update from 4.5.7 to 5.2.1

Hi,

We recently purchased a new license for 5.2.1 since our support for our installed 4.5.7 version had expired. We downloaded the new theme, but when we upload the .zip file into our wordpress site, it says that 4.5.7 already exists in the folder. What is the proper way to the update without losing our settings and customized css, etc.

If I go to theme update, it says there are no updates for the theme. I was thinking of exporting the theme settings, then uploading the new theme 5.2.1 zip file and then importing the settings again. Is that the correct procedure to make sure I don’t lose anything from our 4.5.7 working site?