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MEMORANDUM

TO: Derek Okonkwo, Lead Associate, Calderwood & Harkness LLP

FROM: Tiffany Rosenthal, Associate, Calderwood & Harkness LLP

DATE: June 26, 2023

RE: Summary of Prevailing Wage Determination Requests Filed with NPWC — Lumos Analytics Inc. (Matter No. 1008-00004)

CLIENT: Lumos Analytics Inc.

CLASSIFICATION: Attorney Work Product — Privileged & Confidential

I. Purpose and Background

This memorandum summarizes the four prevailing wage determination ("PWD") requests filed today, June 26, 2023, with the U.S. Department of Labor's National Prevailing Wage Center ("NPWC") in Washington, D.C., on behalf of our client, Lumos Analytics Inc. ("Lumos" or the "Company"). The purpose of this memorandum is to provide a consolidated record of the filings, set forth the analytical basis for the Standard Occupational Classification ("SOC") code and wage-level selections made in each request, and outline the anticipated procedural next steps in the PERM labor certification process for each beneficiary.

The four PWD requests constitute the first substantive step in the PERM labor certification process for four foreign-national executives whom Lumos is sponsoring for EB-2 (Employment-Based Second Preference — Advanced Degree Professional) immigrant visa petitions under Section 203(b)(2) of the Immigration and Nationality Act ("INA"), 8 U.S.C. § 1153(b)(2). Each of the four beneficiaries holds at least a Master's degree or its foreign educational equivalent, and each will qualify for EB-2 classification as an Advanced Degree Professional. The PERM labor certification applications, once filed and certified, will serve as the foundation for the I-140 Immigrant Petition for Alien Workers that Calderwood & Harkness LLP will file with U.S. Citizenship and Immigration Services ("USCIS") on behalf of each beneficiary.

This engagement was opened on June 12, 2023, pursuant to an engagement letter executed by Colette Whitman (Responsible Partner, Calderwood & Harkness LLP) and Marcus Whitfield (General Counsel, Lumos Analytics Inc.). The scope of the engagement encompasses all four PERM labor certification proceedings and the subsequent I-140 petition filings for the named beneficiaries.

Client Information. Lumos Analytics Inc. is a Delaware C-Corporation headquartered at 2240 Embarcadero Way, Suite 600, Palo Alto, California 94303, with Employer Identification Number ("EIN") 84-3291057. The Company operates in the enterprise software-as-a-service ("SaaS") and financial technology ("fintech") space, providing AI-driven credit risk analytics and automated underwriting platforms to financial institutions, neobanks, and alternative lending platforms. As of June 2023, Lumos employs approximately 312 full-time employees and reported fiscal year 2023 annual revenue of approximately $87.4 million. Lumos's primary private equity sponsor is Ridgeline Equity Partners, LP, which served as the lead investor in the Company's Series B financing round and currently holds a 38.2% equity stake in the Company.

Worksite and Prevailing Wage Area. All four positions that are the subject of the PWD requests are located at Lumos's Palo Alto headquarters at the address set forth above. The applicable prevailing wage area for all four requests is the San Jose-Sunnyvale-Santa Clara, California Metropolitan Statistical Area ("MSA"), designated by the Bureau of Labor Statistics ("BLS") as OES Area Code 41940. Palo Alto, California falls within the boundaries of this MSA for purposes of the Occupational Employment and Wage Statistics ("OES") survey data used by the NPWC in issuing prevailing wage determinations.

Coordination with Client. The PWD requests were prepared in coordination with Janelle Kwon, HR Manager and designated immigration contact at Lumos, and Sonia Elliston, Vice President, People Operations. Ms. Kwon provided position descriptions, organizational charts, and salary information for each of the four beneficiary positions. Ms. Elliston reviewed and approved the position descriptions and confirmed the offered salaries as consistent with the Company's executive compensation structure.

Expected Processing Timeline. Based on current NPWC processing times as reflected on the Department of Labor's processing time tracker, we anticipate that the NPWC will issue prevailing wage determinations for these requests within approximately eight to twelve weeks from the submission date. Accordingly, we project receipt of the determinations between late August and mid-October 2023, after which the supervised recruitment campaigns required under 20 C.F.R. § 656.17(e) may commence for each position.

II. Summary Table of All Four PWD Requests

The following table provides a consolidated overview of the four prevailing wage determination requests filed with the NPWC on June 26, 2023. Detailed position-by-position analyses are set forth in Section III below.

Note: All four beneficiaries hold at least a Master's degree or its foreign educational equivalent and will qualify for EB-2 classification as Advanced Degree Professionals under INA § 203(b)(2). The EB-2 classification requires that the beneficiary hold an advanced degree (defined as any degree above the baccalaureate level, or a baccalaureate degree plus five years of progressive post-baccalaureate experience in the specialty) and that the position require such an advanced degree as a minimum qualification. As discussed in greater detail in Section III below, each of the four positions has been described with minimum educational requirements consistent with the EB-2 advanced degree standard.

III. Position-by-Position Analysis

A. Beneficiary 1: Rajan Mehta — VP, Engineering — Core Platform

1. Position Details.

• Job Title: Vice President, Engineering — Core Platform

• SOC Code: 15-1252 (Software Developers)

• Proposed Wage Level: Level IV (fully competent; exercises independent judgment and authority)

• Offered Salary: $285,000 per year

• Worksite: 2240 Embarcadero Way, Suite 600, Palo Alto, CA 94303

• EB-2 Basis: Advanced Degree (Master's degree in Computer Science)

The Vice President, Engineering — Core Platform is a senior executive engineering role reporting directly to the Chief Technology Officer of Lumos Analytics Inc. The position is responsible for the strategic direction, architectural design, and day-to-day engineering management of the Company's core SaaS platform, which processes over 100 million daily credit risk assessment transactions for enterprise clients. Mr. Mehta currently serves in this capacity and has held the position since March 2021, following his promotion from Senior Director of Engineering.

2. Beneficiary Background.

• Citizenship: India

• Current Immigration Status: H-1B nonimmigrant, valid through September 14, 2025

• Education:

• M.S., Computer Science, Indian Institute of Technology Bombay ("IIT Bombay"), conferred May 2014

• B.Tech., Computer Science, National Institute of Technology Tiruchirappalli ("NIT Trichy"), conferred May 2012

Mr. Mehta has approximately nine years of post-baccalaureate experience in software engineering and distributed systems architecture, including his current tenure at Lumos and prior positions at two enterprise technology companies in the San Francisco Bay Area. His H-1B status provides a comfortable runway through September 2025, which should afford sufficient time to complete the PERM process and file the I-140 petition.

3. Minimum Requirements as Stated on PWD Request. The following minimum requirements were set forth on the ETA Form 9141 submitted to the NPWC:

• Minimum Education: Master's degree in Computer Science or a closely related field

• Minimum Experience: Five (5) years of progressive post-baccalaureate experience in software engineering, including two (2) years of experience in distributed systems architecture

• Special Requirements: Experience with Apache Kafka, Kubernetes, and microservices architecture at enterprise scale (100 million or more daily transactions)

These minimum requirements were developed in consultation with Lumos's engineering leadership and reflect the genuine minimum qualifications necessary to perform the duties of the position. The requirements are consistent with the Company's internal job description and are not tailored to Mr. Mehta's specific qualifications. Lumos has confirmed that these requirements represent the actual minimum standards the Company would apply to any applicant for this role, including U.S. workers, and that any minimally qualified candidate meeting these thresholds would be considered for the position.

4. SOC Code Selection Rationale. SOC 15-1252 (Software Developers) is the closest occupational classification for a VP-level engineering role directing core platform development, software architecture, and engineering teams. The BLS description for SOC 15-1252 encompasses professionals who "research, design, and develop computer and network software or specialized utility programs" and who "analyze user needs and develop software solutions, applying principles and techniques of computer science, engineering, and mathematical analysis." Although the position carries a Vice President title and involves substantial managerial and supervisory responsibilities, the core duties of the position — defining platform architecture, directing the development of distributed software systems, and making critical technical design decisions — fall squarely within the SOC 15-1252 classification.

We considered SOC 11-3021 (Computer and Information Systems Managers) as an alternative classification. However, because the VP, Engineering — Core Platform role is primarily a technical leadership position with hands-on involvement in system architecture and design, rather than a pure management role focused on administrative oversight of IT operations, SOC 15-1252 more accurately captures the essential nature of the position. The DOL's guidance indicates that the SOC code should reflect the primary duties of the position, and Mr. Mehta's role is predominantly technical in character.

5. Wage Level Justification. Level IV is appropriate for this position. Under the DOL's four-tier wage level framework, Level IV corresponds to positions that require a high degree of independent judgment, innovation, and supervisory authority. A Level IV classification is warranted where the employee operates with substantial autonomy, exercises authority over significant organizational resources, and is expected to contribute original analysis and strategic insight to the organization's operations.

The VP, Engineering — Core Platform position satisfies each of these criteria. The role involves setting the technical strategy for the Company's core SaaS platform, which is the principal revenue-generating product of the enterprise. Mr. Mehta exercises supervisory authority over distributed engineering teams comprising approximately 45 engineers across three sub-teams. He is responsible for making independent architectural decisions that directly affect the scalability, reliability, and performance of a platform processing over 100 million daily transactions. The position requires not merely the application of established engineering principles, but the exercise of original judgment in designing novel distributed systems solutions to complex technical challenges. Accordingly, Level IV is the appropriate classification.

6. Notes. The offered salary of $285,000 per year is expected to significantly exceed the prevailing wage at Level IV for SOC 15-1252 in the San Jose-Sunnyvale-Santa Clara, CA MSA. Based on our preliminary review of the current OES wage data published by the BLS for this SOC code and geographic area, the Level IV prevailing wage is estimated to fall in the range of approximately $190,000 to $205,000 per year. The substantial margin between the offered salary and the anticipated prevailing wage mitigates the risk that any adjustment to the prevailing wage data between the date of our preliminary review and the date of the NPWC's determination would result in the offered salary falling below the determined prevailing wage.

B. Beneficiary 2: Lina Varga — Senior Director, Data Science & Machine Learning

1. Position Details.

• Job Title: Senior Director, Data Science & Machine Learning

• SOC Code: 15-2051 (Data Scientists)

• Proposed Wage Level: Level IV (fully competent; exercises independent judgment and authority)

• Offered Salary: $310,000 per year

• Worksite: 2240 Embarcadero Way, Suite 600, Palo Alto, CA 94303

• EB-2 Basis: Advanced Degree (Ph.D. in Statistics)

The Senior Director, Data Science & Machine Learning is a senior technical and research leadership role reporting to the Chief Data Officer. The position is responsible for the strategic vision, development, and deployment of all machine learning models and statistical analytics that power Lumos's AI-driven credit risk assessment and automated underwriting products. Dr. Varga leads the Company's data science function, which comprises 22 data scientists, machine learning engineers, and research scientists organized into four specialized teams. She has held this role since November 2020.

2. Beneficiary Background.

• Citizenship: Hungary

• Current Immigration Status: H-1B nonimmigrant, valid through March 2, 2026

• Education:

• Ph.D., Statistics, ETH Glenrock Assurance (Swiss Federal Institute of Technology), conferred September 2016

• M.Sc., Applied Mathematics, Eötvös Loránd University (Budapest, Hungary), conferred June 2012

Dr. Varga is a recognized researcher in the field of statistical learning methods, with a publication record that includes seven peer-reviewed articles in leading journals in statistics and machine learning, including the Journal of the American Statistical Association, The Annals of Statistics, and Journal of Machine Learning Research. Her doctoral dissertation at ETH Glenrock Assurance focused on Bayesian methods for high-dimensional credit risk modeling, a subject directly relevant to her current role at Lumos. Her H-1B status provides ample runway through March 2026 for the completion of the PERM and I-140 processes.

3. Minimum Requirements as Stated on PWD Request. The following minimum requirements were set forth on the ETA Form 9141 submitted to the NPWC:

• Minimum Education: Ph.D. in Statistics, Computer Science, or a closely related quantitative field

• Minimum Experience: Three (3) years of post-doctoral experience in applied machine learning, including two (2) years of experience in financial services credit modeling

• Special Requirements: Publication record in peer-reviewed journals on statistical learning methods; proficiency in Python, R, and TensorFlow

The Ph.D. requirement merits specific comment. The DOL scrutinizes doctoral-level minimum education requirements more closely than Master's-level requirements, as such requirements significantly narrow the pool of potentially qualified U.S. workers. In this instance, the Ph.D. requirement is supportable on the basis of business necessity. The Senior Director, Data Science & Machine Learning role at Lumos requires the development of original, publication-quality statistical methodologies for credit risk modeling — a function that demands the level of research training and methodological rigor that is acquired through a doctoral program in statistics or a closely related quantitative field. The Company's credit risk models are subject to regulatory scrutiny under federal lending regulations, and the development of these models requires an understanding of advanced statistical theory that extends well beyond the Master's-degree level. Lumos has confirmed that the Ph.D. requirement reflects the actual minimum educational standard the Company would apply to any candidate for this position and is not tailored to Dr. Varga's qualifications.

4. SOC Code Selection Rationale. SOC 15-2051 (Data Scientists) is the most accurate occupational classification for a role focused on developing and leading machine learning models, conducting statistical analysis, and directing AI-driven credit risk analytics. The BLS describes SOC 15-2051 as encompassing professionals who "develop and implement a set of techniques or analytics applications to transform raw data into meaningful information using data-oriented programming languages and visualization software" and who "apply data mining, data modeling, natural language processing, and machine learning to extract and analyze information from large structured and unstructured datasets." Dr. Varga's role fits squarely within this description.

We considered SOC 15-2041 (Statisticians) as an alternative classification given Dr. Varga's doctoral training in statistics. However, the Data Scientists classification more accurately reflects the applied, technology-driven nature of the role, which involves not only statistical methodology but also the engineering and deployment of machine learning models at enterprise scale using production software frameworks. Level IV was selected due to the doctoral-level expertise, research leadership, and strategic responsibility for the Company's entire ML capabilities.

5. Wage Level Justification. Level IV is appropriate for this position. The role requires the highest level of independent judgment and innovation within the data science function. Dr. Varga is expected to conduct original research, develop novel statistical methodologies, and exercise broad supervisory authority over the entire data science and machine learning organization. The position involves strategic decision-making regarding the Company's core AI capabilities in a highly regulated fintech context, where model accuracy and compliance have direct implications for lending fairness, regulatory approval, and the Company's competitive position. The combination of doctoral-level research leadership, supervisory responsibility for 22 direct and indirect reports, and enterprise-wide strategic influence places this position firmly at the Level IV tier.

6. Notes. The offered salary of $310,000 per year is the highest among the four positions and is expected to comfortably exceed the Level IV prevailing wage for SOC 15-2051 in the San Jose-Sunnyvale-Santa Clara, CA MSA. Based on our preliminary review of the current OES data, the Level IV prevailing wage for Data Scientists in this MSA is estimated to fall in the range of approximately $180,000 to $195,000 per year. The substantial margin of approximately $115,000 to $130,000 between the offered salary and the anticipated prevailing wage provides a significant buffer against any upward adjustments in the OES data.

The Ph.D. requirement and the publication record requirement will require business necessity justification in the PERM application itself (ETA Form 9089). We have documented the business necessity rationale above and will work with Lumos to prepare a detailed business necessity memorandum for inclusion in the PERM audit file. The requirement for a publication record in peer-reviewed journals, in particular, is a non-standard requirement that the DOL may flag during an audit. We are confident this requirement is supportable given the nature of the role, but we flag it here as a point requiring careful documentation.

C. Beneficiary 3: Tomás Aguilar-Reyes — VP, Product — Fintech Solutions

1. Position Details.

• Job Title: Vice President, Product — Fintech Solutions

• SOC Code: 11-2021 (Marketing Managers)

• Proposed Wage Level: Level III (experienced; exercises independent judgment within broadly defined parameters)

• Offered Salary: $275,000 per year

• Worksite: 2240 Embarcadero Way, Suite 600, Palo Alto, CA 94303

• EB-2 Basis: Advanced Degree (MBA) combined with five (5) years of progressive post-baccalaureate experience in fintech product management

The Vice President, Product — Fintech Solutions is a senior executive product leadership role reporting directly to the Chief Operating Officer. The position is responsible for defining the strategic product roadmap for Lumos's automated underwriting and credit decisioning product lines, overseeing the full product lifecycle from ideation through launch and iteration, and leading cross-functional teams that include engineering, data science, design, and go-to-market functions. Mr. Aguilar-Reyes has held this role since August 2021, having joined Lumos from an intra-company transfer through Lumos's affiliate entity in Mexico City.

2. Beneficiary Background.

• Citizenship: Mexico

• Current Immigration Status: L-1A intracompany transferee, valid through July 30, 2024

• Education:

• MBA, IPADE Business School (Mexico City, Mexico), conferred December 2013

• B.S., Industrial Engineering, Tecnológico de Monterrey (Monterrey, Mexico), conferred May 2010

Mr. Aguilar-Reyes brings approximately thirteen years of progressive post-baccalaureate experience in product management, business strategy, and fintech operations, including leadership roles at two prior fintech companies in Latin America. He has particular expertise in regulatory compliance as it applies to automated lending products, including experience navigating the regulatory frameworks of multiple jurisdictions. His MBA from IPADE Business School, which is accredited by the Association to Advance Collegiate Schools of Business ("AACSB"), qualifies as a Master's degree for EB-2 purposes.

3. Minimum Requirements as Stated on PWD Request. The following minimum requirements were set forth on the ETA Form 9141 submitted to the NPWC:

• Minimum Education: Master's degree in Business Administration, Finance, or a closely related field

• Minimum Experience: Five (5) years of progressive experience in fintech product management, including three (3) years of experience managing cross-functional teams of fifteen (15) or more members

• Special Requirements: Experience with regulatory frameworks (Dodd-Frank Wall Street Reform and Consumer Protection Act, Consumer Financial Protection Bureau ("CFPB") guidelines) as applied to automated lending products

The regulatory knowledge requirement is noteworthy. Lumos's automated underwriting products are subject to extensive federal regulation, including fair lending requirements under the Equal Credit Opportunity Act ("ECOA"), adverse action notice requirements under the Fair Credit Reporting Act ("FCRA"), and supervisory oversight by the CFPB. The VP, Product — Fintech Solutions must possess a working understanding of these frameworks in order to make sound product design decisions that ensure regulatory compliance. Lumos has confirmed that this requirement reflects the genuine minimum qualifications for the position and is applied uniformly to all candidates.

4. SOC Code Selection Rationale. SOC 11-2021 (Marketing Managers) is the closest DOL occupational classification match for product management roles. This warrants explanation, as the position title includes "Product" rather than "Marketing." The DOL's Standard Occupational Classification system does not include a discrete "Product Manager" category. Within the universe of available SOC codes, 11-2021 (Marketing Managers) is the industry-accepted closest proxy for product management positions, and this mapping is widely used across the immigration bar for PERM prevailing wage requests involving product managers and product executives. The BLS description for SOC 11-2021 encompasses professionals who "plan, direct, or coordinate marketing policies and programs" and who "determine the demand for products and services offered by a firm and its competitors," which aligns with the market-facing, customer-oriented, and strategic product development functions that are central to this role.

We considered SOC 11-1021 (General and Operations Managers) as an alternative classification given the VP-level scope and cross-functional leadership responsibilities of the position. However, SOC 11-1021 is a residual classification that the NPWC disfavors, and the position's focus on product strategy, market positioning, and customer-facing product development is more consistent with the SOC 11-2021 classification. We also considered SOC 11-3031 (Financial Managers), but this classification was rejected because the position's core function is product management rather than financial management, notwithstanding the fintech industry context.

Level III was selected rather than Level IV. While the role is senior and carries a Vice President title, the SOC 11-2021 classification at Level III already captures significant managerial and strategic responsibilities. The Level III tier corresponds to positions requiring substantial independent judgment within broadly defined parameters and involving supervisory authority. The VP, Product position, while involving significant cross-functional leadership, operates within established product frameworks and corporate strategic guidelines set by the COO and executive leadership team. The position's scope aligns with the "experienced" tier requiring substantial independent judgment but within the context of existing product and market strategies that are defined at the C-suite level.

5. Wage Level Justification. Level III is appropriate for this position given the combination of managerial responsibility, cross-functional leadership, and specialized fintech regulatory knowledge required by the role. Although the position carries a VP title, the SOC 11-2021 code's Level III already encompasses substantial supervisory and strategic functions, and the marginal difference in autonomy and independent judgment between the VP, Product role and a Level IV position under this SOC code does not warrant an upgrade to Level IV. The Level III classification reflects the reality that the VP, Product operates within a product governance framework established by the Company's executive leadership, and the role's strategic authority, while significant, is exercised within parameters defined by the COO and the board of directors.

Additionally, selecting Level III provides a degree of conservatism that reduces the risk of the NPWC issuing a determination at an unexpectedly elevated wage level. Because the offered salary of $275,000 is expected to exceed the Level III prevailing wage by a comfortable margin, and would likely also exceed the Level IV prevailing wage for this SOC code, the Level III selection does not create compliance risk while providing a prudent buffer.

6. Notes. The offered salary of $275,000 per year is expected to exceed the Level III prevailing wage for SOC 11-2021 in the San Jose-Sunnyvale-Santa Clara, CA MSA. Based on our preliminary review of the current OES data, the Level III prevailing wage for Marketing Managers in this MSA is estimated to fall in the range of approximately $170,000 to $185,000 per year.

L-1A Status — Timeline Considerations. Special attention must be given to Mr. Aguilar-Reyes's immigration status timeline. His L-1A nonimmigrant status expires on July 30, 2024, which is approximately thirteen months from the date of this filing. The PERM labor certification process — from prevailing wage determination through recruitment, filing, and certification — typically requires a minimum of nine to twelve months under favorable circumstances, and longer if the application is selected for audit. Given these timelines, there is a risk that Mr. Aguilar-Reyes's L-1A status could expire before the I-140 petition is filed and approved.

Contingency planning is warranted. If the PERM timeline extends beyond early 2024, we should discuss with Lumos the possibility of filing a cap-exempt H-1B petition for Mr. Aguilar-Reyes to bridge the gap between the expiration of his L-1A status and the approval of his I-140 petition. Because Lumos is a cap-exempt H-1B employer (as a private-sector employer filing on behalf of a beneficiary who would be performing services in a specialty occupation), a cap-exempt H-1B filing would not be subject to the annual H-1B cap and could be filed at any time. An alternative option would be to explore whether Mr. Aguilar-Reyes qualifies for a further extension of his L-1A status, subject to the five-year maximum stay limitation for L-1A beneficiaries. We will confer with Mr. Aguilar-Reyes and Lumos's immigration team regarding these contingency options as the timeline develops.

D. Beneficiary 4: Yumiko Tanaka — Director, Information Security & Compliance

1. Position Details.

• Job Title: Director, Information Security & Compliance

• SOC Code: 15-1212 (Information Security Analysts)

• Proposed Wage Level: Level IV (fully competent; exercises independent judgment and authority)

• Offered Salary: $260,000 per year

• Worksite: 2240 Embarcadero Way, Suite 600, Palo Alto, CA 94303

• EB-2 Basis: Advanced Degree (M.S. in Cybersecurity)

The Director, Information Security & Compliance is a senior technical leadership role reporting to the Chief Technology Officer. The position is responsible for planning, developing, and overseeing the implementation of the Company's enterprise-wide information security program, including cybersecurity operations, data protection policies, and compliance with industry-standard frameworks. Ms. Tanaka manages a team of nine information security professionals, including security engineers, compliance analysts, and a security operations center ("SOC") team. She has held the role since February 2022.

2. Beneficiary Background.

• Citizenship: Japan

• Current Immigration Status: H-1B nonimmigrant, valid through November 18, 2025

• Education:

• M.S., Cybersecurity, Carnegie Mellon University (Pittsburgh, Pennsylvania), conferred May 2017

• B.Eng., Information Engineering, University of Tokyo (Tokyo, Japan), conferred March 2015

Ms. Tanaka holds the Certified Information Systems Security Professional ("CISSP") certification, issued by the International Information System Security Certification Consortium ("(ISC)²"), which she obtained in 2019. She has approximately eight years of progressive post-baccalaureate experience in information security, including roles at a major cloud infrastructure provider and a financial services technology company prior to joining Lumos. Her H-1B status provides adequate runway through November 2025 for the completion of the PERM and I-140 processes.

3. Minimum Requirements as Stated on PWD Request. The following minimum requirements were set forth on the ETA Form 9141 submitted to the NPWC:

• Minimum Education: Master's degree in Cybersecurity, Information Systems, or a closely related field

• Minimum Experience: Four (4) years of progressive experience in information security, including two (2) years of experience in SOC 2 Type II and ISO 27001 compliance implementation

• Special Requirements: CISSP certification; experience securing cloud-native SaaS platforms (Ridgeway Industries ("Meridian Technologies") and/or Aldermere Technologies ("GCP"))

The inclusion of the CISSP certification as a special requirement warrants discussion. The CISSP is a globally recognized credential in the information security field, administered by (ISC)², and is widely regarded as the gold standard for information security professionals. Requiring CISSP certification narrows the pool of potentially qualified U.S. workers, and the DOL may view this as a non-standard requirement that requires business necessity justification. However, the requirement is supportable in this instance for several reasons: (i) the CISSP certification is an industry-standard credential that is routinely required for director-level information security positions at SaaS and fintech companies; (ii) Lumos handles highly sensitive financial data on behalf of its enterprise clients, including personally identifiable information ("PII") and financial account data, which subjects the Company to stringent data protection obligations; (iii) many of Lumos's enterprise clients contractually require that the Company's information security leadership hold CISSP or equivalent certifications as a condition of their vendor management and due diligence programs; and (iv) the Company's SOC 2 Type II audit reports, which are critical to maintaining client trust and regulatory compliance, are prepared under the oversight of the Director, Information Security & Compliance, and the CISSP certification provides assurance of the requisite competency.

4. SOC Code Selection Rationale. SOC 15-1212 (Information Security Analysts) is the direct occupational classification match for a role centered on planning and implementing an organization's information security program, including compliance frameworks and cloud security. The BLS description for SOC 15-1212 encompasses professionals who "plan, implement, upgrade, or monitor security measures for the protection of computer networks and information" and who "ensure appropriate security controls are in place that will safeguard digital files and vital electronic infrastructure." Ms. Tanaka's role, which involves enterprise-wide information security program management, compliance framework implementation, cloud security architecture, and oversight of cybersecurity operations, falls directly within this classification.

No alternative SOC codes were seriously considered. SOC 15-1212 is the most precise and appropriate classification available for this position. Level IV was selected to reflect the director-level authority, enterprise-wide scope of the role, and the advanced certifications and compliance expertise required.

5. Wage Level Justification. Level IV is appropriate for this position. The Director, Information Security & Compliance holds responsibility for the entire information security and compliance function at Lumos, encompassing cybersecurity operations, data protection, SOC 2 Type II and ISO 27001 compliance frameworks, vendor security assessments, and incident response planning across the Company's cloud-native SaaS infrastructure hosted on Meridian Technologies and GCP. The role requires the exercise of the highest level of independent judgment in designing security architectures, responding to evolving threat landscapes, and making risk-based decisions that affect the Company's regulatory standing and client relationships. The position's requirement for CISSP certification further underscores the advanced, specialized nature of the role. Ms. Tanaka exercises broad supervisory authority over a team of nine information security professionals and serves as the Company's principal point of contact for security-related client audits and regulatory inquiries.

6. Notes. The offered salary of $260,000 per year is expected to exceed the Level IV prevailing wage for SOC 15-1212 in the San Jose-Sunnyvale-Santa Clara, CA MSA. Based on our preliminary review of the current OES data, the Level IV prevailing wage for Information Security Analysts in this MSA is estimated to fall in the range of approximately $175,000 to $190,000 per year.

As noted above, the CISSP certification requirement is a recognized industry-standard credential that will need business necessity justification in the PERM application. We are confident this requirement is supportable given the critical nature of the role in a fintech and SaaS environment that handles sensitive financial data subject to regulatory oversight and client contractual requirements. We will prepare a detailed business necessity memorandum for the CISSP requirement for inclusion in the PERM audit file.

IV. Prevailing Wage Area and OES Data

All four positions that are the subject of the PWD requests filed today are located at Lumos Analytics Inc.'s headquarters at 2240 Embarcadero Way, Suite 600, Palo Alto, California 94303. None of the four beneficiaries is required to travel to secondary worksites or perform duties at locations outside of the Palo Alto headquarters on a regular basis.

The applicable prevailing wage area for all four requests is the San Jose-Sunnyvale-Santa Clara, California Metropolitan Statistical Area, designated by the Bureau of Labor Statistics as OES Area Code 41940. Palo Alto is located in Santa Clara County, California, which falls within the geographic boundaries of this MSA. The San Jose-Sunnyvale-Santa Clara MSA is one of the highest-cost labor markets in the United States, particularly for technology and engineering occupations, and prevailing wages in this MSA are generally among the highest in the nation for the SOC codes relevant to these filings.

The OES wage data used by the NPWC for PERM prevailing wage determinations is drawn from the Bureau of Labor Statistics Occupational Employment and Wage Statistics survey, which collects data from approximately 1.2 million business establishments nationwide on a semi-annual basis. The NPWC uses the most recently published OES data to determine prevailing wages at each of the four wage levels (Level I through Level IV) for a given SOC code and geographic area. The four wage levels correspond to the following percentiles of the OES wage distribution: Level I corresponds to the 17th percentile; Level II corresponds to the 34th percentile (the mean of the 17th and 51st percentiles, historically); Level III corresponds to the 51st percentile (the median); and Level IV corresponds to the 67th percentile.

Based on our preliminary review of the current OES wage data published by the BLS for the San Jose-Sunnyvale-Santa Clara, CA MSA, all four offered salaries are expected to exceed the prevailing wage at the requested levels by substantial margins. The following table summarizes our preliminary estimates:

These are preliminary estimates only, based on currently available OES data. The final prevailing wage for each position will be determined by the NPWC based on the OES data in effect at the time of determination. We do not anticipate any material changes in the OES data that would cause any of the four offered salaries to fall below the determined prevailing wage, but we will confirm upon receipt of each determination.

V. Procedural Notes and Next Steps

All four prevailing wage determination requests were submitted electronically via the U.S. Department of Labor's Foreign Labor Application Gateway ("FLAG") system on June 26, 2023. Each request was submitted on ETA Form 9141, Application for Prevailing Wage Determination, and an electronic confirmation receipt was generated for each submission. The FLAG system confirmation numbers have been recorded in the matter file.

Based on current NPWC processing times, we anticipate that the NPWC will issue prevailing wage determinations for these requests within approximately eight to twelve weeks from the date of submission. This projects receipt of the determinations between approximately late August and mid-October 2023. Processing times may vary depending on the NPWC's workload and any requests for additional information that the NPWC may issue during the review process.

Upon receipt of each prevailing wage determination, we will take the following steps:

1. Confirm Salary Compliance. We will confirm that the offered salary for each position exceeds the prevailing wage as determined by the NPWC. Under 20 C.F.R. § 656.40(a), the employer must offer and pay a wage that is at least equal to the prevailing wage for the occupation in the area of intended employment. If the offered salary for any position falls below the determined prevailing wage, the employer must increase the offered salary to at least the prevailing wage amount before proceeding with the PERM application. Based on our preliminary analysis, we do not anticipate that any salary adjustments will be required, but we will confirm upon receipt of each determination.

2. Initiate Supervised Recruitment Campaign. Upon confirmation of salary compliance, we will initiate the supervised recruitment campaign required under 20 C.F.R. § 656.17(e) in coordination with Broadgate Compliance Services LLC, Lumos's recruitment advertising vendor. The primary contact at Broadgate is Gerald Fitzmorris, Principal, located at 1414 K Street NW, Suite 730, Washington, DC 20005. Broadgate will assist with the placement and documentation of all required recruitment advertisements and will prepare the recruitment report summarizing the results of each campaign.

3. Prepare SWA Job Order. We will prepare and submit a State Workforce Agency ("SWA") job order for each position for posting via CalJOBS, the online job matching system administered by the California Employment Development Department ("EDD"), in compliance with 20 C.F.R. § 656.17(e)(1)(i). The SWA job order must be posted for a minimum of thirty (30) calendar days.

4. Schedule Print Advertisements. We will schedule two consecutive Sunday print advertisements in The Peninsula Gazette, a newspaper of general circulation in the Palo Alto, California area, in compliance with 20 C.F.R. § 656.17(e)(1)(i)(B). Our advertising representative at The Peninsula Gazette is Noreen Caswell, located at 780 Hamilton Avenue, Palo Alto, CA 94301. The two print advertisements must appear on two different Sundays.

5. Coordinate Additional Recruitment Steps. In addition to the mandatory SWA job order and print advertisements, we will coordinate the following additional recruitment steps required under 20 C.F.R. § 656.17(e)(1)(ii) for professional occupations:

• Industry Publication Posting: Posting in FinTech Talent Weekly, a trade publication targeting fintech professionals, published by Creston Media Group, Inc., 41 East 11th Street, 5th Floor, New York, NY 10003. This posting will satisfy one of the three additional recruitment steps required for professional positions.

• Campus Posting: Posting at the Baxter University Career Center, which maintains active partnerships with technology and financial services employers in the San Francisco Bay Area. This posting will satisfy a second additional recruitment step.

• Employee Referral Program Posting: Internal posting through Lumos's employee referral program, which incentivizes current employees to refer qualified candidates for open positions. This posting will satisfy the third additional recruitment step.

6. Monitor and Respond to Applicants. Throughout the recruitment campaign, we will work with Lumos's HR team (Janelle Kwon) and Broadgate Compliance Services to monitor applications received in response to the recruitment advertisements, screen applicants against the minimum requirements for each position, and document the lawful, job-related reasons for rejecting any U.S. worker applicants. All applicant resumes and correspondence must be retained in the PERM audit file.

Contingency — Unexpectedly High Prevailing Wage. If any prevailing wage determination comes back at an unexpectedly high level — specifically, at or above the offered salary for the position — we will promptly confer with Lumos regarding the available options. These options include: (a) requesting reconsideration from the NPWC pursuant to 20 C.F.R. § 656.41, presenting arguments as to why the determination is erroneous; (b) requesting review by the Center Director; or (c) adjusting the offered salary upward to at least the determined prevailing wage amount. As noted above, based on our preliminary review of the OES data, we do not anticipate that any of the four offered salaries will fall below the determined prevailing wage, but we flag this contingency for completeness.

Staggered Recruitment Campaigns. We anticipate staggering the recruitment campaigns in two batches, depending on when the prevailing wage determinations are received from the NPWC. If the determinations for Mr. Mehta and Dr. Varga are received around the same time (as is likely given that all four requests were submitted on the same date), we will launch their recruitment campaigns simultaneously in the first batch. The determinations for Mr. Aguilar-Reyes and Ms. Tanaka may be received slightly later, in which case their recruitment campaigns will comprise a second batch. Staggering the campaigns in this manner will allow us to manage the administrative burden more efficiently while ensuring that each campaign is conducted in strict compliance with the PERM regulatory requirements.

VI. Document Retention

Copies of all four prevailing wage determination request submissions (ETA Forms 9141), including all supporting documentation submitted to the NPWC, have been saved to the firm's electronic matter file under Matter Number 1008-00004. The submissions are organized by beneficiary name within the matter file.

The prevailing wage determinations, once received from the NPWC, must be retained in the PERM audit file for a minimum of five (5) years from the date of filing of the ETA Form 9089 (Application for Permanent Employment Certification) or the date of the supervised recruitment, whichever is later, pursuant to 20 C.F.R. § 656.10(f). This retention obligation applies regardless of whether the PERM application is certified, denied, or withdrawn. The audit file for each beneficiary must include, at a minimum: the prevailing wage determination; the PERM application (ETA Form 9089); all recruitment documentation, including copies of advertisements, SWA job order confirmations, and job posting receipts; applicant resumes and correspondence; the recruitment report; and all supporting documentation related to the minimum requirements and business necessity justifications for the position.

Lumos (Janelle Kwon, HR Manager) has been advised of these document retention obligations. Ms. Kwon has confirmed that Lumos maintains a document retention policy consistent with the five-year retention requirement and will ensure that the client's copies of all PERM-related documents are retained in the Company's files for the required period.

VII. Post-Filing Annotations — Prevailing Wage Determination Results

The following annotations were added to this memorandum by hand upon receipt of the prevailing wage determinations from the NPWC. These notations supplement the original memorandum dated June 26, 2023.

PWD Results Received:

Handwritten notation:

"All four offered salaries exceed PWDs — no salary adjustments required. Proceed to recruitment. — TR"

Handwritten notation on Mehta and Varga entries:

"Recruitment campaign commenced October 9, 2023"

Handwritten notation on Aguilar-Reyes and Tanaka entries:

"Recruitment campaign commenced October 23, 2023"

CONFIDENTIAL — ATTORNEY WORK PRODUCT — PRIVILEGED This memorandum is prepared in anticipation of litigation and/or for the purpose of providing legal advice and is protected by the attorney-client privilege, the work product doctrine, and any other applicable privileges. This document and its contents are not to be disclosed to any third party without the prior written consent of Calderwood & Harkness LLP.

Beneficiary Name	Position Title	SOC Code	SOC Title	Proposed Wage Level	Offered Salary	Prevailing Wage Area	Current Immigration Status
Rajan Mehta	VP, Engineering — Core Platform	15-1252	Software Developers	Level IV	$285,000/year	San Jose-Sunnyvale-Santa Clara, CA MSA (OES 41940)	H-1B (valid through September 14, 2025)
Lina Varga	Senior Director, Data Science & ML	15-2051	Data Scientists	Level IV	$310,000/year	San Jose-Sunnyvale-Santa Clara, CA MSA (OES 41940)	H-1B (valid through March 2, 2026)
Tomás Aguilar-Reyes	VP, Product — Fintech Solutions	11-2021	Marketing Managers	Level III	$275,000/year	San Jose-Sunnyvale-Santa Clara, CA MSA (OES 41940)	L-1A (valid through July 30, 2024)
Yumiko Tanaka	Director, Information Security & Compliance	15-1212	Information Security Analysts	Level IV	$260,000/year	San Jose-Sunnyvale-Santa Clara, CA MSA (OES 41940)	H-1B (valid through November 18, 2025)
SOC Code	SOC Title	Requested Level	Estimated PW (Preliminary)	Offered Salary	Estimated Margin
15-1252	Software Developers	Level IV	~$195,000–$205,000	$285,000	~$80,000–$90,000
15-2051	Data Scientists	Level IV	~$180,000–$195,000	$310,000	~$115,000–$130,000
11-2021	Marketing Managers	Level III	~$170,000–$185,000	$275,000	~$90,000–$105,000
15-1212	Information Security Analysts	Level IV	~$175,000–$190,000	$260,000	~$70,000–$85,000
Beneficiary	SOC Code	Date PWD Received	Determined Wage Level	Prevailing Wage	Offered Salary	Exceeds PWD?	Margin
Rajan Mehta	15-1252	September 8, 2023	Level IV	$198,744/year	$285,000/year	Yes	+$86,256 (43.4%)
Lina Varga	15-2051	September 11, 2023	Level IV	$191,360/year	$310,000/year	Yes	+$118,640 (62.0%)
Tomás Aguilar-Reyes	11-2021	October 2, 2023	Level III	$176,842/year	$275,000/year	Yes	+$98,158 (55.5%)
Yumiko Tanaka	15-1212	October 2, 2023	Level IV	$185,910/year	$260,000/year	Yes	+$74,090 (39.9%)

MEMORANDUM
TO: Derek Okonkwo, Lead Associate, Calderwood & Harkness LLP
FROM: Tiffany Rosenthal, Associate, Calderwood & Harkness LLP
DATE: June 26, 2023
RE: Summary of Prevailing Wage Determination Requests Filed with NPWC — Lumos Analytics Inc. (Matter No. 1008-00004)
CLIENT: Lumos Analytics Inc.
CLASSIFICATION: Attorney Work Product — Privileged & Confidential
I. Purpose and Background
This memorandum summarizes the four prevailing wage determination ("PWD") requests filed today, June 26, 2023, with the U.S. Department of Labor's National Prevailing Wage Center ("NPWC") in Washington, D.C., on behalf of our client, Lumos Analytics Inc. ("Lumos" or the "Company"). The purpose of this memorandum is to provide a consolidated record of the filings, set forth the analytical basis for the Standard Occupational Classification ("SOC") code and wage-level selections made in each request, and outline the anticipated procedural next steps in the PERM labor certification process for each beneficiary.
The four PWD requests constitute the first substantive step in the PERM labor certification process for four foreign-national executives whom Lumos is sponsoring for EB-2 (Employment-Based Second Preference — Advanced Degree Professional) immigrant visa petitions under Section 203(b)(2) of the Immigration and Nationality Act ("INA"), 8 U.S.C. § 1153(b)(2). Each of the four beneficiaries holds at least a Master's degree or its foreign educational equivalent, and each will qualify for EB-2 classification as an Advanced Degree Professional. The PERM labor certification applications, once filed and certified, will serve as the foundation for the I-140 Immigrant Petition for Alien Workers that Calderwood & Harkness LLP will file with U.S. Citizenship and Immigration Services ("USCIS") on behalf of each beneficiary.
This engagement was opened on June 12, 2023, pursuant to an engagement letter executed by Colette Whitman (Responsible Partner, Calderwood & Harkness LLP) and Marcus Whitfield (General Counsel, Lumos Analytics Inc.). The scope of the engagement encompasses all four PERM labor certification proceedings and the subsequent I-140 petition filings for the named beneficiaries.
Client Information. Lumos Analytics Inc. is a Delaware C-Corporation headquartered at 2240 Embarcadero Way, Suite 600, Palo Alto, California 94303, with Employer Identification Number ("EIN") 84-3291057. The Company operates in the enterprise software-as-a-service ("SaaS") and financial technology ("fintech") space, providing AI-driven credit risk analytics and automated underwriting platforms to financial institutions, neobanks, and alternative lending platforms. As of June 2023, Lumos employs approximately 312 full-time employees and reported fiscal year 2023 annual revenue of approximately $87.4 million. Lumos's primary private equity sponsor is Ridgeline Equity Partners, LP, which served as the lead investor in the Company's Series B financing round and currently holds a 38.2% equity stake in the Company.
Worksite and Prevailing Wage Area. All four positions that are the subject of the PWD requests are located at Lumos's Palo Alto headquarters at the address set forth above. The applicable prevailing wage area for all four requests is the San Jose-Sunnyvale-Santa Clara, California Metropolitan Statistical Area ("MSA"), designated by the Bureau of Labor Statistics ("BLS") as OES Area Code 41940. Palo Alto, California falls within the boundaries of this MSA for purposes of the Occupational Employment and Wage Statistics ("OES") survey data used by the NPWC in issuing prevailing wage determinations.
Coordination with Client. The PWD requests were prepared in coordination with Janelle Kwon, HR Manager and designated immigration contact at Lumos, and Sonia Elliston, Vice President, People Operations. Ms. Kwon provided position descriptions, organizational charts, and salary information for each of the four beneficiary positions. Ms. Elliston reviewed and approved the position descriptions and confirmed the offered salaries as consistent with the Company's executive compensation structure.
Expected Processing Timeline. Based on current NPWC processing times as reflected on the Department of Labor's processing time tracker, we anticipate that the NPWC will issue prevailing wage determinations for these requests within approximately eight to twelve weeks from the submission date. Accordingly, we project receipt of the determinations between late August and mid-October 2023, after which the supervised recruitment campaigns required under 20 C.F.R. § 656.17(e) may commence for each position.
II. Summary Table of All Four PWD Requests
The following table provides a consolidated overview of the four prevailing wage determination requests filed with the NPWC on June 26, 2023. Detailed position-by-position analyses are set forth in Section III below.
Note: All four beneficiaries hold at least a Master's degree or its foreign educational equivalent and will qualify for EB-2 classification as Advanced Degree Professionals under INA § 203(b)(2). The EB-2 classification requires that the beneficiary hold an advanced degree (defined as any degree above the baccalaureate level, or a baccalaureate degree plus five years of progressive post-baccalaureate experience in the specialty) and that the position require such an advanced degree as a minimum qualification. As discussed in greater detail in Section III below, each of the four positions has been described with minimum educational requirements consistent with the EB-2 advanced degree standard.
III. Position-by-Position Analysis
A. Beneficiary 1: Rajan Mehta — VP, Engineering — Core Platform
1. Position Details.
• Job Title: Vice President, Engineering — Core Platform
• SOC Code: 15-1252 (Software Developers)
• Proposed Wage Level: Level IV (fully competent; exercises independent judgment and authority)
• Offered Salary: $285,000 per year
• Worksite: 2240 Embarcadero Way, Suite 600, Palo Alto, CA 94303
• EB-2 Basis: Advanced Degree (Master's degree in Computer Science)
The Vice President, Engineering — Core Platform is a senior executive engineering role reporting directly to the Chief Technology Officer of Lumos Analytics Inc. The position is responsible for the strategic direction, architectural design, and day-to-day engineering management of the Company's core SaaS platform, which processes over 100 million daily credit risk assessment transactions for enterprise clients. Mr. Mehta currently serves in this capacity and has held the position since March 2021, following his promotion from Senior Director of Engineering.
2. Beneficiary Background.
• Citizenship: India
• Current Immigration Status: H-1B nonimmigrant, valid through September 14, 2025
• Education:
• M.S., Computer Science, Indian Institute of Technology Bombay ("IIT Bombay"), conferred May 2014
• B.Tech., Computer Science, National Institute of Technology Tiruchirappalli ("NIT Trichy"), conferred May 2012
Mr. Mehta has approximately nine years of post-baccalaureate experience in software engineering and distributed systems architecture, including his current tenure at Lumos and prior positions at two enterprise technology companies in the San Francisco Bay Area. His H-1B status provides a comfortable runway through September 2025, which should afford sufficient time to complete the PERM process and file the I-140 petition.
3. Minimum Requirements as Stated on PWD Request. The following minimum requirements were set forth on the ETA Form 9141 submitted to the NPWC:
• Minimum Education: Master's degree in Computer Science or a closely related field
• Minimum Experience: Five (5) years of progressive post-baccalaureate experience in software engineering, including two (2) years of experience in distributed systems architecture
• Special Requirements: Experience with Apache Kafka, Kubernetes, and microservices architecture at enterprise scale (100 million or more daily transactions)
These minimum requirements were developed in consultation with Lumos's engineering leadership and reflect the genuine minimum qualifications necessary to perform the duties of the position. The requirements are consistent with the Company's internal job description and are not tailored to Mr. Mehta's specific qualifications. Lumos has confirmed that these requirements represent the actual minimum standards the Company would apply to any applicant for this role, including U.S. workers, and that any minimally qualified candidate meeting these thresholds would be considered for the position.
4. SOC Code Selection Rationale. SOC 15-1252 (Software Developers) is the closest occupational classification for a VP-level engineering role directing core platform development, software architecture, and engineering teams. The BLS description for SOC 15-1252 encompasses professionals who "research, design, and develop computer and network software or specialized utility programs" and who "analyze user needs and develop software solutions, applying principles and techniques of computer science, engineering, and mathematical analysis." Although the position carries a Vice President title and involves substantial managerial and supervisory responsibilities, the core duties of the position — defining platform architecture, directing the development of distributed software systems, and making critical technical design decisions — fall squarely within the SOC 15-1252 classification.
We considered SOC 11-3021 (Computer and Information Systems Managers) as an alternative classification. However, because the VP, Engineering — Core Platform role is primarily a technical leadership position with hands-on involvement in system architecture and design, rather than a pure management role focused on administrative oversight of IT operations, SOC 15-1252 more accurately captures the essential nature of the position. The DOL's guidance indicates that the SOC code should reflect the primary duties of the position, and Mr. Mehta's role is predominantly technical in character.
5. Wage Level Justification. Level IV is appropriate for this position. Under the DOL's four-tier wage level framework, Level IV corresponds to positions that require a high degree of independent judgment, innovation, and supervisory authority. A Level IV classification is warranted where the employee operates with substantial autonomy, exercises authority over significant organizational resources, and is expected to contribute original analysis and strategic insight to the organization's operations.
The VP, Engineering — Core Platform position satisfies each of these criteria. The role involves setting the technical strategy for the Company's core SaaS platform, which is the principal revenue-generating product of the enterprise. Mr. Mehta exercises supervisory authority over distributed engineering teams comprising approximately 45 engineers across three sub-teams. He is responsible for making independent architectural decisions that directly affect the scalability, reliability, and performance of a platform processing over 100 million daily transactions. The position requires not merely the application of established engineering principles, but the exercise of original judgment in designing novel distributed systems solutions to complex technical challenges. Accordingly, Level IV is the appropriate classification.
6. Notes. The offered salary of $285,000 per year is expected to significantly exceed the prevailing wage at Level IV for SOC 15-1252 in the San Jose-Sunnyvale-Santa Clara, CA MSA. Based on our preliminary review of the current OES wage data published by the BLS for this SOC code and geographic area, the Level IV prevailing wage is estimated to fall in the range of approximately $190,000 to $205,000 per year. The substantial margin between the offered salary and the anticipated prevailing wage mitigates the risk that any adjustment to the prevailing wage data between the date of our preliminary review and the date of the NPWC's determination would result in the offered salary falling below the determined prevailing wage.
B. Beneficiary 2: Lina Varga — Senior Director, Data Science & Machine Learning
1. Position Details.
• Job Title: Senior Director, Data Science & Machine Learning
• SOC Code: 15-2051 (Data Scientists)
• Proposed Wage Level: Level IV (fully competent; exercises independent judgment and authority)
• Offered Salary: $310,000 per year
• Worksite: 2240 Embarcadero Way, Suite 600, Palo Alto, CA 94303
• EB-2 Basis: Advanced Degree (Ph.D. in Statistics)
The Senior Director, Data Science & Machine Learning is a senior technical and research leadership role reporting to the Chief Data Officer. The position is responsible for the strategic vision, development, and deployment of all machine learning models and statistical analytics that power Lumos's AI-driven credit risk assessment and automated underwriting products. Dr. Varga leads the Company's data science function, which comprises 22 data scientists, machine learning engineers, and research scientists organized into four specialized teams. She has held this role since November 2020.
2. Beneficiary Background.
• Citizenship: Hungary
• Current Immigration Status: H-1B nonimmigrant, valid through March 2, 2026
• Education:
• Ph.D., Statistics, ETH Glenrock Assurance (Swiss Federal Institute of Technology), conferred September 2016
• M.Sc., Applied Mathematics, Eötvös Loránd University (Budapest, Hungary), conferred June 2012
Dr. Varga is a recognized researcher in the field of statistical learning methods, with a publication record that includes seven peer-reviewed articles in leading journals in statistics and machine learning, including the Journal of the American Statistical Association, The Annals of Statistics, and Journal of Machine Learning Research. Her doctoral dissertation at ETH Glenrock Assurance focused on Bayesian methods for high-dimensional credit risk modeling, a subject directly relevant to her current role at Lumos. Her H-1B status provides ample runway through March 2026 for the completion of the PERM and I-140 processes.
3. Minimum Requirements as Stated on PWD Request. The following minimum requirements were set forth on the ETA Form 9141 submitted to the NPWC:
• Minimum Education: Ph.D. in Statistics, Computer Science, or a closely related quantitative field
• Minimum Experience: Three (3) years of post-doctoral experience in applied machine learning, including two (2) years of experience in financial services credit modeling
• Special Requirements: Publication record in peer-reviewed journals on statistical learning methods; proficiency in Python, R, and TensorFlow
The Ph.D. requirement merits specific comment. The DOL scrutinizes doctoral-level minimum education requirements more closely than Master's-level requirements, as such requirements significantly narrow the pool of potentially qualified U.S. workers. In this instance, the Ph.D. requirement is supportable on the basis of business necessity. The Senior Director, Data Science & Machine Learning role at Lumos requires the development of original, publication-quality statistical methodologies for credit risk modeling — a function that demands the level of research training and methodological rigor that is acquired through a doctoral program in statistics or a closely related quantitative field. The Company's credit risk models are subject to regulatory scrutiny under federal lending regulations, and the development of these models requires an understanding of advanced statistical theory that extends well beyond the Master's-degree level. Lumos has confirmed that the Ph.D. requirement reflects the actual minimum educational standard the Company would apply to any candidate for this position and is not tailored to Dr. Varga's qualifications.
4. SOC Code Selection Rationale. SOC 15-2051 (Data Scientists) is the most accurate occupational classification for a role focused on developing and leading machine learning models, conducting statistical analysis, and directing AI-driven credit risk analytics. The BLS describes SOC 15-2051 as encompassing professionals who "develop and implement a set of techniques or analytics applications to transform raw data into meaningful information using data-oriented programming languages and visualization software" and who "apply data mining, data modeling, natural language processing, and machine learning to extract and analyze information from large structured and unstructured datasets." Dr. Varga's role fits squarely within this description.
We considered SOC 15-2041 (Statisticians) as an alternative classification given Dr. Varga's doctoral training in statistics. However, the Data Scientists classification more accurately reflects the applied, technology-driven nature of the role, which involves not only statistical methodology but also the engineering and deployment of machine learning models at enterprise scale using production software frameworks. Level IV was selected due to the doctoral-level expertise, research leadership, and strategic responsibility for the Company's entire ML capabilities.
5. Wage Level Justification. Level IV is appropriate for this position. The role requires the highest level of independent judgment and innovation within the data science function. Dr. Varga is expected to conduct original research, develop novel statistical methodologies, and exercise broad supervisory authority over the entire data science and machine learning organization. The position involves strategic decision-making regarding the Company's core AI capabilities in a highly regulated fintech context, where model accuracy and compliance have direct implications for lending fairness, regulatory approval, and the Company's competitive position. The combination of doctoral-level research leadership, supervisory responsibility for 22 direct and indirect reports, and enterprise-wide strategic influence places this position firmly at the Level IV tier.
6. Notes. The offered salary of $310,000 per year is the highest among the four positions and is expected to comfortably exceed the Level IV prevailing wage for SOC 15-2051 in the San Jose-Sunnyvale-Santa Clara, CA MSA. Based on our preliminary review of the current OES data, the Level IV prevailing wage for Data Scientists in this MSA is estimated to fall in the range of approximately $180,000 to $195,000 per year. The substantial margin of approximately $115,000 to $130,000 between the offered salary and the anticipated prevailing wage provides a significant buffer against any upward adjustments in the OES data.
The Ph.D. requirement and the publication record requirement will require business necessity justification in the PERM application itself (ETA Form 9089). We have documented the business necessity rationale above and will work with Lumos to prepare a detailed business necessity memorandum for inclusion in the PERM audit file. The requirement for a publication record in peer-reviewed journals, in particular, is a non-standard requirement that the DOL may flag during an audit. We are confident this requirement is supportable given the nature of the role, but we flag it here as a point requiring careful documentation.
C. Beneficiary 3: Tomás Aguilar-Reyes — VP, Product — Fintech Solutions
1. Position Details.
• Job Title: Vice President, Product — Fintech Solutions
• SOC Code: 11-2021 (Marketing Managers)
• Proposed Wage Level: Level III (experienced; exercises independent judgment within broadly defined parameters)
• Offered Salary: $275,000 per year
• Worksite: 2240 Embarcadero Way, Suite 600, Palo Alto, CA 94303
• EB-2 Basis: Advanced Degree (MBA) combined with five (5) years of progressive post-baccalaureate experience in fintech product management
The Vice President, Product — Fintech Solutions is a senior executive product leadership role reporting directly to the Chief Operating Officer. The position is responsible for defining the strategic product roadmap for Lumos's automated underwriting and credit decisioning product lines, overseeing the full product lifecycle from ideation through launch and iteration, and leading cross-functional teams that include engineering, data science, design, and go-to-market functions. Mr. Aguilar-Reyes has held this role since August 2021, having joined Lumos from an intra-company transfer through Lumos's affiliate entity in Mexico City.
2. Beneficiary Background.
• Citizenship: Mexico
• Current Immigration Status: L-1A intracompany transferee, valid through July 30, 2024
• Education:
• MBA, IPADE Business School (Mexico City, Mexico), conferred December 2013
• B.S., Industrial Engineering, Tecnológico de Monterrey (Monterrey, Mexico), conferred May 2010
Mr. Aguilar-Reyes brings approximately thirteen years of progressive post-baccalaureate experience in product management, business strategy, and fintech operations, including leadership roles at two prior fintech companies in Latin America. He has particular expertise in regulatory compliance as it applies to automated lending products, including experience navigating the regulatory frameworks of multiple jurisdictions. His MBA from IPADE Business School, which is accredited by the Association to Advance Collegiate Schools of Business ("AACSB"), qualifies as a Master's degree for EB-2 purposes.
3. Minimum Requirements as Stated on PWD Request. The following minimum requirements were set forth on the ETA Form 9141 submitted to the NPWC:
• Minimum Education: Master's degree in Business Administration, Finance, or a closely related field
• Minimum Experience: Five (5) years of progressive experience in fintech product management, including three (3) years of experience managing cross-functional teams of fifteen (15) or more members
• Special Requirements: Experience with regulatory frameworks (Dodd-Frank Wall Street Reform and Consumer Protection Act, Consumer Financial Protection Bureau ("CFPB") guidelines) as applied to automated lending products
The regulatory knowledge requirement is noteworthy. Lumos's automated underwriting products are subject to extensive federal regulation, including fair lending requirements under the Equal Credit Opportunity Act ("ECOA"), adverse action notice requirements under the Fair Credit Reporting Act ("FCRA"), and supervisory oversight by the CFPB. The VP, Product — Fintech Solutions must possess a working understanding of these frameworks in order to make sound product design decisions that ensure regulatory compliance. Lumos has confirmed that this requirement reflects the genuine minimum qualifications for the position and is applied uniformly to all candidates.
4. SOC Code Selection Rationale. SOC 11-2021 (Marketing Managers) is the closest DOL occupational classification match for product management roles. This warrants explanation, as the position title includes "Product" rather than "Marketing." The DOL's Standard Occupational Classification system does not include a discrete "Product Manager" category. Within the universe of available SOC codes, 11-2021 (Marketing Managers) is the industry-accepted closest proxy for product management positions, and this mapping is widely used across the immigration bar for PERM prevailing wage requests involving product managers and product executives. The BLS description for SOC 11-2021 encompasses professionals who "plan, direct, or coordinate marketing policies and programs" and who "determine the demand for products and services offered by a firm and its competitors," which aligns with the market-facing, customer-oriented, and strategic product development functions that are central to this role.
We considered SOC 11-1021 (General and Operations Managers) as an alternative classification given the VP-level scope and cross-functional leadership responsibilities of the position. However, SOC 11-1021 is a residual classification that the NPWC disfavors, and the position's focus on product strategy, market positioning, and customer-facing product development is more consistent with the SOC 11-2021 classification. We also considered SOC 11-3031 (Financial Managers), but this classification was rejected because the position's core function is product management rather than financial management, notwithstanding the fintech industry context.
Level III was selected rather than Level IV. While the role is senior and carries a Vice President title, the SOC 11-2021 classification at Level III already captures significant managerial and strategic responsibilities. The Level III tier corresponds to positions requiring substantial independent judgment within broadly defined parameters and involving supervisory authority. The VP, Product position, while involving significant cross-functional leadership, operates within established product frameworks and corporate strategic guidelines set by the COO and executive leadership team. The position's scope aligns with the "experienced" tier requiring substantial independent judgment but within the context of existing product and market strategies that are defined at the C-suite level.
5. Wage Level Justification. Level III is appropriate for this position given the combination of managerial responsibility, cross-functional leadership, and specialized fintech regulatory knowledge required by the role. Although the position carries a VP title, the SOC 11-2021 code's Level III already encompasses substantial supervisory and strategic functions, and the marginal difference in autonomy and independent judgment between the VP, Product role and a Level IV position under this SOC code does not warrant an upgrade to Level IV. The Level III classification reflects the reality that the VP, Product operates within a product governance framework established by the Company's executive leadership, and the role's strategic authority, while significant, is exercised within parameters defined by the COO and the board of directors.
Additionally, selecting Level III provides a degree of conservatism that reduces the risk of the NPWC issuing a determination at an unexpectedly elevated wage level. Because the offered salary of $275,000 is expected to exceed the Level III prevailing wage by a comfortable margin, and would likely also exceed the Level IV prevailing wage for this SOC code, the Level III selection does not create compliance risk while providing a prudent buffer.
6. Notes. The offered salary of $275,000 per year is expected to exceed the Level III prevailing wage for SOC 11-2021 in the San Jose-Sunnyvale-Santa Clara, CA MSA. Based on our preliminary review of the current OES data, the Level III prevailing wage for Marketing Managers in this MSA is estimated to fall in the range of approximately $170,000 to $185,000 per year.
L-1A Status — Timeline Considerations. Special attention must be given to Mr. Aguilar-Reyes's immigration status timeline. His L-1A nonimmigrant status expires on July 30, 2024, which is approximately thirteen months from the date of this filing. The PERM labor certification process — from prevailing wage determination through recruitment, filing, and certification — typically requires a minimum of nine to twelve months under favorable circumstances, and longer if the application is selected for audit. Given these timelines, there is a risk that Mr. Aguilar-Reyes's L-1A status could expire before the I-140 petition is filed and approved.
Contingency planning is warranted. If the PERM timeline extends beyond early 2024, we should discuss with Lumos the possibility of filing a cap-exempt H-1B petition for Mr. Aguilar-Reyes to bridge the gap between the expiration of his L-1A status and the approval of his I-140 petition. Because Lumos is a cap-exempt H-1B employer (as a private-sector employer filing on behalf of a beneficiary who would be performing services in a specialty occupation), a cap-exempt H-1B filing would not be subject to the annual H-1B cap and could be filed at any time. An alternative option would be to explore whether Mr. Aguilar-Reyes qualifies for a further extension of his L-1A status, subject to the five-year maximum stay limitation for L-1A beneficiaries. We will confer with Mr. Aguilar-Reyes and Lumos's immigration team regarding these contingency options as the timeline develops.
D. Beneficiary 4: Yumiko Tanaka — Director, Information Security & Compliance
1. Position Details.
• Job Title: Director, Information Security & Compliance
• SOC Code: 15-1212 (Information Security Analysts)
• Proposed Wage Level: Level IV (fully competent; exercises independent judgment and authority)
• Offered Salary: $260,000 per year
• Worksite: 2240 Embarcadero Way, Suite 600, Palo Alto, CA 94303
• EB-2 Basis: Advanced Degree (M.S. in Cybersecurity)
The Director, Information Security & Compliance is a senior technical leadership role reporting to the Chief Technology Officer. The position is responsible for planning, developing, and overseeing the implementation of the Company's enterprise-wide information security program, including cybersecurity operations, data protection policies, and compliance with industry-standard frameworks. Ms. Tanaka manages a team of nine information security professionals, including security engineers, compliance analysts, and a security operations center ("SOC") team. She has held the role since February 2022.
2. Beneficiary Background.
• Citizenship: Japan
• Current Immigration Status: H-1B nonimmigrant, valid through November 18, 2025
• Education:
• M.S., Cybersecurity, Carnegie Mellon University (Pittsburgh, Pennsylvania), conferred May 2017
• B.Eng., Information Engineering, University of Tokyo (Tokyo, Japan), conferred March 2015
Ms. Tanaka holds the Certified Information Systems Security Professional ("CISSP") certification, issued by the International Information System Security Certification Consortium ("(ISC)²"), which she obtained in 2019. She has approximately eight years of progressive post-baccalaureate experience in information security, including roles at a major cloud infrastructure provider and a financial services technology company prior to joining Lumos. Her H-1B status provides adequate runway through November 2025 for the completion of the PERM and I-140 processes.
3. Minimum Requirements as Stated on PWD Request. The following minimum requirements were set forth on the ETA Form 9141 submitted to the NPWC:
• Minimum Education: Master's degree in Cybersecurity, Information Systems, or a closely related field
• Minimum Experience: Four (4) years of progressive experience in information security, including two (2) years of experience in SOC 2 Type II and ISO 27001 compliance implementation
• Special Requirements: CISSP certification; experience securing cloud-native SaaS platforms (Ridgeway Industries ("Meridian Technologies") and/or Aldermere Technologies ("GCP"))
The inclusion of the CISSP certification as a special requirement warrants discussion. The CISSP is a globally recognized credential in the information security field, administered by (ISC)², and is widely regarded as the gold standard for information security professionals. Requiring CISSP certification narrows the pool of potentially qualified U.S. workers, and the DOL may view this as a non-standard requirement that requires business necessity justification. However, the requirement is supportable in this instance for several reasons: (i) the CISSP certification is an industry-standard credential that is routinely required for director-level information security positions at SaaS and fintech companies; (ii) Lumos handles highly sensitive financial data on behalf of its enterprise clients, including personally identifiable information ("PII") and financial account data, which subjects the Company to stringent data protection obligations; (iii) many of Lumos's enterprise clients contractually require that the Company's information security leadership hold CISSP or equivalent certifications as a condition of their vendor management and due diligence programs; and (iv) the Company's SOC 2 Type II audit reports, which are critical to maintaining client trust and regulatory compliance, are prepared under the oversight of the Director, Information Security & Compliance, and the CISSP certification provides assurance of the requisite competency.
4. SOC Code Selection Rationale. SOC 15-1212 (Information Security Analysts) is the direct occupational classification match for a role centered on planning and implementing an organization's information security program, including compliance frameworks and cloud security. The BLS description for SOC 15-1212 encompasses professionals who "plan, implement, upgrade, or monitor security measures for the protection of computer networks and information" and who "ensure appropriate security controls are in place that will safeguard digital files and vital electronic infrastructure." Ms. Tanaka's role, which involves enterprise-wide information security program management, compliance framework implementation, cloud security architecture, and oversight of cybersecurity operations, falls directly within this classification.
No alternative SOC codes were seriously considered. SOC 15-1212 is the most precise and appropriate classification available for this position. Level IV was selected to reflect the director-level authority, enterprise-wide scope of the role, and the advanced certifications and compliance expertise required.
5. Wage Level Justification. Level IV is appropriate for this position. The Director, Information Security & Compliance holds responsibility for the entire information security and compliance function at Lumos, encompassing cybersecurity operations, data protection, SOC 2 Type II and ISO 27001 compliance frameworks, vendor security assessments, and incident response planning across the Company's cloud-native SaaS infrastructure hosted on Meridian Technologies and GCP. The role requires the exercise of the highest level of independent judgment in designing security architectures, responding to evolving threat landscapes, and making risk-based decisions that affect the Company's regulatory standing and client relationships. The position's requirement for CISSP certification further underscores the advanced, specialized nature of the role. Ms. Tanaka exercises broad supervisory authority over a team of nine information security professionals and serves as the Company's principal point of contact for security-related client audits and regulatory inquiries.
6. Notes. The offered salary of $260,000 per year is expected to exceed the Level IV prevailing wage for SOC 15-1212 in the San Jose-Sunnyvale-Santa Clara, CA MSA. Based on our preliminary review of the current OES data, the Level IV prevailing wage for Information Security Analysts in this MSA is estimated to fall in the range of approximately $175,000 to $190,000 per year.
As noted above, the CISSP certification requirement is a recognized industry-standard credential that will need business necessity justification in the PERM application. We are confident this requirement is supportable given the critical nature of the role in a fintech and SaaS environment that handles sensitive financial data subject to regulatory oversight and client contractual requirements. We will prepare a detailed business necessity memorandum for the CISSP requirement for inclusion in the PERM audit file.
IV. Prevailing Wage Area and OES Data
All four positions that are the subject of the PWD requests filed today are located at Lumos Analytics Inc.'s headquarters at 2240 Embarcadero Way, Suite 600, Palo Alto, California 94303. None of the four beneficiaries is required to travel to secondary worksites or perform duties at locations outside of the Palo Alto headquarters on a regular basis.
The applicable prevailing wage area for all four requests is the San Jose-Sunnyvale-Santa Clara, California Metropolitan Statistical Area, designated by the Bureau of Labor Statistics as OES Area Code 41940. Palo Alto is located in Santa Clara County, California, which falls within the geographic boundaries of this MSA. The San Jose-Sunnyvale-Santa Clara MSA is one of the highest-cost labor markets in the United States, particularly for technology and engineering occupations, and prevailing wages in this MSA are generally among the highest in the nation for the SOC codes relevant to these filings.
The OES wage data used by the NPWC for PERM prevailing wage determinations is drawn from the Bureau of Labor Statistics Occupational Employment and Wage Statistics survey, which collects data from approximately 1.2 million business establishments nationwide on a semi-annual basis. The NPWC uses the most recently published OES data to determine prevailing wages at each of the four wage levels (Level I through Level IV) for a given SOC code and geographic area. The four wage levels correspond to the following percentiles of the OES wage distribution: Level I corresponds to the 17th percentile; Level II corresponds to the 34th percentile (the mean of the 17th and 51st percentiles, historically); Level III corresponds to the 51st percentile (the median); and Level IV corresponds to the 67th percentile.
Based on our preliminary review of the current OES wage data published by the BLS for the San Jose-Sunnyvale-Santa Clara, CA MSA, all four offered salaries are expected to exceed the prevailing wage at the requested levels by substantial margins. The following table summarizes our preliminary estimates:
These are preliminary estimates only, based on currently available OES data. The final prevailing wage for each position will be determined by the NPWC based on the OES data in effect at the time of determination. We do not anticipate any material changes in the OES data that would cause any of the four offered salaries to fall below the determined prevailing wage, but we will confirm upon receipt of each determination.
V. Procedural Notes and Next Steps
All four prevailing wage determination requests were submitted electronically via the U.S. Department of Labor's Foreign Labor Application Gateway ("FLAG") system on June 26, 2023. Each request was submitted on ETA Form 9141, Application for Prevailing Wage Determination, and an electronic confirmation receipt was generated for each submission. The FLAG system confirmation numbers have been recorded in the matter file.
Based on current NPWC processing times, we anticipate that the NPWC will issue prevailing wage determinations for these requests within approximately eight to twelve weeks from the date of submission. This projects receipt of the determinations between approximately late August and mid-October 2023. Processing times may vary depending on the NPWC's workload and any requests for additional information that the NPWC may issue during the review process.
Upon receipt of each prevailing wage determination, we will take the following steps:
1. Confirm Salary Compliance. We will confirm that the offered salary for each position exceeds the prevailing wage as determined by the NPWC. Under 20 C.F.R. § 656.40(a), the employer must offer and pay a wage that is at least equal to the prevailing wage for the occupation in the area of intended employment. If the offered salary for any position falls below the determined prevailing wage, the employer must increase the offered salary to at least the prevailing wage amount before proceeding with the PERM application. Based on our preliminary analysis, we do not anticipate that any salary adjustments will be required, but we will confirm upon receipt of each determination.
2. Initiate Supervised Recruitment Campaign. Upon confirmation of salary compliance, we will initiate the supervised recruitment campaign required under 20 C.F.R. § 656.17(e) in coordination with Broadgate Compliance Services LLC, Lumos's recruitment advertising vendor. The primary contact at Broadgate is Gerald Fitzmorris, Principal, located at 1414 K Street NW, Suite 730, Washington, DC 20005. Broadgate will assist with the placement and documentation of all required recruitment advertisements and will prepare the recruitment report summarizing the results of each campaign.
3. Prepare SWA Job Order. We will prepare and submit a State Workforce Agency ("SWA") job order for each position for posting via CalJOBS, the online job matching system administered by the California Employment Development Department ("EDD"), in compliance with 20 C.F.R. § 656.17(e)(1)(i). The SWA job order must be posted for a minimum of thirty (30) calendar days.
4. Schedule Print Advertisements. We will schedule two consecutive Sunday print advertisements in The Peninsula Gazette, a newspaper of general circulation in the Palo Alto, California area, in compliance with 20 C.F.R. § 656.17(e)(1)(i)(B). Our advertising representative at The Peninsula Gazette is Noreen Caswell, located at 780 Hamilton Avenue, Palo Alto, CA 94301. The two print advertisements must appear on two different Sundays.
5. Coordinate Additional Recruitment Steps. In addition to the mandatory SWA job order and print advertisements, we will coordinate the following additional recruitment steps required under 20 C.F.R. § 656.17(e)(1)(ii) for professional occupations:
• Industry Publication Posting: Posting in FinTech Talent Weekly, a trade publication targeting fintech professionals, published by Creston Media Group, Inc., 41 East 11th Street, 5th Floor, New York, NY 10003. This posting will satisfy one of the three additional recruitment steps required for professional positions.
• Campus Posting: Posting at the Baxter University Career Center, which maintains active partnerships with technology and financial services employers in the San Francisco Bay Area. This posting will satisfy a second additional recruitment step.
• Employee Referral Program Posting: Internal posting through Lumos's employee referral program, which incentivizes current employees to refer qualified candidates for open positions. This posting will satisfy the third additional recruitment step.
6. Monitor and Respond to Applicants. Throughout the recruitment campaign, we will work with Lumos's HR team (Janelle Kwon) and Broadgate Compliance Services to monitor applications received in response to the recruitment advertisements, screen applicants against the minimum requirements for each position, and document the lawful, job-related reasons for rejecting any U.S. worker applicants. All applicant resumes and correspondence must be retained in the PERM audit file.
Contingency — Unexpectedly High Prevailing Wage. If any prevailing wage determination comes back at an unexpectedly high level — specifically, at or above the offered salary for the position — we will promptly confer with Lumos regarding the available options. These options include: (a) requesting reconsideration from the NPWC pursuant to 20 C.F.R. § 656.41, presenting arguments as to why the determination is erroneous; (b) requesting review by the Center Director; or (c) adjusting the offered salary upward to at least the determined prevailing wage amount. As noted above, based on our preliminary review of the OES data, we do not anticipate that any of the four offered salaries will fall below the determined prevailing wage, but we flag this contingency for completeness.
Staggered Recruitment Campaigns. We anticipate staggering the recruitment campaigns in two batches, depending on when the prevailing wage determinations are received from the NPWC. If the determinations for Mr. Mehta and Dr. Varga are received around the same time (as is likely given that all four requests were submitted on the same date), we will launch their recruitment campaigns simultaneously in the first batch. The determinations for Mr. Aguilar-Reyes and Ms. Tanaka may be received slightly later, in which case their recruitment campaigns will comprise a second batch. Staggering the campaigns in this manner will allow us to manage the administrative burden more efficiently while ensuring that each campaign is conducted in strict compliance with the PERM regulatory requirements.
VI. Document Retention
Copies of all four prevailing wage determination request submissions (ETA Forms 9141), including all supporting documentation submitted to the NPWC, have been saved to the firm's electronic matter file under Matter Number 1008-00004. The submissions are organized by beneficiary name within the matter file.
The prevailing wage determinations, once received from the NPWC, must be retained in the PERM audit file for a minimum of five (5) years from the date of filing of the ETA Form 9089 (Application for Permanent Employment Certification) or the date of the supervised recruitment, whichever is later, pursuant to 20 C.F.R. § 656.10(f). This retention obligation applies regardless of whether the PERM application is certified, denied, or withdrawn. The audit file for each beneficiary must include, at a minimum: the prevailing wage determination; the PERM application (ETA Form 9089); all recruitment documentation, including copies of advertisements, SWA job order confirmations, and job posting receipts; applicant resumes and correspondence; the recruitment report; and all supporting documentation related to the minimum requirements and business necessity justifications for the position.
Lumos (Janelle Kwon, HR Manager) has been advised of these document retention obligations. Ms. Kwon has confirmed that Lumos maintains a document retention policy consistent with the five-year retention requirement and will ensure that the client's copies of all PERM-related documents are retained in the Company's files for the required period.
VII. Post-Filing Annotations — Prevailing Wage Determination Results
The following annotations were added to this memorandum by hand upon receipt of the prevailing wage determinations from the NPWC. These notations supplement the original memorandum dated June 26, 2023.
PWD Results Received:
Handwritten notation:
"All four offered salaries exceed PWDs — no salary adjustments required. Proceed to recruitment. — TR"
Handwritten notation on Mehta and Varga entries:
"Recruitment campaign commenced October 9, 2023"
Handwritten notation on Aguilar-Reyes and Tanaka entries:
"Recruitment campaign commenced October 23, 2023"
CONFIDENTIAL — ATTORNEY WORK PRODUCT — PRIVILEGED This memorandum is prepared in anticipation of litigation and/or for the purpose of providing legal advice and is protected by the attorney-client privilege, the work product doctrine, and any other applicable privileges. This document and its contents are not to be disclosed to any third party without the prior written consent of Calderwood & Harkness LLP.
Beneficiary Name | Position Title | SOC Code | SOC Title | Proposed Wage Level | Offered Salary | Prevailing Wage Area | Current Immigration Status
Rajan Mehta | VP, Engineering — Core Platform | 15-1252 | Software Developers | Level IV | $285,000/year | San Jose-Sunnyvale-Santa Clara, CA MSA (OES 41940) | H-1B (valid through September 14, 2025)
Lina Varga | Senior Director, Data Science & ML | 15-2051 | Data Scientists | Level IV | $310,000/year | San Jose-Sunnyvale-Santa Clara, CA MSA (OES 41940) | H-1B (valid through March 2, 2026)
Tomás Aguilar-Reyes | VP, Product — Fintech Solutions | 11-2021 | Marketing Managers | Level III | $275,000/year | San Jose-Sunnyvale-Santa Clara, CA MSA (OES 41940) | L-1A (valid through July 30, 2024)
Yumiko Tanaka | Director, Information Security & Compliance | 15-1212 | Information Security Analysts | Level IV | $260,000/year | San Jose-Sunnyvale-Santa Clara, CA MSA (OES 41940) | H-1B (valid through November 18, 2025)
SOC Code | SOC Title | Requested Level | Estimated PW (Preliminary) | Offered Salary | Estimated Margin
15-1252 | Software Developers | Level IV | ~$195,000–$205,000 | $285,000 | ~$80,000–$90,000
15-2051 | Data Scientists | Level IV | ~$180,000–$195,000 | $310,000 | ~$115,000–$130,000
11-2021 | Marketing Managers | Level III | ~$170,000–$185,000 | $275,000 | ~$90,000–$105,000
15-1212 | Information Security Analysts | Level IV | ~$175,000–$190,000 | $260,000 | ~$70,000–$85,000
Beneficiary | SOC Code | Date PWD Received | Determined Wage Level | Prevailing Wage | Offered Salary | Exceeds PWD? | Margin
Rajan Mehta | 15-1252 | September 8, 2023 | Level IV | $198,744/year | $285,000/year | Yes | +$86,256 (43.4%)
Lina Varga | 15-2051 | September 11, 2023 | Level IV | $191,360/year | $310,000/year | Yes | +$118,640 (62.0%)
Tomás Aguilar-Reyes | 11-2021 | October 2, 2023 | Level III | $176,842/year | $275,000/year | Yes | +$98,158 (55.5%)
Yumiko Tanaka | 15-1212 | October 2, 2023 | Level IV | $185,910/year | $260,000/year | Yes | +$74,090 (39.9%)

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