What does 1 Kings 2:26 mean?

Then the king said to Abiathar the priest, 'Go back to your land in Anathoth. You deserve to die, but I won't kill you now because you carried the Ark of God for my father David and shared in all his hardships.' 1 Kings 2:26 - Modern Text Bible

(Solomon spares Abiathar's life out of respect for his past loyalty, but removes him from power.)