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time between 2 H1b visas

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I work as a faculty with a university and currently on 4th year H1b. Have I-140 approved as well through current employer. Out contract is always annual and renewable, starting from August of a year and going till May of next year. But we are paid for the entire year, as they break the salary of 9 months into 12 months pay.


I have a job offer from another university, also going to process my H1b premium and my GC. 


My question is the start date. As I have a PD, I am told that I should not have any gap in my H1b visas between 2 employers. If I do, then I loose my GC and PD.


1) So, for example, if my annual contract with current employer ends on May 18, but I am still paid for the summer, am I still an employee of current employer? I ask because I will continue to get paid for the summer as well. 


2) Should I have the new employer get my new H1b start date as May 19?


3) If so, can I hold 2 H1b and work for two employers full time for a few weeks?


4) Will I be risking any law or putting my current I-140 at risk? Or, the new one that new employer will file for me?


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