Hi,
No, you have to have new licnese, and you can log in to vlicense web site to upgrade your licnese or call vertas support and they will give u the new licnese accoridng to you hostid.
and while upgrading keep in mind that you can not upgrade from 3.5 to 4.1 directly
you have to upgrade to 4.0 first and then to 4.1
Hope it helps
Thanks
Afzal