Does 240 day rule apply after the opt extension expiry date

I responded to my H1B RFE on September 25th, 2019. My OPT extension ends on December 6th, 2019. My employer says I can work for 240 days while my H1B decision is pending. My question is :

  1. Does the 240 days apply even after my OPT extension gets expired ?

  2. Can I be eligible to work after my OPT extension expiry date? If so, what will be my status after that date?

Thank you!

No, that is wrong info. 240 days only applies to H1B extensions. You are on F1 visa and OPT and you do NOT have H1B yet, so you cannot work. You need H1B approved to continue working…Check official 240 Day Rule for H1B, it has screenshots as well.
You will be in something called Period of Authorised Stay