To activate multiple Office 365 users on a Terminal Server, you can follow the instructions below.
Each User must have a Premium License
Open the registry edit on the terminal Sever and add this Reg Key
For Office 2013 navigate to the following directory in the registry: HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Office\15.0\ClickToRun\Configuration
For Office 2016 navigate to the following directory in the registry: HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Office\ClickToRun\Configuration
Next add a new String Value with the name "SharedComputerLicensing" then give the string a value of 1.