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An agreement says:

"I hereby expressly release, discharge and waive all claims, demands, losses and liabilities...which may arise from my participation...hereunder or as a result of the exploitation of the rights granted hereunder."

What is exactly is meant by "exploitation" here?

Seems like "as a result of the utilization of the rights granted hereunder" would have the same meaning and reach the same goal (waiver of claims).

Not sure if this is a term of art, so to speak, though and if it's not used then the meaning of the provision would change (lessen the company's protection).

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"Utilization of" and "exploitation of" mean the same thing in this context.

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