Under PaExec v1.129, When running: paexec -i -d -s c:windowsregedit.exe I got this error "Failed to impersonate [] - continuing anyway. The handle is invalid. [Err=0x6, 6] Starting PAExec service on {local server}...
In this case Regedit is started anyway, but error is annoying. Tested under win7 and win10 with same results. PsExec runs ok.