The steps required to upgrade the license are as follows:

1. Back-up the file called PINpoint.ini stored within the Resources folder under the root of the PINpoint application. 
2. Uninstall the current PINpoint version using the Add/Remove feature (the PINpoint configuration settings are not removed during this step).
3. Install the new PINpoint version with the new license key provided and it should pick up all the existing configuration settings.

[Note: you must have an active maintenance agreement to receive support and upgrades to PINpoint.]