This is NOT part of your permanent record. It is only a warning flag. The purpose is to serve as a reminder (for you and your academic adviser) that your performance to this point in the class is marginal or worse. You need to do something about that.
If you do not foresee a way to improve your performance in the class, you should consider dropping the class. Because of the snow, the "drop date" was moved back to March 10. So if you drop the class by March 70, you can do so without having an officially recorded grade for the class.