Can I apply for H4 EAD renewal when my first EAD application is already pending?

I am currently on H4. My spouse who is on H1B just got his I140 approved.
My spouse’s current H1B visa is valid till DEC-2022.
Below is the sequence I have planned to take care of my situation:
MAY-2022: I plan to apply for my H4 EAD immediately now as I am currently eligible to apply based on his I140. It might be valid only till DEC-2022 as per my and his current visa validity.
AUG-2022: My spouse will apply for his visa extension in premium.
OCT-2022: I will travel out of country and get my visa stamped(faster than applying H4 from here) for extension.
NOV-2022: I plan to apply for EAD renewal even though I wouldn’t have received the initial EAD by then.

If I apply my EAD now(in MAY 2022), considering the current EAD wait time of 8.5-10.5months I would get the EAD decision only by Jan/FEB-2023.
But by then my spouse’s H1B extension would already be approved. So then I should be eligible for EAD further than DEC-2022.
As per the current Automatic extension rule EAD can be extended for 540 days.
My question is can I apply for renewal of my EAD say by DEC-2022 even before the decision of my first EAD application is given by USCIS so that I get the automatic extension. Would I be eligible for this rule when my original EAD application will be pending with USCIS?

Is there a better way to handle this situation? Greatly appreciate your advice!

You don’t need to re-apply for EAD. If your EAD application is still pending after you get your H-4 I-94 extended at CBP (faster and cheaper than travelling for H4 visa stamp unless it is a planned travel for other purpose), you can send copy of your H-4 I-94 and H1B I-797 to the USCIS service center processing your application and most probably they will approve the EAD with validity inline with your I-94.
Note that for auto-extension to work, you need to be a prior EAD holder and apply for renewal before your EAD expires so basically this doesn’t apply to someone who is a first time applicant.

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Thanks Kalpesh! So you suggest that after I140, we apply my spouse’s H1B( in premium), my H4, my EAD all together now. After receiving his H1B approval, visit the CBP and get my I-94 and send that I-94 to USCIS so I receive an extended EAD. I am thinking this process is referred to an Interfiling as I read a blogpost in this website. Please confirm if it is otherwise. I will follow the steps mentioned in Send New H4 i94 to USCIS for EAD Auto Extension? (Interfile Cover Letter) - USA

Your understanding is correct.