If you are running a 4.0.2 Office 365 driver, do the following:
Upgrade the Identity Manager engine to 4.5 or later version to include the updates for .NET Remote Loader.
Upgrade Identity Manager 4.5 engine to 4.5.1 or latest. This version includes software updates for .NET Remote Loader necessary for the Office 365 4.1 driver.
If you are running a 4.0.2 Office 365 driver, you need to first upgrade the Remote Loader engine to Identity Manager 4.5 or later version and then to Remote Loader engine version 4.5.1 or latest service pack.