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                                                                  EXHIBIT 10.3.3

                                 AMENDMENT 3 TO
                            THE SOUTH FINANCIAL GROUP
                     AMENDED AND RESTATED STOCK OPTION PLAN

         This Amendment 3 (this "Amendment") to the Carolina First Corporation
Amended and Restated Stock Option Plan (the "Plan") is made by The South
Financial Group, Inc. (formerly known as Carolina First Corporation), to be
effective as of the date hereof. Capitalized terms not otherwise defined in this
Amendment have the meanings assigned to them in the Plan.

1. The second paragraph of Section 4.e. of the Plan (which begins "The exercise
of any Option and delivery of the optioned shares . . .") is deleted and
replaced in its entirety with the following:

                  "The exercise of any Option and the delivery of the optioned
         shares shall be contingent upon receipt by the Company of the full
         exercise price and any amount required to be withheld by the Company
         under applicable tax laws in connection with the exercise of the
         Option. The exercise price may be paid (i) in cash or by check, or (ii)
         through delivery of shares of Common Stock with an aggregate Fair
         Market Value on the date of exercise equal to the exercise price of the
         shares being purchased, or (iii) through any combination of the
         foregoing methods. At any time when the Company is required to withhold
         any amount under applicable tax laws in connection with the exercise of
         an Option, the Company may, in its sole discretion, accept payment of
         the withholding amount in shares of Common Stock having a Fair Market
         Value on the date of exercise of the Option equal to the amount
         required to be withheld. No Option may be exercised after termination
         of employment of the optionee except as hereinafter provided."

2. The name of the Plan is amended to reflect the change of the name of the
corporation from Carolina First Corporation to The South Financial Group, Inc.
Hereafter the name of the Plan shall be "The South Financial Group, Inc. Stock
Option Plan."

         Except as amended by this Amendment, the Plan is ratified and affirmed
in its entirety.

         IN WITNESS WHEREOF, this Amendment is entered into as of December 19,
2000.

                                     THE SOUTH FINANCIAL GROUP, INC.

                                     By:          /s/ William S. Hummers III
                                         ---------------------------------------
                                         Name:    William S. Hummers, III
                                         Title:   Executive Vice President<PAGE>   1

                                                                    EXHIBIT 10.5

            NOTICE: THIS CONTRACT IS SUBJECT TO ARBITRATION PURSUANT
                  TO THE SOUTH CAROLINA UNIFORM ARBITRATION ACT

                                 NONCOMPETITION,
                       SEVERANCE AND EMPLOYMENT AGREEMENT
                                     BETWEEN
            THE SOUTH FINANCIAL GROUP, INC. AND MACK I. WHITTLE, JR.

         This Noncompetition, Severance and Employment Agreement (this
"Agreement") is made and entered into as of this 13th day of October, 2000, by
and between Mack I. Whittle, Jr., an individual (the "Executive"), and The South
Financial Group, Inc., a South Carolina corporation and financial institution
holding company headquartered in Greenville, South Carolina (the "Company"). As
used herein, the term "Company" shall include the Company and any and all of its
subsidiaries where the context so applies.

                               W I T N E S S E T H

         WHEREAS the Company's Board of Directors (the "Board") believes that
the Executive has been instrumental in the success of the Company since its
inception in 1986;

         WHEREAS the Company desires to continue to employ the Executive as
Chief Executive Officer of the Company and in such other capacities as the
Executive is currently employed as of the date hereof;

         WHEREAS the terms hereof are consistent with the executive compensation
objectives of the Company as established by the Board;

         WHEREAS the Executive is willing to accept the employment contemplated
herein under the terms and conditions set forth herein;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements contained herein and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto
agree as follows:

         1. Employment. Subject to the terms and conditions hereof, the Company
hereby employs the Executive and Executive hereby accepts such employment as the
Chief Executive Officer of the Company having such duties and responsibilities
as are set forth in Section 3 below.

         2. Definitions. For purposes of this Agreement, the following terms
shall have the meanings specified below.

         "Cause" shall mean (a) material criminal fraud, (b) gross negligence,
(c) intentional material damage to the property or business of the Company, or
(d) the commission of a material felony, but only if (1) the Executive has been
provided with written notice of any assertion that there is a basis for
termination for cause which notice shall specify in reasonable detail specific
facts regarding any such assertion, (2) Executive is given thirty (30) days to
cure any alleged violation of this Agreement, (3) such written notice is
provided to the Executive a reasonable time before the Board meets to consider
any possible termination for cause, (4) at or prior to the meeting of the Board
to consider the matters described in the written notice, an opportunity is
provided to the Executive and Executive's counsel to be heard before the Board
with respect to the matters described in the written notice, (5) any resolution
or other Board action held with respect to any deliberation regarding or
decision to terminate the Executive for cause is duly adopted by a vote of a
majority of the entire Board of the Company at a meeting of the Board called and
held and (6) the Executive is promptly provided with a copy of the resolution or
other corporate action taken with respect to such termination. No act or failure
to act by the Executive shall be considered willful unless done or omitted to be
done by Executive not in good faith and without reasonable belief

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that Executive's action or omission was in the best interests of the Company.
The unwillingness of the Executive to accept any or all of a change in the
nature or scope of Executive's position, authorities or duties, a reduction in
Executive's total compensation or benefits, a relocation that he deems
unreasonable in light of Executive's personal circumstances, or other action by
or upon request of the Company in respect of Executive's position, authority, or
responsibility that he reasonably deems to be contrary to this Agreement, may
not be considered by the Board to be a failure to perform or misconduct by the
Executive.

         "Change in Control" shall mean:

                  (i) The acquisition, directly or indirectly, by any Person of
         securities of the Company (not including in the securities beneficially
         owned by such Person any securities acquired directly from the Company)
         representing an aggregate of 20% or more of the combined voting power
         of the Company's then outstanding voting securities other than an
         acquisition by:

                           (A)      any employee plan established by the
                                    Company;

                           (B)      the Company or any of its affiliates (as
                                    defined in Rule 12b-2 promulgated under the
                                    Exchange Act);

                           (C)      an underwriter temporarily holding
                                    securities pursuant to an offering of such
                                    securities;

                           (D)      a corporation owned, directly or indirectly,
                                    by stockholders of the Company in
                                    substantially the same proportions as their
                                    ownership of the Company; or

                           (E)      merger, consolidation, or similar
                                    transaction of the Company with any other
                                    corporation which is duly approved by the
                                    stockholders of the Company;

                  (ii) During any period of up to two consecutive years,
         individuals who, at the beginning of such period, constitute the Board
         cease for any reason to constitute at least a majority thereof,
         provided that any person who becomes a director subsequent to the
         beginning of such period and whose nomination for election is approved
         by at least two-thirds of the directors then still in office who either
         were directors at the beginning of such period or whose election or
         nomination for election was previously so approved (other than a
         director (A) whose initial assumption of office is in connection with
         an actual or threatened election contest relating to the election of
         the directors of the Company, as such terms are used in Rule 14a-11 of
         Regulation 14A under the Exchange Act, or (B) who was designated by a
         Person who has entered into an agreement with the Company to effect a
         transaction described in clause (i), (iii) or (iv) hereof) shall be
         deemed a director as of the beginning of such period;

                  (iii) The stockholders of the Company approve a merger or
         consolidation of the Company with any other corporation other than (A)
         a merger or consolidation that would result in the voting securities of
         the Company outstanding immediately prior thereto continuing to
         represent (either by remaining outstanding or by being converted into
         voting securities of the surviving entity or any parent thereof), in
         combination with the ownership of any trustee or other fiduciary
         holding securities under an employee benefit plan of any Company, at
         least 51% of the combined voting power of the voting securities of the
         Company or such surviving entity or any parent thereof outstanding
         immediately after such merger or consolidation, or (B) a merger or
         consolidation effected to implement a recapitalization of the Company
         (or similar transaction) in which no Person is or becomes the
         beneficial owner (as defined in clause (i) above), directly or
         indirectly, of securities of the Company (not including in the
         securities beneficially owned by such Person any securities acquired
         directly from the Company) representing 25% or more of the combined
         voting power of the Company's then outstanding voting securities; or
         (C) a plan of complete liquidation of the Company or an agreement for
         the sale or disposition of the Company of all or substantially all of
         the Company's assets; or

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                  (iv) The occurrence of any other event or circumstance which
         is not covered by (i) through (iii) above which the Board determines
         affects control of the Company and, in order to implement the purposes
         of this Agreement as set forth above, adopts a resolution that such
         event or circumstance constitutes a Change in Control for the purposes
         of this Agreement.

         "Code" shall mean the Internal Revenue Code of 1986, as amended, or any
successor statute, rule or regulation of similar effect.

         "Confidential Information" shall mean all business and other
information relating to the business of the Company, including without
limitation, technical or nontechnical data, programs, methods, techniques,
processes, financial data, financial plans, product plans, and lists of actual
or potential customers, which (i) derives economic value, actual or potential,
from not being generally known to, and not being readily ascertainable by proper
means by, other Persons, and (ii) is the subject of efforts that are reasonable
under the circumstances to maintain its secrecy or confidentiality. Such
information and compilations of information shall be contractually subject to
protection under this Agreement whether or not such information constitutes a
trade secret and is separately protectable at law or in equity as a trade
secret. Confidential Information does not include confidential business
information which does not constitute a trade secret under applicable law two
years after any expiration or termination of this Agreement.

         "Disability" or "Disabled" shall mean the Executive's inability as a
result of physical or mental incapacity to substantially perform Executive's
duties for the Company on a full-time basis, with or without accommodation, for
a period of six (6) months.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

         "Involuntary Termination" shall mean the termination of Executive's
employment by the Executive which, in the sole judgment of the Executive, is due
to (i) a change of the Executive's responsibilities, position (including status
as Chief Executive Officer of the Company, its successor or ultimate parent
entity, office, title, reporting relationships or working conditions), authority
or duties (including changes resulting from the assignment to the Executive of
any duties inconsistent with Executive's positions, duties or responsibilities
as in effect immediately prior to the Change in Control); or (ii) a change in
the terms or status (including the rolling five year termination date) of this
Agreement; or (iii) a reduction in the Executive's compensation or benefits; or
(iv) a forced relocation of the Executive outside the Greenville, South Carolina
metropolitan area; or (v) a significant increase in the Executive's travel
requirements (collectively "Status Changes"); provided, however, Executive must
elect to terminate Executive's employment within two (2) years of the Status
Change on which Executive bases Executive's employment termination.

         "Person" shall mean any individual, corporation, bank, partnership,
joint venture, association, joint-stock company, trust, unincorporated
organization or other entity.

         "Potential Change in Control" shall mean:

                  (i) The purchase or other acquisition by any person, entity,
         or group of persons, within the meaning of Section 13(d) or 14(d) of
         the Securities Exchange Act of 1934 (the "Act"), or any comparable
         successor provisions, other than the trustee of any other trust or plan
         maintained for the benefit of employees of the Company, or beneficial
         ownership (within the meaning of Rule 13d-3 promulgated under the Act)
         of 5% or more of either the outstanding shares of common stock or the
         combined voting power of the Company's then outstanding voting
         securities entitled to vote generally;

                  (ii) The announcement by any person of an intention to take
         actions which might reasonably result in a business combination between
         the Company and an entity which has a market capitalization equal to or
         greater than 80% of the Company;

                  (iii) The issuance of a proxy statement with respect to an
         election of directors of the Company for which there is proposed one or
         more directors who are not recommended by the Board of

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         Directors of the Company or its nominating committee, where the
         election of such proposed director or directors would result in a
         Change in Control;

                  (iv) Submission to the Board of Directors of nominations
         which, if approved, would change the executive officer configuration of
         the Company (at the executive vice president level and above) by 50% or
         more;

                  (v) The filing of any regulatory application by any person
         seeking to effect a Change in Control; or

(VI) THE RECEIPT BY THE COMPANY OF ANY OTHER INDICATION OF THE INTENT BY ANY
PERSON TO SEEK TO EFFECT A CHANGE IN CONTROL.

         "Voluntary Termination" shall mean the termination by Executive of
Executive's employment following a Change in Control which is not the result of
any of clauses (i) through (v) set forth in the definition of Involuntary
Termination above.

         3. Duties. During the Term hereof, the Executive shall have such duties
and authority as are typical of the Chief Executive Officer of a company such as
the Company, including, without limitation, those specified in the Company's
Bylaws. The Executive shall be provided such office, and administrative, office
automation, voice and network data support commensurate with Executive's
position and requirements and consistent with those provided other high-ranking
officers of the Company. Executive shall be a member of the Management Operating
Committee (MOC) and shall be a non-voting attendee of the Company's Compensation
Committee. Executive agrees that during the Term hereof, he will devote
Executive's full time, attention and energies to the diligent performance of
Executive's duties. Executive shall not, without the prior written consent of
the Company, at any time during the Term hereof (i) accept employment with, or
render services of a business, professional or commercial nature to, any Person
other than the Company, (ii) engage in any venture or activity which the Company
may in good faith consider to be competitive with or adverse to the business of
the Company or of any affiliate of the Company, whether alone, as a partner, or
as an officer, director, employee or shareholder or otherwise, except that the
ownership of not more than 5% of the stock or other equity interest of any
publicly traded corporation or other entity shall not be deemed a violation of
this Section, or (iii) engage in any venture or activity which the Board may in
good faith consider to interfere with Executive's performance of Executive's
duties hereunder. Executive may continue to serve on the boards of directors for
which he is currently a member and such other similar boards of directors as he
shall from time to time see fit to serve. The Company shall have no obligations
as a result of Executive's service.

         4. Term. Unless earlier terminated as provided herein, the Executive's
employment hereunder shall be for a rolling term of ten or more years (the
"Term") commencing on the date hereof. This Agreement shall be deemed to extend
each day for an additional day automatically and without any action on behalf of
either party hereto until Executive turns fifty-five; upon Executive's
fifty-fifth birthday, such "Term" shall be converted to a fixed term of ten
years and shall expire (without any action on behalf of either party hereto) on
Executive's sixty-fifth birthday; this Agreement shall terminate upon the
expiration of such Term. Either party may, by written notice to the other, cause
this Agreement to cease to extend automatically and, upon such notice, the
"Term" of this Agreement shall be the ten years following the date of such
notice, and this Agreement shall terminate upon the expiration of such Term.

         5. Termination. This Agreement may be terminated as follows:

                  5.1 The Company. The Company shall have the right to terminate
         Executive's employment hereunder at any time during the Term hereof (i)
         for Cause, (ii) if the Executive becomes Disabled, (iii) upon the
         Executive's death, or (iv) without Cause.

                           5.1.1 If the Company terminates Executive's
                  employment under this Agreement pursuant to clause (i), (ii)
                  or (iii) of Section 5.1, the Company's obligations hereunder
                  shall

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                  cease as of the date of termination; provided, however, if
                  Executive is terminated for Cause after a Change in Control,
                  then such termination shall be treated as a Voluntary
                  Termination as contemplated in and subject to the terms of
                  Section 5.2.3 below without the application of Section 5.2.4
                  below.

                           5.1.2 If the Company terminates Executive's
                  employment under this Agreement pursuant to clauses (ii) or
                  (iii) of Section 5.1, the Company's obligations hereunder
                  shall cease as of the date of termination except that
                  Executive or Executive's estate will be entitled to receive a
                  pro-rata portion of the targeted Annual Incentive Bonus under
                  Section 6.2 for the portion of the year actually worked by
                  Executive prior to Executive's Disability or Death.

                           5.1.3 If the Company terminates Executive pursuant to
                  clause (iv) of Section 5.1, Executive shall be entitled to
                  receive immediately a lump sum as severance upon such
                  termination, aggregate compensation and benefits provided in
                  Section 6 equal to three times Executive's annual compensation
                  being paid at the time of termination. For purposes of
                  determining compensation which is not fixed (such as a bonus),
                  the annual amount of such unfixed compensation shall be deemed
                  to be equal to the average of such compensation over the three
                  year period immediately prior to the termination.

                           5.1.4 In the event of such termination pursuant to
                  clause (iv) of Section 5.1, (A) all rights of Executive
                  pursuant to awards of share grants or options granted by the
                  Company shall be deemed to have vested and shall be released
                  from all conditions and restrictions, except for restrictions
                  on transfer pursuant to the Securities Act of 1933, as
                  amended, and (B) the Executive shall be deemed to be credited
                  with service with the Company for such remaining Term for the
                  purposes of the Company's benefit plans; (C) the Executive
                  shall be deemed to have retired from the Company and shall be
                  entitled as of the termination date, or at such later time as
                  he may elect to commence receiving the total combined
                  qualified and non-qualified retirement benefit to which he is
                  entitled hereunder, or Executive's total non-qualified
                  retirement benefit hereunder if under the terms of the
                  Company's qualified retirement plan for salaried employees he
                  is not entitled to a qualified benefit, and (D) if any
                  provision of this Section 5.1.4 cannot, in whole or in part,
                  be implemented and carried out under the terms of the
                  applicable compensation, benefit, or other plan or arrangement
                  of the Company because the Executive has ceased to be an
                  actual employee of the Company, because the Executive has
                  insufficient or reduced credited service based upon
                  Executive's actual employment by the Company, because the plan
                  or arrangement has been terminated or amended after the
                  effective date of this Agreement, or because of any other
                  reason, the Company itself shall pay or otherwise provide the
                  equivalent of such rights, benefits and credits for such
                  benefits to Executive, Executive's dependents, beneficiaries
                  and estate. Subject to applicable legal limits to the
                  contrary, in the event of termination pursuant to clause (iv)
                  of Section 5.1, Executive shall have three (3) years from the
                  date of such termination to exercise any outstanding stock
                  options.

                  5.2 By Executive. Executive shall have the right to terminate
         Executives employment hereunder if (i) the Company materially breaches
         this Agreement and such breach is not cured within 30 days after
         written notice of such breach is given by Executive to the Company;
         (ii) there is a Voluntary Termination; or (iii) there is an Involuntary
         Termination.

                           5.2.1 If Executive terminates Executives employment
                  other than pursuant to clauses (i), (ii) or (iii) of Section
                  5.2, the Company's obligations under this Agreement shall
                  cease as of the date of such termination and Executive shall
                  be subject to the confidentiality provisions set forth in
                  Section 8 hereof and the noncompetition provisions set forth
                  in Section 9 hereof for a period of one (1) year without the
                  additional compensation provided in Section 9.

                           5.2.2 If Executive terminates Executives employment
                  hereunder pursuant to either clause (i) or (iii) of Section
                  5.2, Executive shall be entitled to receive Executive's base
                  salary and other benefits due Executive through the
                  termination date, less applicable taxes and other

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                  deductions, and receive immediately in a lump sum as
                  severance, aggregate compensation and benefits provided in
                  Section 6 equal to three times Executive's annual compensation
                  being paid at the time of termination. For purposes of
                  determining compensation which is not fixed (such as a bonus),
                  the annual amount of such unfixed compensation shall be deemed
                  to be equal to the average of such compensation over the three
                  year period immediately prior to the termination.

                           5.2.3 If Executive terminates Executive's employment
                  pursuant to clause (ii) of Section 5.2, Executive shall be
                  entitled to receive Executive's base salary and other benefits
                  due Executive through the termination date less applicable
                  taxes and other deductions and receive immediately in a lump
                  sum as severance aggregate compensation and benefits provided
                  in Section 6 equal to one times Executive's annual
                  compensation being paid at the time of Voluntary Termination
                  and Executive shall be subject both to the confidentiality
                  provisions set forth in Section 8 hereof and the
                  noncompetition provisions set forth in Section 9 hereof for a
                  period of one (1) year without the additional compensation
                  provided in Section 9. For purposes of determining
                  compensation which is not fixed (such as a bonus), the annual
                  amount of such unfixed compensation shall be deemed to be
                  equal to the average of such compensation over the three year
                  period immediately prior to the termination.

                           5.2.4 In addition, in the event of such termination
                  pursuant to any of clauses (i) through (iii) of this Section
                  5.2, (A) all rights of Executive pursuant to awards of share
                  grants or options granted by the Company shall be deemed to
                  have vested and shall be released from all conditions and
                  restrictions, except for restrictions on transfer pursuant to
                  the Securities Act of 1933, as amended, and (B) the Executive
                  shall be deemed to be credited with service with the Company
                  for such remaining Term for the purposes of the Company's
                  benefit plans, and (C) the Executive shall be deemed to have
                  retired from the Company and shall be entitled as of the
                  termination date, or at such later time as he may elect to
                  commence receiving the total combined qualified and
                  non-qualified retirement benefit to which he is entitled
                  hereunder, or Executive's total non-qualified retirement
                  benefit hereunder if under the terms of the Company's
                  qualified retirement plan for salaried employees he is not
                  entitled to a qualified benefit, and (D) if any provision of
                  this Section 5.2.4 cannot, in whole or in part, be implemented
                  and carried out under the terms of the applicable
                  compensation, benefit, or other plan or arrangement of the
                  Company because the Executive has ceased to be an actual
                  employee of the Company, because the Executive has
                  insufficient or reduced credited service based upon
                  Executive's actual employment by the Company, because the plan
                  or arrangement has been terminated or amended after the
                  effective date of this Agreement, or because of any other
                  reason, the Company itself shall pay or otherwise provide the
                  equivalent of such rights, benefits and credits for such
                  benefits to Executive, Executive's dependents, beneficiaries
                  and estate. Subject to applicable legal limits to the
                  contrary, in the event of termination pursuant to clauses (i)
                  through (iii) of Section 5.2, Executive shall have three (3)
                  years from the date of such termination to exercise any
                  outstanding stock options.

         6. Compensation. In consideration of Executive's services and covenants
hereunder, Company shall pay to Executive the compensation and benefits
described below (which compensation shall be paid in accordance with the normal
compensation practices of the Company and shall be subject to such deductions
and withholdings as are required by law or policies of the Company in effect
from time to time, provided that Executive's salary pursuant to Section 6.1
shall be payable not less frequently than monthly):

                  6.1 Annual Salary. During the Term hereof, the Company shall
         pay to Executive an annual base salary established by the Board which
         for the first year of the Term shall be not less than the highest
         annual salary rate of the Executive for the past three years.
         Executive's salary will be reviewed by the Board at the beginning of
         each of its fiscal years and, in the sole discretion of the Board, may
         be increased, but not decreased, for such year; provided, however, on
         each anniversary date of this Agreement during the Term hereof,
         Executive's annual base salary shall be increased by five percent (5%).
         Following a Change in Control, the base salary shall be increased
         annually by a percentage at

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         least equal to the average annual increase over the past three years
         but in no event shall the increase be less than five percent (5%) and
         during the Term hereof cannot be reduced.

                  6.2 Annual Incentive Bonus. During the Term hereof, the Board
         may pay to Executive an annual incentive cash bonus in accordance with
         the terms of the Short Term Incentive Compensation Plan.

                  6.3 Long Term Incentive Compensation Plan. During the Term
         hereof, the Board may pay to Executive long term incentive cash bonuses
         in accordance with the Long Term Incentive Compensation Plan.

                  6.4 Supplemental Executive Benefit Plan. During the Term
         hereof, Executive shall be entitled to participate in The South
         Financial Group Supplemental Executive Benefit Plan.

                  6.5 Stock Options and Restricted Stock. During the Term
         hereof, the Board shall grant Executive options to purchase Company
         Common Stock and restricted stock in accordance with the terms of the
         Company's Long Term Incentive Compensation Plan.

                  6.6 Other Benefits. Executive shall be entitled to share in
         any other employee benefits generally provided by the Company to its
         most highly ranking executives for so long as the Company provides such
         benefits. The Company also agrees to provide Executive with a
         Company-paid automobile or automobile allowance, reasonable club dues
         for one country club and two business club(s), personal tax advisory
         services, and a $5,000,000.00 life insurance policy and such disability
         insurance as may be purchased by $18,000.00 per year in premiums.
         Executive shall also be entitled to participate in all other benefits
         accorded general Company employees. If the Executive becomes disabled
         and if the proceeds of the disability policy purchased by the Company
         are insufficient to fund the Company's obligation hereunder as if the
         Executive were not disabled, the Company will fund the difference.

                  6.7 The payments hereunder are not subject to mitigation in
         the event Executive receives compensation and is no longer actively
         employed.

         7. Excess Parachute Payments.

                  7.1 It is the intention of the parties hereto that the
         severance payments and other compensation provided for herein (other
         than payments pursuant to Section 9) are reasonable compensation for
         Executive's services to the Company and shall not constitute "excess
         parachute payments" within the meaning of Section 280G of the Code and
         any regulations thereunder. In the event that the Company's independent
         accountants acting as auditors for the Company on the date of a Change
         in Control determine that the payments provided for herein constitute
         "excess parachute payments," then the compensation payable hereunder
         shall be reduced to the point that such compensation shall not qualify
         as "excess parachute payments."

                  7.2 To the extent that payments under Section 9 cause a
         "parachute payment," as defined in Section 280G(b)(2) of the Code, the
         Company shall indemnify Executive and hold Executive harmless against
         all claims, losses, damages, penalties, expenses, and excise taxes
         relating thereto. To effect this indemnification, the Company shall pay
         Executive an additional amount that is sufficient to pay any excise tax
         imposed by Section 4999 of the Code on the payments and benefits to
         which Executive is entitled without the additional amount plus any
         penalties or interest imposed by the Internal Revenue Service in regard
         to such amounts, plus another additional amount sufficient to pay all
         the excise and income taxes on the additional amounts. The
         determination of any additional amount that must be paid under this
         section at any time shall be made in good faith by the independent
         auditors then employed by the Company.

         8. Confidentiality. Executive shall hold in a fiduciary capacity for
the benefit of the Company all Confidential Information relating to the Company
or any of its affiliated companies, and their respective

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businesses, which shall have been obtained by the Executive during the
Executive's employment by the Company or any of its affiliated companies. After
termination of Executive's employment with the Company, the Executive shall not,
without the prior written consent of the Company or as may otherwise be required
by law or legal process, communicate or divulge any such information, knowledge
or data to anyone other than the Company and those designated by it. Upon the
termination or expiration of Executive's employment hereunder, Executive agrees
to deliver promptly to the Company all Company files, customer lists, management
reports, memoranda, research, Company forms, financial data and reports and
other documents supplied to or created by Executive in connection with
Executive's employment hereunder (including all copies of the foregoing) in
Executive's possession or control and all of the Company's equipment and other
materials in Executive's possession or control. In no event shall an asserted
violation of the provisions of this Section 8 constitute a basis for deferring
or withholding any amounts otherwise payable to the Executive under this
Agreement.

         9. Noncompetition and Nonsolicitation Agreement. If this Agreement is
terminated by the Company pursuant to Section 5.1(iv) or by Executive pursuant
to Section 5.2(i), (ii), (iii), or 5.2.1, Executive shall not enter into an
employment relationship or a consulting arrangement with any other federally
insured depository institution headquartered or having a physical presence in
the State of South Carolina, or any county in the States of Florida or North
Carolina in which the Company or its affiliates has a physical presence or
conducts business operations (hereinafter a "competitor") within five years of
the date of the termination of employment or such lesser time as may be
applicable under Section 5.2.1 or 5.2.3 above (the "Noncompete Period"). The
obligations contained in this Section 9 shall not prohibit Executive from being
an owner of not more than 5% of the outstanding stock of any class of a
corporation which is publicly traded, so long as Executive has no active
participation in the business of such corporation.

                  9.1 During the Noncompete Period, Executive shall not directly
         or indirectly through another entity (i) induce or attempt to induce
         any employee of Company to leave the employ of Company, including but
         not limited to a competitor, or in any way interfere with the
         relationship between Company and any employee thereof, (ii) hire any
         person who was an employee of Company or any subsidiary at any time
         during the time that Executive was employed by Company, or (iii) induce
         or attempt to induce any customer, supplier, or other entity in a
         business relation with Company to cease doing business with Company, or
         in any way interfere with the relationship between any such customer,
         supplier, or business relation and Company or do business with a
         competitor.

                  9.2 Subject to Sections 5.2.1 and 5.2.3 hereof, solely in
         consideration of Executive's promises set forth in this Section 9 (and
         in addition to any other severance compensation provided in this
         Agreement), upon termination of the Executive pursuant to the terms
         contained in this Section 9, Company agrees to pay Executive an amount
         equal to ten (10) times Executive's annual cash compensation as
         provided in Sections 6.1 and 6.2 being paid at the time of commencement
         of the Noncompete Period; continue Executives coverage and funding
         under Section 6.4 for ten (10) years following the commencement of the
         Noncompete Period; and continue to provide an automobile, club dues,
         personal tax advisory services, life insurance, and disability
         insurance under Section 6.6 for ten (10) years following the
         commencement of the Noncompete Period. For purposes of determining
         compensation which is not fixed (such as a bonus), the annual amount of
         such unfixed compensation shall be deemed to be equal to the average of
         such compensation over the three year period immediately prior to the
         termination. The amount payable under this Section 9.2 shall be in five
         annual installments beginning on the first day of the Noncompete Period
         and on the four subsequent anniversaries thereof.

                  9.3 If, at the time of enforcement of this Section 9, a court
         shall hold that the duration, scope or area restrictions stated herein
         are unreasonable under circumstances then existing, the parties agree
         that the maximum duration, scope or area reasonable under such
         circumstances shall be substituted for the stated duration, scope or
         area and that the court shall be allowed to revise the restrictions
         contained herein to cover the maximum period, scope and area permitted
         by law. Executive agrees that the restrictions contained in this
         Section 9 are reasonable.

                  9.4 In the event of the breach or a threatened breach by
         Executive of any of the provisions of this Section 9, Company, in
         addition and supplementary to other rights and remedies existing in its

                                       8
<PAGE>   9

         favor, may apply to any court of law or equity of competent
         jurisdiction for specific performance and/or injunctive or other relief
         in order to enforce or prevent any violations of the provisions hereof
         (without posting a bond or other security). In addition, in the event
         of an alleged breach or violation by Executive of this Section 9, the
         Noncompete Period shall be tolled until such breach or violation has
         been duly cured.

         10. Trust. Notwithstanding anything to the contrary in this Agreement,
in lieu of direct payments to Executive under Section 5 of this Agreement, the
Company shall establish an irrevocable trust to fund and pay Executive the
maximum amount of obligations which could reasonably be expected to become
payable hereunder under any circumstances (which shall be a "rabbi trust" if so
requested by Executive), which trust (i) shall have as trustee an individual
acceptable to Executive, (ii) shall be fully funded upon a Potential Change in
Control, and (iii) shall contain such other terms and conditions as are
reasonably necessary in Executive's determination to ensure the Company's
compliance with its obligations hereunder. In the event the trust is funded due
to a Potential Change in Control and a Change in Control does not occur within
one (1) year of the latest occurrence of a Potential Change in Control, the
Company may recover any amounts contributed to and remaining in the trust. The
Company will pay all management and other fees associated with the
administration of the trust established pursuant to this Section 10.

         11. Assignment. The parties acknowledge that this Agreement has been
entered into due to, among other things, the special skills of Executive, and
agree that this Agreement may not be assigned or transferred by Executive, in
whole or in part, without the prior written consent of Company.

         12. Notices. All notices, requests, demands, and other communications
required or permitted hereunder shall be in writing and shall be deemed to have
been duly given if delivered or seven days after mailing if mailed, first class,
certified mail postage prepaid:

                  To the Company:           The South Financial Group, Inc.
                                            Poinsett Plaza
                                            104 South Main Street
                                            Greenville, South Carolina 29601
                                            Attn: Chairman of the Board

                  To Executive:             Mack I. Whittle, Jr.
                                            9 Hidden Hills Drive
                                            Greenville, South Carolina 29605

Any party may change the address to which notices, requests, demands, and other
communications shall be delivered or mailed by giving notice thereof to the
other party in the same manner provided herein.

         13. Provisions Severable. If any provision or covenant, or any part
thereof, of this Agreement should be held by any court to be invalid, illegal or
unenforceable, either in whole or in part, such invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of
the remaining provisions or covenants, or any part thereof, of this Agreement,
all of which shall remain in full force and effect.

         14. Remedies in the Absence of a Change in Control. The terms of this
Section 14 will apply in the absence of a Change in Control.

                  14.1 The Executive acknowledges that if he breaches or
         threatens to breach Executive's covenants and agreements in this
         Agreement, such actions may cause irreparable harm and damage to the
         Company which could not be compensated in damages. Accordingly, if
         Executive breaches or threatens to breach this Agreement, the Company
         shall be entitled to injunctive relief, in addition to any other rights
         or remedies of the Company.

                                       9
<PAGE>   10

                  14.2 All claims, disputes and other matters in question
         between the Executive and the Company arising out of or related to the
         interpretation of this Agreement or the breach of this Agreement,
         except as specifically governed by the foregoing provisions where there
         may be irreparable harm and damage to the Company which could not be
         compensated in damages, shall be decided by arbitration in accordance
         with the rules of the American Arbitration Association. This agreement
         to arbitrate shall be specifically enforceable under applicable law in
         any court having jurisdiction. The award rendered by the arbitrator
         shall be final and judgment may be entered upon it in accordance with
         the applicable law of any court having jurisdiction thereof.

                  14.3 In the event that the Executive is reasonably required to
         engage legal counsel to enforce Executive's rights hereunder against
         the Company, Executive shall be entitled to receive from the Company
         Executive's reasonable attorneys' fees and costs; provided that
         Executive shall not be entitled to receive those fees and costs related
         to matters, if any, which were the subject of litigation and with
         respect to which a judgment is rendered against Executive.

         15. Remedies in the Event of a Change in Control. The terms of this
Section 15 shall apply in the event of a Change in Control.

                  15.1 The Executive acknowledges that if he breaches or
         threatens to breach Executive's covenants and agreements in this
         Agreement, such actions may cause irreparable harm and damage to the
         Company which could not be compensated in damages. Accordingly, if
         Executive breaches or threatens to breach this Agreement, the Company
         shall be entitled to injunctive relief, in addition to any other rights
         or remedies of the Company. All claims, disputes and other matters in
         question between the Executive and the Company arising out of or
         related to the interpretation of this Agreement or the breach of this
         Agreement shall be decided under and governed by the laws of the State
         of South Carolina.

                  15.2 The Company is aware that upon the occurrence of a Change
         in Control, the Board or a stockholder of the Company may then cause or
         attempt to cause the Company to refuse to comply with its obligations
         under this Agreement, or may cause or attempt to cause the Company to
         institute, or may institute, litigation seeking to have this Agreement
         declared unenforceable, or may take, or attempt to take, other action
         to deny the Executive the benefits intended under this Agreement. In
         these circumstances, the purpose of this Agreement could be frustrated.
         It is the intent of the parties that the Executive not be required to
         incur the legal fees and expenses associated with the protection or
         enforcement of Executive's rights under this Agreement by litigation or
         other legal action because such costs would substantially detract from
         the benefits intended to be extended to the Executive hereunder, nor be
         bound to negotiate any settlement of Executive's rights hereunder under
         threat of incurring such costs. Accordingly, if at any time after a
         Change in Control, it should appear to the Executive that the Company
         is or has acted contrary to or is failing or has failed to comply with
         any of its obligations under this Agreement for the reason that it
         regards this Agreement to be void or unenforceable or for any other
         reason, or that the Company has purported to terminate Executive's
         employment for cause or is in the course of doing so in either case
         contrary to this Agreement, or in the event that the Company or any
         other person takes any action to declare this Agreement void or
         unenforceable, or institutes any litigation or other legal action
         designed to deny, diminish or to recover from the Executive the
         benefits provided or intended to be provided to Executive hereunder,
         and the Executive has acted in good faith to perform Executive's
         obligations under this Agreement, the Company irrevocably authorizes
         the Executive from time to time to retain counsel of Executive's choice
         at the expense of the Company to represent Executive in connection with
         the protection and enforcement of Executive's rights hereunder,
         including without limitation representation in connection with
         termination of Executive's employment contrary to this Agreement or
         with the initiation or defense of any litigation or other legal action,
         whether by or against the Executive or the Company or any director,
         officer, stockholder or other person affiliated with the Company, in
         any jurisdiction. The reasonable fees and expenses of counsel selected
         from time to time by the Executive as hereinabove provided shall be
         paid or reimbursed to the Executive by the Company on a regular,
         periodic basis upon presentation by the Executive of a statement or
         statements prepared by such counsel representing other officers or key
         executives of the Company in connection with the protection

                                       10
<PAGE>   11

         and enforcement of their rights under similar agreements between them
         and the Company, and, unless in Executive's sole judgment use of common
         counsel could be prejudicial to Executive or would not be likely to
         reduce the fees and expenses chargeable hereunder to the Company, the
         Executive agrees to use Executive's best efforts to agree with such
         other officers or executives to retain common counsel.

         16. Waiver. Failure of either party to insist, in one or more
instances, on performance by the other in strict accordance with the terms and
conditions of this Agreement shall not be deemed a waiver or relinquishment of
any right granted in this Agreement or of the future performance of any such
term or condition or of any other term or condition of this Agreement, unless
such waiver is contained in a writing signed by the party making the waiver.

         17. Amendments and Modifications. This Agreement may be amended or
modified only by a writing signed by other parties hereto.

         18. Governing Law. The validity and effect of this agreement shall be
governed by and construed and enforced in accordance with the laws of the State
of South Carolina.

                                       11
<PAGE>   12

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first above written.

                                    EXECUTIVE

                                     /s/ Mack I. Whittle, Jr.
                                    -------------------------
                                    Mack I. Whittle, Jr.

                                    THE SOUTH FINANCIAL GROUP, INC.

                                    By:      /s/ William R. Timmons, Jr.
                                             ---------------------------

                                    Title:   Chairman
                                             ---------------------------

                                       12

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