Run UltraVNC as user, prevent "No Password"

I wanted to run UltraVNC on my laptop to share the screen towards my desktop computer. I have no administrator rights on this pc but I can run the standalone UltraVNC server fine.
To run it without admin rights, download the zip file from the latest version from here, choose the “bin zip” downloads for your OS at the bottom of the page.
When you run winvnc.exe, the following message presented itself in a pop-up:

No password has been set & this machine has been preconfigured to prevent users from setting their own.
You must contact a System Administrator to configure WinVNC properly.

This means you need to set the password first, but you need to run WinVNC to be able to set the password (kind of a Catch 22 there)
Add the contents below in a new file called ultravnc.ini in the same folder as winvnc.exe and your password is set to “nopassword” (without the quotes). You can now startup WinVNC by doubleclicking winvnc.exe.

[Permissions]
[admin]
FileTransferEnabled=1
FTUserImpersonation=1
BlankMonitorEnabled=1
BlankInputsOnly=0
CaptureAlphaBlending=0
BlackAlphaBlending=0
DefaultScale=1
UseDSMPlugin=0
DSMPlugin=
DSMPluginConfig=
primary=1
secondary=0
SocketConnect=1
HTTPConnect=1
XDMCPConnect=0
AutoPortSelect=0
InputsEnabled=1
LocalInputsDisabled=0
IdleTimeout=0
EnableJapInput=0
QuerySetting=2
QueryTimeout=10
QueryAccept=0
LockSetting=0
RemoveWallpaper=1
RemoveEffects=0
RemoveFontSmoothing=0
RemoveAero=1
DebugMode=0
Avilog=0
path=C:\development\programs\UltraVNC
DebugLevel=0
AllowLoopback=0
LoopbackOnly=0
AllowShutdown=1
AllowProperties=1
AllowEditClients=1
FileTransferTimeout=30
KeepAliveInterval=5
SocketKeepAliveTimeout=10000
DisableTrayIcon=0
MSLogonRequired=0
NewMSLogon=0
ConnectPriority=0
PortNumber=5900
HTTPPortNumber=5800
[ultravnc]
; both passwords are "nopassword"
passwd=33117E54AA0D4D3B55
passwd2=33117E54AA0D4D3B55

Important: Do change your password in the settings when you can run WinVNC!