Can I work with L2 - EAD without I-94 validity?

You will need to extend your I-94, and your L-2 status, in order to maintain employment and use your EAD. You can, if the extension is approved, continue to work on that EAD until you are in valid H-1 status and begin that employment. Once your I-94 expires you are out of status and then have to leave and re-enter for a new status. Don't let that happen! Best of luck.

It is only valid for as long as you are on a valid L2 status; you are not since your I94 has expired. That EAD is just a souvenir.

Once your L-2's I-94 expired, so did the EAD that went with it - it automatically got cancelled, by "operation of law". Consequently, cannot use that EAD to work when you are no longer in valid L-2 status.

So it seems like you had a valid L2 authorized stay (I94) which expires after a timely filed H1b petition was filed. At this point you are not authorized to work under the L2 EAD because you are not maintaining your L2 status but you are authorized to wait in US to find out the answer on the timely filed H1b (if I am understanding the question). At this point, if your spouse remains a valid L1, and you are either Canadian or have a valid L2 visa in your passport, you may leave and return as an L2, in order to use the remainder of your L2 EAD. If you no longer have a valid visa stamp (and if you are not Canadian), then you'd want to review visa auto revalidation availability to determine whether you need to make a new L2 visa application or whether you would rather sit tight and wait for the outcome of the H1b petition. There should be an attorney for the H1b employer or an attorney for your spouse's L1 who can help you understand these issues and give advice. this informatijn is not legal advice but only general information about maintenance of status and/or ability to gain back a status. There may be particular information about you or your spouse to consider prior to departing the country or deciding to make a visa application so that this information does not describe every consequence or mishap that could occur upon departure or remaining in the US.