This is because you cannot make changes in Live

If you look top right you can see the current status

Click File and Select Mode

Choose Offline Mode

Make the changes you need then click and save

Change back to Online Mode

Push Save and Make live

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When trying to restore from a backup exec backup to a Virtual machine , the dropdown option “Convert to Virtual Machine from Point in Time” is Greyed Out.

Make sure when you backup the Machine you backup Everything including System State or this option will not be available 

Also make sure one of your backup jobs are not backing up the machine through a Vcenter. This is how backup Exec manages VM level backup jobs for fulling restoring a VM

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