Time off work, that is awarded
for time worked outside of regular working hours instead of being
payed overtime.
This may or not may actually exist, depending on Standard Operating Procedures. Could be replaced with Supervisory Discretionary Time Away From the Office (SDTAFO).
If you
work on Saturday, you will be awarded one day of Comp Time so you can
take off next Friday instead.
or
Comp Time does not exist for you, because you are a
salaried employee.