Project Online and Project Lite Licenses Transferable?

I was wondering how the user licenses are handled when deactivating and reallocating.   Are user licenses transferable for Project Online, Project Lite, and Project for O365? 

Teddy,
It depends on how you are defining "Transferrability". As a bottom line, the number of "Active" users at any time, cannot be more than your licenses. And the license for each product are its own.
I am no licensing expert, and I suggest you talk to a Microsoft Rep for a concrete statement on the licenses.
Cheers,
Prasanna Adavi, Project MVP
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