Which of the following is the correct Sandhi-viccheda of the word 'वीरौदार्य'?

The word 'वीरौदार्य' is formed via Vriddhi Svara Sandhi. When the vowel 'अ' or 'आ' combines with 'ओ' or 'औ', they transform into 'औ'. Hence, $\text{वीर}(\text{अ})+\text{औदार्य}(\text{औ})=\text{वीरौदार्य}$.