MySQL ODBC 5.3 Driver Error 126

Microsoft Visual C++ 2010 redistributable (32 and 64 bit) is a pre-req if you are installing the MySQL ODBC driver 5.3 or above.

https://download.microsoft.com/download/2/E/6/2E61CFA4-993B-4DD4-91DA-3737CD5CD6E3/vcredist_x64.exe

OR use an older version:-

Windows (x86, 32-bit), MSI Installer Sep 25, 2013 3.7M
(mysql-connector-odbc-5.2.6-win32.msi)