You may have a dead memory module. Test by moving that to another slot and see if the error follows the DIMM or the slot. If it follows the DIMM, replace that stick.
I have exactly done that by interchanging dimm module few times but issues persists with always error indicating memory module 1.
I have seen other post shows similar issue and they said its wrong reading but I would like to be sure,its its very annoying when I see RED ALERT.
The first thing I would do is come completely up to date on all BIOS and firmware of this server. Based on your screenshot, you are very very outdated on the BIOS and so probably other hardware as well.