Is it mandatory to have valid H1B on hand during the I-140 period?


I have filed the I-140 through my employer. Unfortunately, it was filed in regular, not premium. My H1B is expiring in the near future. Do I need to have a valid H1B approval notice on hand when my I-140 is in process? Or is it enough to have the H1B receipt notice? What if I file my H1B extension now and I receive the receipt notice and my I-140 gets approved when I have the receipt notice? My PD is current. If I have the receipt notice, is it possible for me to file the I-485?

Thanks in advance.