What is the best description of Discount for Lack of Control in a private company valuation?

Discount for Lack of Control is based on studies of restricted private company stocks.

Discount for Lack of Control is a discount based upon lack of salability.

Discount for Lack of Control is an entity level discount and Discount for lack of marketability in an individual level discount.

Discount for Lack of Control is an individual level discount and Discount for lack of marketability in an entity level discount.