1. Enable Shared folders
Edit virtual machine settings, go to Options / Shared folders, set to Always enabled and add a host folder to the Folders list. Run virtual machine and login to Ubuntu Server with your username and password.
2. Update package repository
sudo apt-get update
3. Instal dependencies
sudo apt-get install gcc binutils make linux-source
4. Start with the VMware Tools installation
Click "Install VMware Tools..." in the window menu of the virtual machine. If the prompt window appears (Disconnect anyway and override the lock?), click Yes.
5. Create mount directory for CD-ROM
sudo mkdir /mnt/cdrom
6. Mount virtual CD-ROM to created folder
sudo mount /dev/cdrom /mnt/cdrom
7. Extract .tar file
sudo tar xzvf /mnt/cdrom/VMwareTools-?.?.?-???????.tar.gz -C /tmp/
Tar file should be named as the file that is listed in the /mnt/cdrom folder.
8. Navigate to the extracted location
9. Run installation
sudo ./vmware-install.pl -d
10. Reboot the system and the VMware Tools are installed.