Some times it works and some times it don't! (Score 1)

I have been under many such contracts and find the wording very broad spectrum with many loops holes and here is how I weigh these type of situations.

Is my "moonlighting" in the same line of products or services that would benefit the company or be in direct competition with the company I work for? If the answer is yes then there are two options quit the job and wait the amount of time in the initial contract when hiring which in most cases is a year before you can produce anything that would be in competition with the company so you better have a job at McDonalds for a year or another company without an IP in effect when hiring so you can produce your invention at the end of the year. Some companies will go to the extent to make sure you did not think of it while working with them or come up with the idea by something you discovered while working there, times are tough people and nobody will think about bending you over. OR keep your job and wait till you are laid off or retired to work on your side project and hope nobody else comes up with the same idea out of necessity as that is how most inventions are born in the first place.

Now if the "moonlighting" has absolutely nothing to do with the company you work with in any form or fashion and couldn't contribute anything to that company in any way unless they started a new product line which 99.99% of the time that will not happen. In a case like that grab a sudo name and forge a head in a professional manner and hope the company you work for is a reputable company and will support your "moonlighting" (if they find out about it) and want to keep you as you may be more of an asset to them with your innovative thinking. Of course there is a certain amount of BS and the ability to pour it on as this will be effective... when in doubt LIE!

Outside of those two options there really isn't much else you can do... there is ALWAYS a loop hole all you have to do is find it first!