Docking 1/2 day PTO for Exempt

Have read a number of posts and have seen two distinct schools of thought on charging an exempt employee a 1/2 day of Paid Time Off when said exempt employee works less than 4 hours in a day. The first stance is that charging a PTO account of an exempt employee for anything less than 1 full day is tantamount to treating them like non-exempt staff, which raises plenty of consequences. The second stance is that docking 1/2 days is O.K. as long as the policy is communicated clearly to the exempt staff. Which school is right?

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