What is a conditional 1st round draft pick in hockey?

The term 'conditional first round pick' is usually used with trades. That means that there are 'conditions' that need to be met for the trade to be valid. A team might trade a first round pick in the 2008 draft to another team on the condition that the team trading the pick does not finish as one of the worst five teams in the league. If the trading team does finish as one of the worst five teams, then they will keep the pick and give up something else. Maybe a first round pick in 2009, or a second and third round pick in 2008.