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3 Activations across three computers, but the activations can be re-used again after 45 days.
Unlimited activations on one PC.
Risen can be activated 3x on different hardware configurations. Each completed activation is automatically revoked after 45 days, so that this activation slot is available again. However this doesn't mean that Risen can be installed on 3 different computers at the same time. Due to the license agreement (that you accepted during installation) it is not allowed to install the game on more than one computer at the same time. If you do not change either the operating system or the hardware configuration there is no activation limit at all.