That dongle should work, but you need to take a few things in consideration:
1. Unless you received that dongle recently, it's probably one of the old HASP-4 dongles and you will have problems on a 64-bit OS if you have more than one dongle.
2. We support licensing software on this OS, but the PADS 9.5 software itself is not supported on it. I'd advice you to go get the latest license software from SupportNet. It is backwards compatible with the PADS 9.5 release.
3. The Mentor License utility should also work, but again I'd advise you to obtain the latest version of it.
Mentor Graphics Global Support and Services