The instructions for the install are in the licensing guide on page 51, see the below link from Powerlink.

Support -> Tech Docs -> PowerPath/VE -> Installation and Configuration -> PowerPath/VE for VMware vSphere Licensing Guide

1) The basic steps are to copy the directory with the lmtools and other executables somewhere permanent

2) Run lmtools.exe and set "Configuration using Services Radio Button" and "ignores licesne file path environemnt"

     This will add a service to the services.msc that will autostart the service int he future once done

3) Config Services tab -> Enter service name, path to where lmgrd.exe lives, and the path to the served license file that was obtained.

4) Select the Use Services and Start Server at Power Up

5) Go to Start/Stop/Reread and click Start Server

6) Go to the Server Status Tab and hit perform Status Enquiry.  It should respond with a "license server UP" dialog.

http://powerlink.emc.com/km/live1/en_US/Offering_Technical/Technical_Documentation/300-009-188.pdf?mtcs=ZXZlbnRUeXBlPUttQ2xpY2tDb250ZW50RXZlbnQsZG9jdW1lbnRJZD0wOTAxNDA2NjgwNTM0M2E3LG5hdmVOb2RlPVNvZndhcmVEb3dubG9hZHMtMg__