I have a similar experience. I get image3.jpg as well. There’s no activation code at MySteinberg. My old activation code does not work.
This post: Steinberg Forums
says you have to have activated “since October 16, 2019”.
I noticed that it was trying to launch 10.0.40, not 10.5. I also notice that you are coming from 10.0.20, so similar condition.
Oops. I guess I thought it was 10.0.50, some kind of free upgrade. My bad. BTW, that upgrade also exists. I was confused. 
Now I also get image2.jpg. I think the only thing to do is uninstall 10.5. Or to buy it.
If I uninstall, I still get errors (image2.jpg).
So, what about buying it?
===== Before getting into that adventure,
===== my bottom line opinion is that you can ignore the errors that come up, and still run 10.0.2 (or 10.0.50) because
===== + padshop 2 doesn’t exist in the Cubase 10 world anyway,
===== + you won’t get tripped on no activation of 10.5 if you don’t try to run it, and
===== + I bet the 3rd error can also be safely ignored, but I can’t try a thing to test that conjecture! I never had that issue.
======= Maybe if you download 10.0.50 it will go away.
Let’s try running C10.0 and see what happens. The padshop 2 error, ok. Then a problem with a missing groove agent sound. I’ve seen this kind of thing before in an update scenario. Chances are I can live with it. After all, my groove agent test of was good. On re-launch, I didn’t seem to have this 2nd problem. Maybe other things will go haywire if I explore further.
So, what about buying it?
I guess I’d best re-install first. I can’t do that with the download assistant unless I re-download first, which seems pointless.
I’ll just run the exe again.
That would be in C:\Users{{USERNAME}}\Downloads\Steinberg\WIN64\Cubase Pro 10.5 - Update from 10.0
When I do that, I see that it’s different from the first time. Updates for HALion Sonic SE, Retrologue & Padshop, Groove Agent SE, and Components needed update on the initial installer run, but are now “already installed”. That explains what happened with image2.jpg.
Anyway, the installer ran OK.
Next, what does the next $60 buy me? I hope I like it.
- EQ spectral curve looks OK, but since I have a lot of iZotope stuff that does this in AI, it’s not much value added in my case. OTOH, having power tools doesn’t mean you don’t need hand tools.
- Video exporter render isn’t something I’d think to ask for. I often use ffmpeg to do conversions. But I like this feature, especially the H.264 compression on mp4. After all, distribution is online for video. Video may not be your thing, but film composers often prefer Cubase, so I can see why they did this.
- MultiTap delay is something I probably don’t care about, but maybe I will. Moving on…
- Padshop 2 is new, which explains the image2.jpg again. I like this too, maybe because I’m slowly getting more into sound design. Then again, I have more pressing issues to tend to. We’re talking new VSTi here.
- Colorized Mix Channel Colors is ProTools envy, but a lot of people were griping about it in the forums. I think it’s a plus, but it has rarely bothered me that we didn’t have it.
- Import tracks from projects was already there, but now they say there’s more. I’ve found it valuable in the past, so maybe I’ll like this.
- MIDI retrospective recording was already there, so more upgrade to that. I’ve never used it, but it can’t hurt.
- Combining the selection tools looks very sweet to me. Could save a lot of mouse time.
- Score editor improvements doesn’t mean much to me, as I generally prefer paper and pencil when doing a score.
- Easier macro creation means nothing to me, as I can only recall a fraction of the key commands as it is.
- Normalizing to LUFS is a welcomed change, as that’s how the world now thinks of loudness, and rightly so.
- Safe Mode start is something I’ll be glad for when things some day go badly, which may never happen.
- More features for Elements is meaningless if you have Artist/Pro.
- Workflow improvements are always nice.
Well, it doesn’t blow me away. Maybe I should wait for a sale. Then again, it’s only $60. But for me, it only seems like $45 worth of value. I guess I’ll sleep on it.
