Yes - it looks like the software is not installed properly. Our driver has been installed from Windows update. I'd try and manually install it from the setup.exe on our website.
But first, I'd uninstall the DisplayLink Core software (with the dock disconnected so Windows update doesn't try and install it again), then run the cleaner from here:
http://kb.displaylink.com/297
Then reinstall from the setup.exe on our website, then reconnect the dock. Hopefully that will solve it. If not, please post the logs again.
Wim