Handling gap between H1B

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I am currently working for company A on H1B (cap-exempt) and my job will be terminated in 4 weeks. I have a job offer from company B (also cap-exempt). I know I can start working for company B if they file for H1B before my job is terminated. Unfortunately they need 8 weeks to file. So, I will have a 4 - 6 week gap in employment. I will have severance pay, but I think I will be out of status once the job is terminated.

How can I remain in the US legally during that time? 

I can file for an H4 COS but I am not sure what happens if H4 COS is pending and they file for H1?

Also, can I receive severance pay on H4?

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