How to unlock device when I forgot my password?

I've read https://android.stackexchange.com/questions/18008/recovering-from-forgotten-lock-pattern which states that there is an option to disable the lock using my Google account information. However I did not noticed such an option when I entered my _password_ five times wrong. (Although there was also a 20s or 30s delay to complicate brute force attacks.) I use Android 4.0.3 on a Asus Transformer Prime TF201. Would factory reset work?