in the open market is good. But please don't panic if he sells some upon approval or thereafter. The grants and the options have restrictions on them. The open market shares can be freely traded. To me, that is a pretty sweet strategy- Have some to sell on the move up for a little extra profit, while still having a ton more to hold really long. Smart guy in my opinion. His interest are pretty much aligned with most shareholders (and perfectly with mine, some to trade some to hold long).