The alarm thing is surely unprofessional and needs to be stopped.

For the chest stuff, best way to know is to ask. Maybe he's doing it without even thinking about it. Is he doing something else, other than this, that may looks to you like he's trying to taking advantage of you?

(I'm assuming he's unbuttoning his polo shirt and you see a bit or some more of his chest... if he's unbuttoning over his stomach or something like this I agree there's no need to ask and you should just get out of there asap).