This excerpt taken from the ARYX 10-K filed Mar 27, 2009.
Severance Benefits for Termination Without Cause. If the Company terminates Executives employment at any time without Cause and such termination is a
separation from service under Treasury Regulation Section 1.409A-1(h), Executive shall be eligible to receive the following as his sole severance benefits (the Without Cause Severance Benefits): (i) the Company shall make a lump sum severance payment to Executive in an amount equal to twelve (12) months of Executives then-current base salary, subject to withholdings and deductions, payable within ten (10) days after the effective date of the release executed in satisfaction of the requirements set forth in Section 8 of this Agreement; (ii) if Executive timely elects COBRA health insurance coverage, the Company will reimburse Executives COBRA premiums for a maximum of either twelve (12) months following the employment termination date or until such date as Executive is eligible for health insurance coverage from another source, whichever occurs sooner (but in no event after Executive ceases to be eligible for COBRA); and (iii) the vesting of the Standard Option and the Special Option shall immediately accelerate in full so that all shares subject to the Standard Option and the Special Option are fully vested and immediately exercisable. For the avoidance of doubt, the New Options, and any other option grants not specifically referenced in the immediately preceding sentence, will not be subject to accelerated vesting under this Section 5.1(c). Executive shall not earn or be entitled to receive any of the Without Cause Severance Benefits unless and until the release requirements set forth in Section 8 of this Agreement are satisfied.
3. Section 5.2(c) shall read: