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In this video we discuss and demonstrate managing licenses on ESXi hosts in vSphere 5.1 using the vSphere Web Client.
You can use the license management function in the vSphere Web Client to manage the licensing of assets in your vSphere environment from a central location. You can add license keys in the vCenter Server inventory, assign license keys to multiple assets at a time, view information about the available products and licenses, and export licensing information in a CSV file.
To be able to use certain features and functionality of an ESXi host, you must assign it a license key when the evaluation period of the host expires.
For more information, see VMware Knowledge Base article: Managing licenses on ESXi hosts using the vSphere Web Client (2032903).