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Relocatable code is software whose execution address can be changed.
A relocatable program might run at address 0 in one instance, and at 10000 in another. Linkers combine multiple relocatables to one final program. The linker corrects all address references to the proper execution values. Once linked, the code is frequently no longer relocatable, since it can typically run only at a single address. Obviously, this sort of relocation is an important consideration for linking multi-module programs.