I don't think it's just about 'a' vs 'the'...
Here is the relevant quote:
All Players on a Club’s Reserve List and Restricted Free Agent List will be exempt from the application of CBA 13.23 Waivers in the case of a mid-season signing. For further clarity, if Club A trades such a Player to Club B and Club B signs the Player to an SPC, such Player will be exempt from the application of CBA 13.23
'All players on a club's reserve list' to me refers to a specific team, IMO (i.e. Colorado, in this case).
However, it says they are exempt. It DOESN'T say that they will NO LONGER be exempt for another team. It simply says they will be exempt in the case of a mid-season signing.
Not a mid-season signing by that team. In fact, it offers the trade as an example.
I read that as the player is exempt, and they remain exempt, even for another team.
Also, it does not limit the transfer to a trade, it merely uses trade as an example.
The more I read that, the more confident I become that Feaster may be right.