If Ojutai Exemplars leaves the battlefield in response to its ability with the third mode chosen, that ability won't return Ojutai Exemplars to the battlefield. It will stay wherever it is.

After the ability returns Ojutai Exemplars to the battlefield, it will be a new object with no connection to the Ojutai Exemplars that left the battlefield. It won't be in combat or have any additional abilities it may have had when it left the battlefield. Any +1/+1 counters on it or Auras attached to it are removed.