Per-server license.
HV Manager is licensed on a per-server basis. “Server” means a physical or virtual machine capable of running the Microsoft Hyper-V server software.
You need to purchase a separate license for each managed Server.
You may transfer the license from one server to another.
Each license may not be used on more than one server at the same time.

An unlimited number of users can be connected to the server on which the licensed HV Manager is installed.

Licenses include annual maintenance which provides new versions and technical support for 1 year. The maintenance can be renewed each year to continue receiving software updates and technical support.

Licensing Examples:

• A customer with 1 Hyper-V server, 1 system/network administrator and up to 5 end-user machines will require: 1 Server license.
• A customer with 8 Hyper-V servers, 2 developers deploying to a server machine for use by end users outside their company will require: 8 Server licenses.