Parry is a defensive skill that allows you to block incoming attacks. I believe your dexterity and type of armour affects it, so your half-plate would probably give a penalty to your Parry skill, hence the -15.
Armour penalty is how much some skills are affected by the type of armour your wear. The aforementioned Parry, stealth skills and a few others are affected negatively by your armour. The heavier the armour, the higher the penalty will be. If you don't intend to use these skills, the penalties doesn't matter. I mean, you're a Paladin, not a Rogue.
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