I'm having problems with the context menu items added by grepWin (when installed for all users). For whatever reason, there are two entries, a top one without an icon (marked red), and secondary one with an icon (marked yellow):
I've checked Windows / File Explorer, and there the red entry returns "Application not found", but the yellow entry works. I'm, using Do 12.33 and grepWin 2.0.15.
If it's happening in File Explorer as well then they've probably just messed up their menus in the registry.
Lxp's theory makes sense, and I'd try that first. Failing that, it can probably be repaired via the registry, but I'd mention it to the GrepWin developers as they probably don't realise the problem and would want to fix it for everyone.