Yes, Larry, you will need to upgrade the emulation program (move from your current release to V10) to take advantage of software licensing. You will also have to purchase V10 RVU, Rational Token, or Sysplex entitlement, which are the only ones with which you can activate zD&T using software-based licensing.
However, you can use existing activated USB hardware devices with the zD&T V10 emulator. So, for example, if you have a product license server running RD&T V9.5 with an activated USB hardware device, you can migrate a client instance to V10, and this client instance can connect to the 9.5 product license server and run.
There is no impact to z/OS volumes already configured and running. You can run previously configured and installed z/OS volumes on a zD&T V10 emulator.
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