Hey @tjkelly,
Thanks for reaching out! Unfortunately, the screenshot you shared does not show a feature of The Events Calendar. I do not where that modal window is coming from, but it is not from a default version of The Events Calendar.
Can you elaborate a bit on where exactly the modal window in your screenshot appears? If possible, for example, can you share a screenshot of the whole page on which you see this modal window?
The Events Calendar itself does default to five-minute increments, as shown in this screenshot:

Also, it is a very bad practice for themes to bundle plugins with them. If possible, I would recommend leaving a support thread with the ThemeFuse folks just to advocate for a better design/coding choice in their themes.
You should delete any theme-included versions of plugins and replace them with the real, official version of the plugins. So, for The Events Calendar for example, you can get the real official version here: http://wordpress.org/plugins/the-events-calendar.
Let me know about the modal window and share a larger-scope screenshot if possible–thank you in advance if you can do this!
Sincerely,
George