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To password protect a PDF in Foxit Phantom, click on the "Protect" tab, then "Secure Document," and select "Password Protect." Choose the option to require a password, enter the password twice, and hit "OK." Save the document to apply the security. To remove the password, go back to the "Protect" tab, select "Secure Document," and click on "Remove Security." Save the document again. After saving, reopen the PDF to see that the password is no longer needed.