When setting position "Top-Left", horizontal spacing = 10, and vertical spacing = 10, the spacing is correct. When changing the position to "Bottom-Right" while keeping the spacing values results in a wrong spacing.

Positive values for spacing should always mean the same, i.e. that the watermark logo has a spacing towards the inner of "parent" image.
Negative values should be either forbidden (and not possible to enter), or it should mean that the watermark logo has a spacing towards the outer side.