It's likely you'll have to reactivate so, if you Deactivate first, you won't even consume of your your activations. You can do that from the Addon Manager. And, with our new activation system, you can Deactivate a license even after doing the update:
https://qlm1.net/virtualisoftware/qlmcustomersite/Choose "Deactivate License" there. However, you must use a new-style (Soraco/QLM) activation key, one that starts with the letter A. If you have an old style Esellerate key, you can know the new key associated to your old orders by using the "Email license keys" option.