Being that this counts as an ultra, you can pop a Three of Coins before killing the Knight. I myself just got an exotic primary engram to drop from him! (TLW, unfortunately) From what I know however, is that once you kill him, you need to leave orbit and wait 15 minutes to go back into the patrol and have him spawn in again.
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Timer is off. I killed him, got drop. Went to orbit. Rinse repeat, no waiting. Got another drop. And ran out of 3OC. Will do more tonight. 2 310 pieces. Upgraded others.
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I ran him 10 times and got 2 exotic drops
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Ran him 8 times last week, 4 exotic drops. I get one atleast with each character. Sometimes I get lucky with a second but it only typically happens on one character.
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You belong in the 1st circle of hell
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No joke I did this earlier today, popped a 3oC in front of him, blew his head off, instant exotic engram
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IT'S A MIRACLE