H1B extension question with valid I94


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Hi looking for advise - My current H1B (8th year and 2nd on approved I140) is expiring on Sept 6,2019. I am planning to file extension in premium as there will not be any change in my petition. 

Question I have is, if for some reason extension in premium get denied in let's say March'19 do I have to go back or I can continue working until Sept 6, 2019 and have my employer re-file my extension immediately and get it approved before I94 expiry? 

In case of denial, after denial can I transfer my H1B to employer B before I94 expiry? 

Thanks in advance! 

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