Board members activity

1) Moran (the previously second largest substantial shareholder after bioMerieux) ceased to be a substantial shareholder. His whole family has a big interest in private healthcare and he's a healthcare magnate himself. If he believes the company has great future potential, why would he have pulled out of being a substantial shareholder?
2) With many of the directors' exercising of their options, does this mean they're trying to make their shares liquid to sell? Or because they believe this is a good time (a low) to buy into the market?