CorMedix director settles 48,909 phantom units

Director Janet Dillione converted deferred phantom stock units into common shares tied to a terminated director compensation plan.

Rhea-AI Filing Summary

CorMedix Inc. (CRMD) director Janet Dillione reported the settlement of 48,909 phantom stock units, each economically equivalent to one share of common stock. On September 18, 2026, these phantom units were converted into 48,909 shares of common stock, leaving no phantom stock outstanding and resulting in 117,835 common shares held directly after the transaction. The company states this settlement occurred in connection with the termination of the CorMedix Inc. Deferred Compensation Plan for Directors.

Insider Trade Summary

48,909 shares exercised/converted

Exercise 2 txns

Insider Dillione Janet

Role Director

Type	Security	Shares	Price	Value
Exercise	Phantom Stock F1	48,909	--	--
Exercise	Common Stock F1	48,909	--	--

Holdings After Transaction: Phantom Stock — 0 contracts (Direct); Common Stock — 117,835 shares (Direct)

Footnotes (1)

1. F1. Each phantom stock unit is the economic equivalent of one share of common stock. On September 17, 2025, the Company terminated the CorMedix Inc. Deferred Compensation Plan for Directors (the "Plan"). On September 18, 2026, in connection with the termination of the Plan, all of the Reporting Person's phantom stock units were settled in an equal number of shares of common stock.

Key Figures

Phantom stock units settled: 48,909 units Common shares received from settlement: 48,909 shares Common shares held after transaction: 117,835 shares +2 more

5 metrics

Phantom stock units settled 48,909 units Converted into common stock on September 18, 2026

Common shares received from settlement 48,909 shares Issued upon settlement of phantom stock units on September 18, 2026

Common shares held after transaction 117,835 shares Direct ownership reported after September 18, 2026 transaction

Phantom stock balance after transaction 0 units All phantom stock units settled into common shares

Exercise or conversion transactions 1 derivative exercise Exercise or conversion of phantom stock reported on Form 4

Key Terms

Phantom Stock, Deferred Compensation Plan for Directors, economic equivalent

3 terms

Phantom Stock financial

"Each phantom stock unit is the economic equivalent of one share of common stock"

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

Deferred Compensation Plan for Directors financial

"the CorMedix Inc. Deferred Compensation Plan for Directors (the "Plan")"

A deferred compensation plan for directors is an arrangement that lets board members postpone receiving part of their pay until a later date—often retirement or a set future time—so the money can grow or be paid under specified conditions. Think of it like directing a portion of your paycheck into a locked savings account that pays out later; investors care because it creates future cash or stock obligations, signals how the company motivates and retains leadership, and can affect shareholder value through timing of payouts or potential dilution.

economic equivalent financial

"Each phantom stock unit is the economic equivalent of one share of common stock"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did CorMedix (CRMD) director Janet Dillione report on this Form 4?

She reported settling 48,909 phantom stock units into 48,909 shares of CorMedix common stock on September 18, 2026, in connection with the termination of the company’s Deferred Compensation Plan for Directors.

How many CorMedix (CRMD) common shares does Janet Dillione hold after the reported transaction?

After the September 18, 2026 settlement, Janet Dillione directly holds 117,835 shares of CorMedix common stock, as reported in the Form 4.

What happened to Janet Dillione’s phantom stock units in CorMedix (CRMD)?

All of her phantom stock units were settled on September 18, 2026 into an equal number of 48,909 shares of common stock, leaving her with no phantom stock remaining after the transaction.

Why were CorMedix (CRMD) phantom stock units settled into common shares?

The settlement occurred because CorMedix terminated the Deferred Compensation Plan for Directors on September 17, 2025, and in connection with that termination, all of Janet Dillione’s phantom stock units were converted into common shares on September 18, 2026.

Was the CorMedix (CRMD) Form 4 transaction under a Rule 10b5-1 trading plan?

No. The Form 4 indicates the Rule 10b5-1 checkbox is not selected, and the filing does not state that these transactions were effected under a Rule 10b5-1 or other pre-arranged trading plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/18/2026 - 09:37 PM Accepted by SEC EDGAR 09/18/2026 - 09:36 PM Learn about SEC filing dates

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
Estimated average burden
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^*

Dillione Janet

(Last) (First) (Middle)

C/O CORMEDIX INC.,

389 INTERPACE PKWY, SUITE 450

(Street)

PARSIPPANY NEW JERSEY 07054

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CorMedix Inc. [ CRMD ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2026

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

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

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

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
Common Stock	09/18/2026		M		48,909	A	(1)	117,835	D

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
Phantom Stock	(1)	09/18/2026		M			48,909	(1)	(1)	Common Stock	48,909	(1)	0	D

Explanation of Responses:

1. Each phantom stock unit is the economic equivalent of one share of common stock. On September 17, 2025, the Company terminated the CorMedix Inc. Deferred Compensation Plan for Directors (the "Plan"). On September 18, 2026, in connection with the termination of the Plan, all of the Reporting Person's phantom stock units were settled in an equal number of shares of common stock.

	/s/ Beth Zelnick Kaufman, attorney-in-fact	09/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)