My view appears to match Paraxis. Rule is that you get an AO when it leaves your reach. As shorthand the game describes reach as up to 5 feet away. And it makes sense if you imaging you have a sword, you can reach out at least 5 feet around you and even above you. But you can't reach 5 feet below you unless you are in some odd prone position.
In that case I think all players get a shot at it as the leaves their reach. I also imagine that by the time the Xorn is out of reach it probably does have 3/4 cover so I would give it +5 to AC to boot.
In that case I think all players get a shot at it as the leaves their reach. I also imagine that by the time the Xorn is out of reach it probably does have 3/4 cover so I would give it +5 to AC to boot.