The Collaborative International Dictionary of English v.0.48:

Exempt \Ex*empt"\, v. t. [imp. & p. p. Exempted; p. pr. & vb.
   n. Exempting.] [F. exempter. See Exempt, a.]
   1. To remove; to set apart. [Obs.] --Holland.
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   2. To release or deliver from some liability which others are
      subject to; to except or excuse from he operation of a
      law; to grant immunity to; to free from obligation; to
      release; as, to exempt from military duty, or from jury
      service; to exempt from fear or pain.
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            Death
            So snatched will not exempt us from the pain
            We are by doom to pay.                --Milton.
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