Exoneration actually means that you’re not guilty. This is the case for example when DNA proves it was someone else, or someone else confesses (and the confession is true).

Exonerated means-

Exoneration occurs when a person who has been convicted of a crime is later proved to have been innocent of that crime. Attempts to exonerate convicts are particularly controversial in death penalty cases, especially where new evidence is put forth after the execution has taken place

Exoneration of the bond has nothing to do with guilt or innocence. It is a legal term meaning the bail bond is no longer in force with the court. If he was put back in custody, the court no longer requires the bail bond which is used to guarantee his appearance in court. Since he is in custody, the court can only blame itself if he fails to appear. When on bail, the defendant is technically in the custody of the bail company. When that custody changes, the court legally recognizes the change by exonerating the bail company from liability.

RE:
what does EXONERATED mean?

The accused thief was exonerated when it was proven that a different man had stolen the victim’s purse.

EG: Sanjay Dutt was exonerated of all charges of criminal activity.

Example: He was exonerated from the accusation of cheating.

eg

Michael was exonerated by the findings of the court…