Updating MySQL Pre-4.1 Password Hashes to be MySQL 5.6 Compatible Print

To update your MySQL password go to MySQL Databases Log in to your cpanel account.
After logging in click on MySQL Databases

After getting to Database Page, scroll down to Current User(s) Section and Click on Set Password Link
Current Users Section

Re-enter your current password for database user or provide new password*.
Update DB Password

Your password will be upgraded to MYSQL 5.6 Compatible now.

*make sure you update new password to your script.