These key personnel have a whole slew of options, incentive schemes, and warrants that don’t show up in those direct holdings.
In these, the mechanism is usually such that they stand to benefit if the company’s value climbs to certain levels, which would encourage increasing the company’s value (I believe the options had triggers at the €14 and €18 share price levels). Then there are also those B-series shares with similar types of mechanisms.
I’m no expert in these and I don’t know management’s motives, but maybe if you’re already sitting on a stack like this (Kokkonen seemed to have over half a million options), you might not feel much of a need to buy shares directly from the market.
But one should be prepared for the fact that if things start working properly, there will be dilution ahead (someone more savvy than me had probably calculated these more precisely before).