6. Which of the following statements is false?

a. Usually, option pools set aside for future employees between 10-15% of total shares

b. The required return for different rounds of financing declines as the start-up moves from seed stage to early stage to expansion

c. Each round of financing has a certain objective

d. Because mezzanine financing is obtained quickly with little due diligence on the part of lender, required returns are lower than bank loans

e. As a general rule, after all financing rounds, founders ownership is not taken below 10-20%