Offhand, complete control over your separation date.What kind of control?
They are able to notify you "at a later date" if you were accepted for the next year dates, and based on my understanding, if you have already applied, they are able to commit you to those future dates at will.
So you apply, there's no way to back out, and if they decide you work peak, you have to work peak. And you're still on the hook to leave.
They're also able to change your final date at their discretion up to 30 days prior.
You have to agree to arbitration being your only form of recourse if there's problems.
Once you hit "apply", they get to choose to accept or not accept, but your say in the matter is gone.