It will continue working as is, if it prompts to reactivate, reactivate it using the same folder.
You can activate on up to 5 machines of yours.
NTLite is portable, you can install it on another partition that survives OS reinstalls, or if the tool directory will be deleted make sure to backup activation:
File - Manage License - Export
then Import after reinstall.
For each machine separately.
In the future there will be an online backup of this.