What does “exclusive” mean?

This is the silliest question. I have hung out with a guy like three or four times, all of which were great, but we have only known each other about 2-3 weeks. We have had sex. The other day we were chatting and he said he “wouldn’t mind being exclusive” and I said “me either”. Via text message but agreed to talk further about it the next time we hang out which is later this week. I feel like being exclusive doesn’t mean we are boyfriend and girlfriend, but that we aren’t actively seeking others or sleeping with other people. I think it also means we might be moving in the direction of a relationship … but what do other people think? My friends and I have been discussing this at length and we all have different ideas on this!