Predrill a hole through the plate and transom. Then take some marine sealant /adhesive 4200 and put a ring around the screw holes on the transom. Place the plate on the transom and start both screws down. When they are almost seated put some more sealant on the screw heads and tighten them down and your done. The sealant under the plate will seal around the holes and no water will get in. From what I was told from the dealer there is only a small amount of wood in the fishmaster transom near the motor mounting holes. The rest is aluminum, there is no wood down low.
Regular marine silicone does not stick very well to the starboard type material the plate is made out of. I also ran a bead of silicone around the edge of the whole plate on mine and it did not stick and I ended up peeling it off because it was not needed.