Execute as Script icon or using F5 does not execute anything such as SQL Statement, Functions, Procedures, and Packages. However, execute Statement works.
RESOLUTION 1:
1. Exit out of Toad
2. Go to ....Toad\User Files directory
3. Rename Desktops.xml file
4. Launch Toad
RESOLUTION 2:
Check the Oracle Client and if needed, install the latest version
RESOLUTION 3:
Perform a complete Uninstall and Reinstall of Toad