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Do u mean that if you are employed for the first year of OPT ( under which condition only , you will be able to apply for 29 months extension) , you will get 120 days to search for another job?

In addition, to my best knowledge OPT extension is provided 3 terms of 6 months. In addition, during each of the extension you need to be employed.

The OPT extension can help students who are already employed and did not get H1 approval but not much for students searching for jobs. They don't allow you to extend your OPT if you somehow loose your job in the 11th months. In this case, you will have just 30 days to find a new job and b in status.

Please, correct me if I am wrong .