Hi there – I received word back from Jerome at Eventide at this fixed my problem 🙂

Restoring Factory Effects Presets and System Settings – INITIALIZING

CAUTION: This function will overwrite any Presets that you have saved.

To restore Factory Presets and all System settings, power up ModFactor while simultaneously pressing the Middle Footswitch and the Encoder until [INITIALIZING] is displayed.

I backed up my effects and did a full factory reset after installing the next software. I think my initial software version was very old.

Thanks!