1. Create a new Entitlement Group
2. Create a new custom SELECTserver activation key
3. Distribute new activation key to authorized users/machines
   1. Suggested distribution method: Configure Product Activation using Group Policy or the Licensetoolcmd
4. Disable the old/original Activation Key (The key you wish to stop generating usage)

Note this does not limit to specific applications nor impact SES based versions.

More information on additional options:

How can I configure an activation key to restrict entitlements to a certain set of products?