Use a utility like h5dmp.exe to extract memory and passwords from the original dongle.
The SoftKey Solutions tool takes dongle.dmp and generates a Registry file ( hasp_hardlock.reg ) containing encrypted hex strings. softkey solutions hasp hardlock emulator 2007 edgerar work
To understand the emulator, one must understand the target. The HASP (Hardware Against Software Piracy) and Hardlock keys, developed by Aladdin Knowledge Systems, were the gold standard for high-end software security in the 1990s and 2000s. Unlike simple serial numbers, these dongles contained proprietary ASIC chips that the software would query during runtime. If the dongle didn't return the correct encrypted response, the software wouldn't launch. Use a utility like h5dmp
Some users reported that dumping complex keys could be very slow and required the physical key to be active for long periods. No Longer Supported: The HASP (Hardware Against Software Piracy) and Hardlock
Assuming for historical research that you have a legitimate dongle that is physically failing (chip rot) and you own the software license, here is how the 2007 toolchain was designed to "work":
Install HASP MultiKey Emulator Guide | PDF | Windows Registry