So the two interesting things here are "The Kings...hope to continue Ulis' development with their G League affiliate in Stockton" and "partially guaranteed and is not an Exhibit 10 contract".
Exhibit 10 is an addendum to a contract that gives the team the right to unilaterally convert the contract to a Two-Way contract. Since this is not an Exhibit 10 contract, if we want Ulis in Stockton we would have to waive him (and whatever, probably large, portion of unguaranteed money remains) and then offer him a G-league deal, which he could decline. If we keep him on the 15-man roster we can't send him to Stockton without both his and the player's union's consent (because he has three years experience), and I don't see the union being OK with that.
Most likely Ulis is just training camp fodder, and he's getting some guaranteed money for a few weeks' work while making sure he doesn't get stuck in a Two-Way deal so he can go overseas once he's cut. That's my first guess.