Outlook 2016 (click-to-run) Error , "Unable to open MAPI session, ClassFactory cannot supply requested class" or "Unable to open the MAPI profile's default mailbox." (4348281)

The following errors may be seen when using Migrator for Notes to Exchange (MNE) after Outlook 2016 (click-to-run version) installs the latest updates:

Here is the error when going through the migration wizard:

ClassFactory cannot supply requested class

Here is the error when attempting to click Apply on the MNE Exchange Server settings screen:

In the MNE migration log file you may see:

17:23:58 ERROR: [8874-94-20-8004011D]Unable to open the MAPI profile's default mailbox.
17:23:58 IMAPISession::OpenMsgStore():
17:23:58 MAPI error 8004011D
17:23:58 Error: The attempt to log on to Microsoft Exchange has failed.
17:23:58 Component: Microsoft Exchange Information Store
17:23:58 Low level error: 80040126
17:23:58 Context: 00000512