The Events Calendar 5.0+ came with a lot of new features and a brand new (optional) design that is not compatible at all with our themes (yet).
The plugin authors made a huge redesign of all their templates and a massive refactoring of their code base, which will certainly take all theme authors a long time to integrate it into every products.
In the meantime, we simply advise you not to activate this option by unchecking the “Use updated calendar designs” box in the plugin settings (Events Settings > display tabs).
It should momentarily solve your issue. The support for those templates is currently under development.