The FLSA requires that most employees in the United States be paid at least the federal minimum wage for all hours worked and overtime pay at not less than time and one-half the regular rate of pay for all hours worked over 40 hours in a workweek.
However, Section 13(a)(1) of the FLSA provides an exemption from both minimum wage and overtime pay for employees employed as bona fide executive, administrative, professional and outside sales employees. Section 13(a)(1) and Section 13(a)(17) also exempt certain computer employees. To qualify for exemption, employees generally must meet certain tests regarding their job duties and be paid on a salary basis at not less than $684* per week.
There are some exemptions, mostly for salaried workers.
https://www.dol.gov/agencies/whd/fact-sheets/17a-overtime
Am I reading right that they can pay you half pay for overtime, or do they mean that overtime is minimum 150% regular pay?
The latter.