Thank you for your help! I tried this out on a test server and it went well. I did see these errors in the event log during the upgrades, but I do not believe they caused any issues.
Error during temporary files creation. Original exception: Could not find file 'C:\WebSites\Kentico10\CMS\CMSSiteUtils\Import\Upgrade_90_100.zip'.
Error during temporary files creation. Original exception: Could not find file 'C:\WebSites\Kentico11\CMS\CMSSiteUtils\Import\Upgrade_100_110.zip'.
Error during temporary files creation. Original exception: Could not find file 'C:\WebSites\Kentico12\CMS\CMSSiteUtils\Import\Upgrade_110_120.zip'.
Thank you