Sharing workbook among few users

I will have a shared workbook on a network drive.
Requirement:
I want this sheet as read-only to all users and update access to some users . How do we achieve this ?

To achieve the same I found the following options
Option 1
Tools ===> Protection >== Protect and share workbook
and then provide the password. Now this password is only known to the users who needs to update the sheet and the rest all will get a read access
(I can't test this now, I don't have access to network drive as I write this post)

Option 2

From the File option, Permission, Do not distriub,,
But this requires a software to be installed from microsoft side which is not allowed in our shop.

Questions:
Can the option 1 work ?
Any other options ? I

A better option is Tools > Options > Security
Enter Password to Modify and Tick Read Only Recommended