A VC is negotiating to buy a 20% of the firms ownership and it is now discussing an opportunity to obtain board seats as a part of the deal. The firms board has 5 members. Which of the following statement is correct?

Group of answer choices

1. A VC can ask for more than a single board seat but the founders might disagree.

2. A VC cannot ask for more than two board seats.

3. None of the statements above is correct.

4. A VC can ask only for 20% of board seats, i.e. for one seat only.