Complex sentence: It is a permissive license, meaning that it permits reuse within proprietary software on the condition that the license is distributed with that software, and GPL-compatible, meaning that the GPL permits combination and redistribution with software that uses the MIT License.
Split into simpler sentences: It is a permissive license, meaning that it permits reuse within proprietary software on the condition that the license is distributed with that software. The license is also GPL-compatible, meaning that the GPL permits combination and redistribution with software that uses the MIT License.