In order to make the $299 work you need the ilok license on a ilok key, no need for any avid account stuff as you will get the new links added there after the reinstatement is done. Also you will need to surrender your 10/11 license in order to upgrade so you will get a new license into the ilok account.
Doesn't matter who owns it as long as you have the ilok license and credentials for said ilok account.
I can double check this with avid to be 101% sure
