diff --git a/amplpy/vendor/CHANGELOG.md b/amplpy/vendor/CHANGELOG.md
index 7da9499..0a2df14 100644
--- a/amplpy/vendor/CHANGELOG.md
+++ b/amplpy/vendor/CHANGELOG.md
@@ -2,6 +2,9 @@
 All notable changes to this project will be documented in this file.
 This project adheres to [Semantic Versioning](http://semver.org/).
 
+## 0.7.2-2023-12-26
+- amplpy.bundle: only include ampl.lic if "--keep-license" is set.
+
 ## 0.7.1-2023-12-26
 - Adjust ampltools.bundle to be used as amplpy.bundle.
 
diff --git a/amplpy/vendor/ampltools/__init__.py b/amplpy/vendor/ampltools/__init__.py
index d5ee368..6863fc5 100644
--- a/amplpy/vendor/ampltools/__init__.py
+++ b/amplpy/vendor/ampltools/__init__.py
@@ -1,5 +1,5 @@
 # -*- coding: utf-8 -*-
-__version__ = "0.7.1"
+__version__ = "0.7.2"
 from .notebooks import (
     ampl_notebook,
 )
diff --git a/amplpy/vendor/ampltools/bundle/bundle.py b/amplpy/vendor/ampltools/bundle/bundle.py
index 485cb17..7e3a65a 100644
--- a/amplpy/vendor/ampltools/bundle/bundle.py
+++ b/amplpy/vendor/ampltools/bundle/bundle.py
@@ -16,6 +16,9 @@ def bundle(args):
     extra_arguments = args[1:]
     basename = os.path.basename(main_script).replace(".py", "")
     dist_dir = os.path.join(os.path.abspath(os.curdir), "dist", basename)
+    keep_license = "--keep-license" in args
+    if keep_license:
+        args.remove("--keep-license")
 
     if os.path.isdir(dist_dir):
         print(f"Deleting: {dist_dir}")
@@ -50,6 +53,15 @@ def bundle(args):
         print(line, end="")
     exit_code = process.wait()
 
+    if not keep_license:
+        for fname in ["ampl.lic", "amplkey.log"]:
+            to_delete = os.path.join(
+                dist_dir, "_internal", "ampl_module_base", "bin", fname
+            )
+            if os.path.isfile(to_delete):
+                print(f"Deleting: {to_delete}")
+                os.remove(to_delete)
+
     if exit_code == 0:
         # Locate the executable
         executable = os.path.join(dist_dir, basename)
diff --git a/amplpy/vendor/ampltools/modules/__init__.py b/amplpy/vendor/ampltools/modules/__init__.py
index 9830b26..5dc85a5 100644
--- a/amplpy/vendor/ampltools/modules/__init__.py
+++ b/amplpy/vendor/ampltools/modules/__init__.py
@@ -1,5 +1,5 @@
 # -*- coding: utf-8 -*-
-__version__ = "0.7.1"
+__version__ = "0.7.2"
 
 from .amplpypi import (
     path,
diff --git a/amplpy/vendor/setup.py b/amplpy/vendor/setup.py
index 7a86b65..187f70e 100644
--- a/amplpy/vendor/setup.py
+++ b/amplpy/vendor/setup.py
@@ -24,7 +24,7 @@ def ls_dir(base_dir):
 
 setup(
     name="ampltools",
-    version="0.7.1",
+    version="0.7.2",
     description="AMPL Python Tools",
     long_description=__doc__,
     long_description_content_type="text/markdown",
diff --git a/setup.py b/setup.py
index 1e70053..cd9e27c 100644
--- a/setup.py
+++ b/setup.py
@@ -214,5 +214,5 @@ def link_args():
         )
     ],
     package_data={"": package_content()},
-    install_requires=["ampltools >= 0.6.2"],
+    install_requires=["ampltools >= 0.7.2"],
 )