I had tons of issues too, it is not very clear tbh...
Finally, what worked was SMB share like this:
First extract the zip and find the following 4 folders:
Console, Reports, trigeo, upgrade
Move those files to the root of your share to look like this:
We're updating the upgrade guide to be more clear on this - you're not the first one to miss that detail.
Here are the steps from the updated Upgrade Guide:
Prepare the upgrade media:
a. Download the Appliance upgrade for all appliance types zip file from the SolarWinds customer portal.
b. Unzip the file.
c. Open the SolarWinds Log & Event Manager v5.4 Upgrade folder.
d. Copy the TriGeo and Upgrade folders to the root of a network share. For example: C:\share\TriGeo\ and C:\share\Upgrade\.