If the dividend-adjusted share price is 20 euros after three years, there will be no dilution at all. “No reward will be paid at all if the TSR falls below the minimum threshold of 20 euros at the end of the performance period.”
After this, dilution is linear up to 60 euros, at which point for every euro increase, 150,000 / (60 - 20) = 3,750 shares are distributed. At 30 euros, the dilution would be (30 - 20) * 3,750 = 37,500 shares.
Key personnel would receive a maximum of 60 € * 150,000 = 9 million euros worth of shares.