No, the software is not compatible with Windows 10, because it doesn't exist anymore. The Ulead company (developers of PhotoImpact XL) has been acquired by Corel, and their products have been re-imagined and released in a different form with additional features and options. However, after checking their website, I have found PhotoImpact X3, but the problem with the software is that it lacks Windows 10 compatibility. There is nowhere specified on the System Requirements page about support for Windows 10.
The best way to see if it works is by downloading a trial version of the software using the following link: http://www.paintshoppro.com/en/products/photoimpact/#tab=3