Exit was a spy that worked for Franky the Shark.
While Whitmont, October, and Jesus were seing Symbol aboard the US Rapture, a body was spotted by Crine.
The body was brought abourd and it was determined to be Exit. He had clearly been murdered.
While his body was in the water it was attacked by a Boneshark. The blood in the water seems to have stirred up many more sharks coming into Drowntown.
Eventually his body was brought to OJ, the holding's medic, who determined that Exit had been shot and was then stabbed to hide the cause of death.