The logfile states that my Photon license has expired or the PhotonLicensing.dll can't be loaded.
Since Photon 3 you don't need a .license file if you are using Photon for free. Just delete any old .license files you still might find in your folders from upgrading etc.:
..\deploy\bin_Win32
..\deploy\bin_Win32_xp
..\deploy\bin_Win64
..\deploy\bin_Win64_xp
If you acquired a license, just copy the .license file into the above mentioned folders (depending on the environment you use).
However there is one edge case: When you unpack your SDK with the Windows Explorer built-in unpack tool your files might get blocked as they are marked as "internet download".
There are to ways to solve the problem: