OK this is totally funky!
I downloaded the 2 files, saved to local drive.
Opened them in 2010. Found both italics and bold, all occurrences I could see in both files.
Closed files no save
Opened again in 2010, could not find ANY bold OR italics!, closed no save
Opened in 2016, could not find ANY bold or italics!
Downloaded again, with different name
Opened in 2016, could not find bold or italics in both files
Opened in 2010, could not find bold or italics in both files.
This is so freaky. I'm picking up my jaw from the floor.
I then created a new blank file with random text. Applied bold and italics. COULD NOT FIND EITHER! aahhhh, "you" broke my installation .....
Closed Word 2016, opened it again, created random text again, applied bold and italics. Found them again.
Whew!
What a relief.
Tried your documents again, still no joy. I can't imagine what mechanism is at work here.
Downloaded 3rd copy of files
Closed opened Word 2016
created random text, found bold
opened copy 3 of your files, again could not find bold/italics. I'm baffled.
Still freaked!
So you have one confirmation. I hope others can repeat this experience.