The Upcoming Events link in the Main Navigation points to a page created by the Events Calendar plugin.
The Events Calendar is optional and not required for Caroline to operate without the calendar features.
This is a large plugin with a many options and add on extensions available. The Events Calendar team has a large pool of documentation available to assist with set up. Because of this, we will not go into Events Calendar instruction in our forum.
Please note, we have the premium Events Calendar Pro active in our theme demo so we can have recurring events populate the demo so some display items may require the premium upgrade to work.