I had a similar problem. I got an exception "Type is not resolved for member 'Microsoft.IdentityModel.Claims.ClaimsPrincipal, Microsoft.IdentityModel, Version = 3.5.0.0, Culture = neutral, PublicKeyToken = 31bf3856ad364e35'.".
I tried to run the ASP.NET application from Visual Studio, which was a reference to a local copy of Microsoft.IdentityModel.dll.
I did not want to install the SDK and I had to copy the library to the directory "C: \ Program Files \ Common Files \ Microsoft Shared \ DevServer \ 10.0" and restart Visual Studio.