To my understanding an H-1B holder will be out of status immediately once losing the job. Would you please provide a link which legally supports your statement “If your H1 I-94 does not expire yet, you are legal to stay in US.”?
-That you are "Out of Status" does not mean you can not legally stay. Whether you can stay and how long you can stay depends on whether your I-94 is valid and your I-94 duration, not your status.
Read this link "Duration of Stay-Form I-94" part:
http://www.immihelp.com/visas/visa-stamp-arrival-departure-record.html