There is no error message, the items belonging to 'IPM.Appointment' message class are turned to 'IPM.Appointment.EnterpriseVault.PendingArchive' during archiving and the post-processing is deleting them.
The dtrace of the archivetask.exe process contains:
{CExchangeShortcutAccessor::DeleteShortcut:#868} Shortcuts belonging to message class [IPM.Appointment.EnterpriseVault.PendingArchive] are deletable
This is how the appointment looks like before the archiving

This is how the appointment looks like during the archiving

Afterwards the appointment is getting deleted but archived and visible from Enterprise Vault Search

Enterprise Vault does not create shortcuts for items belonging to 'IPM.Appointment' message class, they are instead turned into 'IPM.Appointment.EnterpriseVault.PendingArchive' during the archival process and turned back to 'IPM.Appointment' during the post-processing.
Items belonging to 'IPM.Appointment.EnterpriseVault.PendingArchive' message class are wrongly considered eligible to get deleted after their archival when the 'Create shortcut to archived items after archiving' is un-checked in the mailbox policy.
This issue has been resolved in Enterprise Vault 14.1.1