Word 2016 - Watermark: Odd Behavior as per Title Page

I have a document with a title page followed by the content pages.  My page numbering starts with the first content page.  I have Different First Page checked in my Header & Footer Tools...


The following happens when I insert a watermark (DRAFT).

1. I insert on the title page. Watermark does not appear on the content pages.
2. I insert on a content page. Watermark now appears on all content pages, but disappears from the title page.
3. I re-insert on the title page. Watermark now appears on the title page but disappears from the content pages.

I've attached a redacted doc with two content pages. It has the watermark on the title page only.

Thanks,
Steve
Disappearing-Watermark-Issue.docx