After trying all versions of watermark V2 I have not had success with any in the end - I thought I had found a gem but it turns out to be a lump of coal (for me). My apologies.
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Due to the constant Bad Gateway Errors I thought I'd share this here for others.
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Not to knock the programme but...
I could not find the Cnet Editors choice, a mention by PCMag or PCWorld and Softpedia may have a download and some screenshots but where's the 5 star rating?
That kind of promoting is dishonest and disrespectful.
Another freeware alternative: waterMark V2. There are a couple of versions available, I had trouble with the latest 1.9.8 but 1.9.7 is okay, YMMV. Unfortunately (for some) V2 requires Microsoft .NET Framework 2.0. There is also version 1 for download - I'm not sure if it shares the same requirement.
VirusTotal analysis of waterMark V2
Regards - Damian
EDIT: I am still having problems even with version 1.9.7 - shame as this looked promising for freeware