Hey Eric,
The yearly price is the cost of the license you choose – so if you choose a personal license, you will to pay $89 one time. This will give you one year of support access and one year of automatic updates.
After one year, if you do nothing, the license will expire. The code of the plugin itself will all still work fine.
If you choose to renew, you can get a 30% discount for another year of licensing. So you could get one more year of a Personal License for somewhere around $62, and this repeats every year.
I hope this helps clarify things!
Cheers,
George