The steps are:
- the database updates needs to be merged to the binding, this will be done by the maintainer as soon as he finds the time. You can see when this happens at the bottom of the database entry.
- you need to wait for the generation of a new snapshot zwave binding or use the development zwave binding.
- then you need to uninstall the zwave binding via PaperU and copy one of those *.jar files (snapshot or development) to your addons folder.
Then restart openHAB and you should be able to use the device. You need to delete the thing and add it again if you choose to use the dev version.
If you need more information about the upgrade process use the search button, there are several tutorials how to do it