When upgrading to Veeam Backup for Microsoft Office 365 v2 from an earlier version the following error is received:

Additionally, the latest Veeam.Archiver.Service log file found under C:\ProgramData\Veeam\Backup365\Logs contains the following:
25.7.2018 10:14:12 6 (5940) Upgrading backup jobs...
25.7.2018 10:14:12 4 (4588) Error: Job with the specified name already exists.
25.7.2018 10:14:12 4 (4588) Type: System.Exception
25.7.2018 10:14:12 4 (4588) Stack:
25.7.2018 10:14:12 4 (4588) at Veeam.Archiver.Controller.JobConfigVerifier.VerifyCreatedJob(JobConfig config, BackupScopeConfig