This is the 160th most frequent Icelandic word.
lokið
"Lokið" means "finished" or "completed" in English.
In this sentence, the word 'lokið' is used in the sense of 'completed' or 'finished', particularly in the perfect participle form that indicates the finalization of the task.
Það er lokið við verkefnið.
The task has been completed.
Here, 'lokið' is used to signify that something (the meeting) has ended, often implying a transition to another event or action.
Við skulum fara eftir að fundinum er lokið.
We will leave after the meeting is over.
The term 'lokið' in this sentence takes an imperative form, instructing someone to finish or complete the indicated work.