Hi Dennis, 

Welcome to the Box Community and thanks for your post in the forum!

Have you checked out this KB article on Watermarking Files in Box? https://support.box.com/hc/en-us/articles/360044195253-Watermarking-Files  

If watermarking is turned on for a file, people at all access levels will see the watermark when they preview the file. This allows the enabling users to validate that watermarking is turned on correctly.

Here are few important points about Watermarking and the ability to download/ print files with watermarks:

• If you're a co-owner, editor, viewer uploader, or the owner of a file, the file downloads normally.


• 
  If you're viewer of a file:
  
  • you cannot download watermarked files directly from the folder view.  Instead, you must first preview the file to generate the watermarked version.
  
  
  • you cannot preview any files of types that do not support watermarking even if they're in a watermarked folder.
  
  
  • you can only download wartermarked files individually, and also not as part of a folder download
  
  
  • watermarked text files download in PDF format.
  
  
  • watermarked image files download in the file's original format.
  
  
  • Box Drive does not support downloading watermarked files.
  
  
  • Box for EMM does not support downloading watermarked files.
  
  


• If you're an owner, co-owner, editor, or viewer uploader you can download watermarked files larger than 500 MB in size.


• non-collaborators cannot download watermarked files or folders if they're using a shared link to access the watermarked content.


• non-collaborators cannot preview or download watermarked files or folders If they're using a password-protected shared link to access the watermarked content.

Hope that helps!