I'm afraid not, and besides it would not perhaps be the appropriate solution. The license time-out doesn't pause the calculation, it just continues in the absence of a license connection, until it can be established again.
We can offer you a possibility to host the license closer to where the calculations run - after all, the machine which runs the job has power, so that would be a more suitable location for the license server. Please contact your sales rep for discussions about how to change the license server.