Modular exponentiation is like doing math with Exponents, but with numbers that have a limit, or maximum size. This can be useful when doing calculations that have a lot of numbers that could be really big.
For example, if you have an equation like 2 to the 10th power, that would be 2x2x2x2x2x2x2x2x2x2, which is 1024. But sometimes, you don't want the answer to be that big. With modular exponentiation, you can pick a number that the answer will never be bigger than. So if you pick 10, that means the answer to 2 to the 10th power can't be bigger than 10. So your new answer would be 4.