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.
Comp Time does not exist for you, because you are a salaried employee.