Selectively Flatten Watermarks
When adding a watermark to a .pdf file in Acrobat 10, such as "For Draft Review", it would be nice to prevent another Acrobat user from removing the watermark while retaining the ability to still have operable links, such as the Table of Contents or figure references.
AdminLovekesh garg (Admin, Adobe) commented
Please go to Document properties(Ctrl+D) > Security tab. Here you can restrict changes in your PDF.
Go to the link https://helpx.adobe.com/acrobat/how-to/security-permissions-protect-pdf-files.html for more info.
Also, Acrobat 10 is the very old version which got expired 2 years back. Please use the trial version of Acrobat DC https://acrobat.adobe.com/in/en/free-trial-download.html which have multiple new features implemented.