Quest TOAD 10. ERROR on startup toad.exe: No argument for format ‘%s’

When trying to start up Quest’s TOAD, an ERROR occurs:
startup of toad.exe No argument for format ‘%s’

See EurekaLog 6.0.20

Application:
——————————————————-
1.2 Name/Description: Toad.exe – (Toad for Oracle)
1.3 Version Number : 10.1.1.8
1.4 Parameters :
1.5 Compilation Date: Mon, 16 Nov 2009 16:36:37 +0200
1.6 Up Time : 4 seconds

Exception:
—————————————————-
2.2 Address : 00412AB5
2.3 Module Name : Toad.exe – (Toad for Oracle)
2.4 Module Version: 10.1.1.8
2.5 Type : EConvertError
2.6 Message : No argument for format ‘%s’.
2.7 ID : 39BE
2.9 Status : New

Active Controls:
——————————————————–
4.1 Form Class : #32770
4.2 Form Text : Please enter your login information
4.3 Control Class:
4.4 Control Text :

Assembler Call Stack:
——————————————————–
00412A9E push edi
00412A9F mov edi, ecx
00412AA1 mov esi, edx
00412AA3 mov ebx, eax
00412AA5 push esi
00412AA6 push edi
00412AA7 mov ecx, ebx
00412AA9 mov dl, $01
00412AAB mov eax, dword ptr [EConvertError]
00412AB0 call +$0000A803
00412AB5 call -$0000CC66 ; <– EXCEPTION
00412ABA pop edi
00412ABB pop esi
00412ABC pop ebx
00412ABD ret

Firewall / Directory Problem:
See shortcut for TOAD.EXE

Destination “C:\Program Files\Quest Software\Toad for Oracle 10\Toad.exe”
Execute in: “u:\scripts\user\%username%”

Solution:
Simply change the EXECUTE IN directory. Just remove the dynamic %username% to a static directory path as like:
Execute in: to “u:\scripts\user\xyz”

Then startup toad.exe again and everything works fine.