Hello,
If I understand you correctly, you purchased Fences v5 that come with 5 activation count, yes? If so you will have 5 activation slots. If you already use up 2 activation, you should have 3 activation in balance. If you reinstall Windows on the same system. You might need to activate it again, which might use up another slot. But, if you install over the old Windows install with Fences in it, you can deactivate the old, no longer needed, activation. You can do so by using this guide: https://support.stardock.com/space/SHC/1260191763/How+to+review+and+manage+your+current+activations
Thank you.
Basj,
Stardock Community Assistant.