The board will give him an exception, probably without the required filing notice. He is probably liquidating today to some degree. However, that most likely will result in lawsuits by common holders. But what's one more lawsuit?
but even when he can start selling is the restricted to 5% per Q?
I believe the 5% rule is by the SEC and can't be changed. Officers can get the timings and restriction changed but the amounts are federally mandated. But those restrictions may apply to only market trades and not personal or before/after market as those can be personal as well.
Giving the stock to others in there somewhere too. Large shareholders and institutional have more avenues to dump than retail can even dream about.
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