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Interestingly enough, these are exactly the same compatibilty settings Future Cop requires to run. The game seems to run with Windows XP SP2 compatiblity mode, 16-bits reduced color mode and with administrator privileges on my 64-bit Windows 10 machine. So I booted up an ancient Windows machine, installed Exile III and copied the files over to my Windows 10 machine. As I suspected, the installer won't run, which was also the case for Future Cop. Out of curiosity, I just tried to install Exile III on my Windows 10.
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(a game from 1998) runs fine on my 64-bit Windows 10, with the right compatibility settings. Hopefully, I'll never have to use it again after I graduate. I have to use VirtualBox for my studies as an engineer. I'd suggest you avoid using VirtualBox whenever possible.
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