Version 4.1.5.3 How can I save a spreadsheet in xlsx format with password?

When attempting to save, the “save with password” option is greyed out

I presume you want to protect your sheet against modifications.

Try:

Tools - Protect Document - Document

Or:

File - Properties - Security Tab

If you otherwise want passwords to be entered before the document is opened:

  1. Click File > Save As...
  2. In the
    following window, make sure Save with password option is ticked.

A dialog with password setting options will appear.

References:

Unfortunately none of the above works, the document is still opened without requiring a password