No Non-compete But Not Allowed To Look For A Job At A Competitor??

I live in MN and have thought about leaving my job and try to join a company in my industry since my skills are niche and would make it easier to transfer. I’m a tech writer who writes user documentation like instruction manuals and help guides.

I signed an employee agreement but it has very ambiguous language.

It reads like this:

The purpose of the agreement is to protect its ability to maintain its business relationship and good will without unduly impairing your right to change employers. This agreement is a condition of your employment with Company and of Company’s willingness to make its proprietary business information, trade secrets, and other intellectual property known to you.

Under Restrictive Covenants:

You will fully disclose and make available to Company all business, commercial, and investment opportunities or offers that relate to the business of company which you are presented to you or of which you become aware during your employment with Company, and you agree not to divert from Company any opportunity which is within the scope of Business. You further agree that you will not seek or engage in any outside employment or business activities during the course of your employment with Company without prior written consent of Company in accordance with the Company’s Conflict of Interest Policy. To the fullest extent permitted by law, although nothing in this agreement prohibits you from competing with Company following termination of employment, you will not prepare to compete with company while you are employed with company.

(It then has a non-solicitation policy that is straight forward that you can’t try to recruit your own colleagues for outside matters for 12 months after termination for any reason. There is also non solicitation of customers for 12 months after termination where you can’t attempt to obtain business from any current or prospective customer of Company or any former customer.

When referring to the Conflict of Interest policy, it address Outside Employment:

Colleagues may engage in outside employment as long as it does not interfere with their work responsibilities. The outside employment cannot benefit from the use of company assets, be a competitor with company, or reflect negatively of company. Colleagues should not take on paid consulting work related to their role at company.

My questions here:

I’m allowed to join a competitor after I’m terminated, but I’m not allowed to look for a new job at one while employed? This would mean applying, interviewing, and resigning my current job if I get an offer.

Is “Outside work” referring to a secondary job, side business/hustle etc? Is it referring to seeking a NEW job outside the company that would be a replacement for my current one?

What does “prepare to compete” mean? Does this mean I can’t apply or interview for a competitor with the intention of joining them after I resign as part of job hunting? It seems contradictory or weird that you’re allowed to compete immediately after termination but you cant apply anywhere unless you’re either fired, risk it all and quit, or laid off. Is this the correct interpretation? The clause makes it sound like I’m not on a non compete and have the right to change employers but I’m not allowed to try and do that while employed. Seems unduly burdensome