Octane License is released (deactivated) when the application is closed. In the case of Octane Standalone edition just the standalone license is released, while plug-ins will release both Standalone and their respective license. In either case, licenses are just released if there is not another instance of Octane V3 Standalone or a plug-in making use of that specific license.
If you have had an operating system upgrade, security system upgrade of replaced certain hardware on machine that changes your machine address, OTOY recommend that you use an UNLOCK to deactivate the license.
The unlocks will reset back to 5 periodically, providing they are only occasionally used.
detailed explanations about Octane V3 licenses.