Update license registration details on License Manager

Hi All. We have an NTA license which is already activated, however, the registration details that was entered belongs to a resigned employee. Upon updating it on license manager, it says "The activation key you entered is not for this product. Enter a different key to try again" even though we selected the right product and activation key.

Does the update feature on license manager only for having new activation key and the registration details can't be edited?