WHAT A BEAUTY!!!

SOTD with a new handle I got for the H&S N075, Jurgen Hempel spiral handle, 15mm width, 85mm length. It was a sublime shave, very smooth. 

After purchasing this razor, I am a bit confused about the term "neutral exposure." My understanding is that this means the razor's edge does not extend beyond the imaginary line that runs between the top cap and the base plate, and as such, a razor with "neutral exposure" will not actually cut into a flat surface.

The H&S razor has a very distinct amount of what I would have thought of as "positive blade exposure" wherein the razor's edge extends beyond that imaginary line between the top cap and base plate. I was a bit surprised, and am unsure how I feel about this. It is actually fairly aggressive for me, and shaves somewhat similarly to my Timeless .95 SB in stainless.

Am I misunderstanding how the term "neutral exposure" is being used with this razor?

After purchasing this razor, I am a bit confused about the term "neutral exposure." My understanding is that this means the razor's edge does not extend beyond the imaginary line that runs between the top cap and the base plate, and as such, a razor with "neutral exposure" will not actually cut into a flat surface.

The H&S razor has a very distinct amount of what I would have thought of as "positive blade exposure" wherein the razor's edge extends beyond that imaginary line between the top cap and base plate. I was a bit surprised, and am unsure how I feel about this. It is actually fairly aggressive for me, and shaves somewhat similarly to my Timeless .95 SB in stainless.

Am I misunderstanding how the term "neutral exposure" is being used with this razor?

I think you got it right: Exposure denotes whether and how much the BLADE (which was probably what you meant by razor’s edge?) protrudes beyond the imaginary line from top gap edge to bar/tooth edge. And I, too, have heard the H&S referred to as neutral, meaning all three elements are on one line, but I’m in full agreement that it in fact has a certain degree of positive exposure.