I read it differently. They had an agreement to get funding for NewCo with VC One. When that fell through, A and B got funding for OldCo with VC Two (and VC O

I read it differently. They had an agreement to get funding for NewCo with VC One. When that fell through, A and B got funding for OldCo with VC Two (and VC One as well). I don't think there was ever an agreement to get funding for OldCo, and C had previously left OldCo to become a contractor. Therefore, C does not have standing to receive compensation from OldCo.