Overlay-ed icons are ones that are drawn over an existing icon. Windows uses Overlay-ed icons to notify the user that some item has special function or attribute. For example, shortcut icons have a small arrow in lower-left corner, shared folders have a hand that shows that folder is shared, etc. Setting the OverlayIcons property to True causes the control to display Overlay-ed icons. If this property is set to False, only original icons will be shown, without any Overlay-ed on it. Use the IconsVisible property to hide the associated icons for each folder.