It is possible to get exceptions to this law, but no exceptions are possible on an individual basis - they must be negotiated across whole groups of employees by a labor organization. Such agreements allow certain groups of workers to 80 and 90-hour weeks, but the conditions and payment are very strictly negotiated. Another exception is for owners and founders.
Consequently, overtime is only used where strictly necessary. I think this is an excellent system to protect the rights of laborers.