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<snip>
All four calls to the exit program happened in the same job. The
%TIME() returned is the same for all four calls even though the calls to
the FTP client exit point were made over several minutes.
</snip>

I would say this is definitely not the way it is supposed to work. The
documentation says the current time. Other values can be the time the
job started but %Time() is supposed to return the current time.

I would check your code to make sure you are not caching it somewhere
and that the %Time's all occurred over more than 1 minute.

You might want to write a quick and dirty loop program that retrieves
the entry time including the micro seconds and see if it changes with
each loop in debug. I will bet it does.

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