Short for permutation.
1. noun: Some combination of the plan and the CP or k alternative. A legitimate perm is all of the plan, plus part or all of the CP. More than this and it's an i-perm; less and it's a severance perm.
2. verb: To read a perm.
They ran Lopez, so I was like, "That's plan-plus, bitch!" and I permed their asses.