If your organisation is participating in N365, you should by now have signed up to meet the 17 July deadline. The next action is to purchase your N365 licenses by 15 September.
The aim of the agreement is not to simply buy new licenses to be used with the old versions of Microsoft Office, SharePoint, Outlook etc. Instead, it is to give greater access to modern workplace technologies and their functionality.
This is especially true if your organisation is using Office 2010, Exchange 2010, and Visio 2010 which go out of support on 13 October 2020. SharePoint 2010, Project Server 2010 and Lync Server 2010 also go out of support on 13 April 2021.