Because of the peculiarity of protection mechanism used in EXE Password Protector, executable files protected with EXE Password Protector stay protected on read-only drives, but you won’t be able to open password-protected files from there.
This applies to all CD-ROMs, DVD-ROMs, and other drives (flash drives, memory cards, etc.) that have hardware write-protection.
In order to open protected EXE file located on read-only drive you should copy this file from this read-only drive to the hard drive and then you will be able to open it from the local folder on a PC with the password set in EXE Password Protector.