Hello Harlund_Industries_L,
Thank you for your log, we have checked it.
Could you please save the Timeouts.xml file https://www.dropbox.com/s/wr26kqkxtt4mcy5/Timeouts.xml?dl=0 into the following folder C:\ProgramData\Pranas.NET\SqlBak\Service\ and restart SQLBackupAndFTP (SQL Server Backup) Windows Service.
It should resolve the issue.
Sorry for the inconvenience.