To upgrade a license key, first, ensure your product is registered on the Support Portal. Directions to register can be found here: https://support.oneidentity.com/essentials/getting-started-with-my-licensing
Once registered, go you My Account and Select My License Assets on the One Identity Support Portal.
Locate the desired product in the My Asset list and click Upgrade Available
In the pop up, select the version you desire and click OK.
You will get a notification that the upgrade was successful and the upgraded key will be available under My Assets and will be e-mailed to you.