Clarification regarding Aspose.Total license Java

I am using Aspose.total with Developer OEM license.

As per our current license file, 20220628
it means that license will be expired after 20220628 and conversion will work in evaluation mode

Is our understanding correct?
Do we need to renew the license ?
Could you explain the procedure

If your license expiry date is June 28, 2022, it means you cannot use Aspose API(s) version(s) that would be released after this date. But you may continue to use any version that is released before the license’s expiry date and your license will never expire. In short, you cannot avail free/paid updates, new (upcoming) versions, hotfixes and other upgrades after this date. So, to use the upcoming updates and fixes, you have to purchase new license or update your subscription first.