My bad, I wasn't familiar with this working arrangement and the vocabulary around it. What I'm describing is simply known as being salaried in my country (not hourly paid as OT is compensated with PTO rather than financial compensation), the vast majority of white collars have such contracts here.
That’s not salaried exempt. What you’re describing is closer to hourly pay. However, it’s not a perfect fit because hourly pay is 1.5x after 40.