Error in the log:
System.IO.FileNotFoundException: The system cannot find the file specified. (Exception from HRESULT: 0x80070002)
at Quest.RM4SP.AllBackups.Presenters.View.BackupListCtrlController.AddHistoryFromFile(String fileName)
at Quest.RM4SP.AllBackups.BackupListCtrl.toolStripButtonAdd_Click(Object sender, EventArgs e)
It looks like the issue is not related to a product configuration. It's most likely related to .Net Framework: Exception from HRESULT: 0x80070002
Event Viewer should have more detailed error.
Try reinstalling .Net Framework. Recovery Manager requires .Net Frameworks 3.5
OR
Try installing Recovery Manager on a different machine.