Taskpane Item; Adding a custom icon causes an unhandled exception error

Setting a custom icon on a Taskpane Item causes an unhandled exception error to occur.

The error is "An unhandled exception has occurred. Unable to cast object of type 'System.Drawing.Icon' to type 'System.Drawing.Bitmap'."

Steps to reproduce:

1. Create new shortcut in the Taskpane.
2. Select External Application, Document or URL.
3. Use a custom Icon and select an icon.
4. Click Finish.