Cap Gap Extension Rules

I am on F-1/OPT extension which expires on March 2014. Is there any grace period so that my employer can file my H-1 visa. Do I loose my status after March or is there any grace period. If I come under current status when can I file my H-1?

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When your application for H-1 is filed within 60 days of OPT expiring and within the time for the H-1 quota, you are protected by cap gap extension rules. See: 

Nonimmigrant Visas: 
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