"Merge" here doesn't mean "mail merge": you're not sending an e-mail, but instead have a lot more control over how the items in a list are displayed.
When this listing is shown, VSys Live will:
Output the text in Content header. Note that you should not include any fields here that reference the item being displayed (open schedule job in this case) since the items aren't available in the header.
For each eligible item, use the Record merge template that you specify here, and output what's generated by that template.
Output the text in Content footer. Again, don't use fields from the item itself.