Earlier quoted context omitted.
Employer doesn't want to change it saying it's common and everyone signed it.
This clause is abusive unless they're writing you a seven figure check. And companied that are abusive in some ways tend to be abusive in other ways. If you have any other option I would take the other option. If you have no other options I would redline it and send it back. But whatever you do do not sign that clause.
It’s abusive, full stop.
One could mess with the employer: offer an amendment where they own your work forever, but they pay you, forever, for your time, at whatever rate you set. :)