Plain English Meaning
When air pressure is lower than standard, your altimeter reads higher than you really are. This correction factor is the number of feet you add to your minimum altitude to make sure you're really as high as the rules require.
Full Definition
A height adjustment, in feet, added to a published minimum flight altitude when the local altimeter setting is below 29.92 inches of mercury. It compensates for the fact that lower-than-standard pressure causes the altimeter to indicate higher than the aircraft is actually flying, and is used to determine the lowest usable flight level so the aircraft remains at or above the required true altitude.
Context Anchor
Seen when planning or flying IFR near the transition to flight levels, especially in the of the lowest usable flight level.