H1b Extension on approved LC <365 days and I140 in extended review

[pbss123]

I am in 6th year of my H1b visa which will expire on November 29th, 2015. My labor was filed on December 31st, 2014 which I assume should be my perm date so I think I don’t fall under 365 days period. My labor was approved on August 2014 and my employer filed for I140 under premium processing, receipt date of November 2nd, 2015. Now my I140 is under extended review so my employer has filed my H1B extension beyond 6 year on based of the approved labor. My questions are:

 

1. Can H1B extension beyond 6th year be filed if my PERM doesn’t fall for more then 365 days?
   
2. What is the extended review(I140) and how long it might take to get the response considering the same was filed under premium processing?
   
3. My employer told me I can stay in the country unless the decision is made on H1B extension based on the Fedex delivery confirmation to the USCIS ( I might not received the receipt number before November 29th, 2015 which would be my last day of H1B)?
   
4. Should I stay in the country or should I leave the country before November 29th in order to avoid any illegal stay?
   

 

 

I will really appreciate any advise on the same. Thanks!

[jairichi]

1. No.

2. No specific timeline.

3. Either move to a dependent status or exit US.

4. Refer 3.