There is no “local password” with AxCrypt 1.x in any meaningful sense. Each file encrypted with AxCrypt 1 is encrypted with the password used at the time. To ‘change’ it, you’ll have to decrypt it and re-encrypt it. AxCrypt 2 normally does this automatically when you open an AxCrypt 1 file. There is also a function in AxCrypt 1 to upgrade version 1 files to version 2, and at the same time of course re-encrypt them using your version 2 password. This is probably the function you are looking for.