The Application Event log may log an event ID 12321 warning event from the source Microsoft-Windows-Security-Licensing-SLC.
The description field will state Token Based Actvation failed.
This is event will occur when the Token Issuence License is not installled inside Windows or the certificates on the Smartcard are not present and activation is attempted.
0xC004F011 = SL_E_LICENSE_FILE_NOT_INSTALLED
Windows Software Licensing is checking whether Token Activation is available on this volume license system and reporting that the license or certificate is not available so Token Based licensing will not work.
This issuance license file or Smartcard certificates are only needed when Token Based activation is being attempted.
If you are not using Token Based Activation, this warning message can be safely ignored. This will not affect the ability to activate Windows using KMS host machines or when using MAK keys.
If you are using Token Based Activation, you need to restall the Token Issuence license acquired from Microsoft.
SLMGR /ILC <token-based-license-filename>