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                                                                   EXHIBIT 10.10

NOTICE: THIS CONTRACT IS SUBJECT TO ARBITRATION

                                 NONCOMPETITION,

                       SEVERANCE AND EMPLOYMENT AGREEMENT

                                     BETWEEN

                 THE SOUTH FINANCIAL GROUP AND ANDREW B. CHENEY

         This Noncompetition, Severance and Employment Agreement (this"
Agreement") is made and entered into on this 31st day of March, 2000, to be
effective on the 15th day of February, 2000 (the "Effective Date"), by and
between Andrew B. Cheney, an individual (the "Executive"), and The South
Financial Group, 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.

                                   WITNESSETH

         WHEREAS, Citrus Bank, a banking subsidiary of the Company, is engaged
in the business of banking in the State of Florida;

         WHEREAS, the Company's Board of Directors (the "Board") believes that
the Executive will be instrumental in the success of the Company;

         WHEREAS, the Company desires to employ the Executive as President of
Citrus Bank and in such other capacities as may be designated by the Board and
Chief Executive Officer;

         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
President of Citrus Bank 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.

 "CHANGE IN CONTROL" shall mean:

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         (i) The acquisition, directly or indirectly, by any Person (other than
(A) any employee plan established by any "Corporation" [which for these purposes
shall be deemed to be the Company and any corporation, association, joint
venture, proprietorship or partnership which is connected with the Company
either through stock ownership or through common control, within the meaning of
Section 414(b) and ( c ) and 1563 of the Internal Revenue Code of 1986, as
amended], (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, or (D) a corporation
owned, directly or indirectly, by stockholders of the Company in substantially
the same proportions as their ownership of the Company), 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 of25%
or more of the combined voting power of the Company's then outstanding voting
securities;

         (ii) During any period of up to two consecutive years, (not including
any period prior to effective date) 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

         (iv) The stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the
Company of all or substantially all of the Company's assets, other than a sale
or disposition of the Company of all or substantially all of the Company's
assets to an entity, at least 75% of the combined voting power of the voting
securities of which are owned by persons in substantially the same proportion as
their ownership of the Company immediately prior to such sale, or

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         (v) 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.

"CAUSE" shall mean:

         (i) IN THE ABSENCE OF A CHANGE IN CONTROL: (a) fraud; (b) embezzlement;
(c) conviction of the Executive of any felony; (d) dereliction of duties; or (e)
a material breach of, or the willful failure or refusal by the Executive to
perform and discharge the Executive's duties, responsibilities and obligations
under this Agreement; (f) any act of moral turpitude or willful misconduct by
the Executive intended to result in personal enrichment of the Executive at the
expense of the Company, or any of its affiliates or which has a material adverse
impact on the Business or reputation of the Company or any of its affiliates
(such determination to be made by the Board in its reasonable judgment); (g)
intentional material damage to the property or Business of the Company; (h)
gross negligence; or (i) the ineligibility of the Executive to perform his
duties because of a ruling, directive or other action by any agency of the
United States or any state of the United States having regulatory authority over
the Company.

         (ii) AFTER a CHANGE IN CONTROL: (a) material criminal fraud, (b) gross
negligence, (c) material dereliction of duties, (d) intentional material damage
to the property or business of the Company, or (e) the commission of a material
felony, in each case, as determined in the reasonable discretion of the Board,
but only if (I) 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)
such written notice is provided to the Executive a reasonable time before the
Board meets to consider any possible termination for cause, (3) 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 his counsel to be heard
before the Board with respect to the matters described in the written notice,
(4) 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 (5) 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 him not in good faith and without reasonable belief
that his 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 his position, authorities or duties, a reduction in his total
compensation or benefits, a relocation that he deems unreasonable in light of
his personal circumstances, or other action by or request of the Company in
respect of his 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.

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

         "DISABILITY" OR "DISABLED" shall mean the Executive's inability as a
result of physical or mental incapacity to substantially perform his 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.

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         "INVOLUNTARY TERMINATION" shall mean the termination of Executive's
employment by the Executive following a Change in Control which is due to (i) a
change of the Executive's responsibilities, position (including status as
President of Citrus Bank, 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 his positions, duties or responsibilities as in effect
immediately before the Change in Control); or (ii) a change in the terms or
status (including the rolling three (3) year termination date) of this
Agreement; or (iii) a substantial reduction in the Executive's compensation or
benefits; or (iv) a forced relocation of the Executive outside the Jacksonville
metropolitan area; or (v) a significant increase in the Executive's travel
requirements.

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

         "PROTECTED 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.

         "VOLUNTARY TERMINATION" shall mean the termination by Executive of
Executive's employment following a Change in Control which is not an Involuntary
Termination as defined above.

         3. Duties. During the term hereof, the Executive shall have such duties
and authority as are typical of the President of a company such as Citrus Bank,
including, without limitation, those specified in the Company's Bylaws.
Executive agrees that during the Term hereof, he will devote his full time,
attention and energies to the diligent performance of his 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 his duties hereunder.

         4. Term. Unless earlier terminated as provided herein, the Executive's
employment hereunder shall be for a rolling term of three years (the "Term")
commencing on the date hereof. This Agreement shall be deemed to extend each
month for an additional month automatically without any action on behalf of
either party hereto; provided, however, that 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

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the two 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 clauses (i), (ii) or (iii) of Section 5.1, the Company's
obligations hereunder shall 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
Section 5.2.3 below.

         5.1.2 If the Company terminates Executive pursuant to clause (iv) of
Section 5.1 and there has been a Change in Control, Executive shall be entitled
to receive immediately 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. If the Company
terminates Executive pursuant to clause (iv) of Section 5.1 and in the absence
of a Change in Control, Executive shall be entitled to receive immediately in a
lump sum as severance upon such termination, an amount equal to the compensation
and benefits that would otherwise be provided to Executive in Section 6 hereof
for the remaining Term of this Agreement. 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 the equal to the average of such
compensation over the three year period immediately prior to the termination.

         5.1.3 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 his 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 5.1.3 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 his 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, his dependents, beneficiaries and
estate.

         5.2 By Executive. Executive shall have the right to terminate his
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.

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         5.2.1 If Executive terminates his 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 three
(3) years.

         5.2.2 If Executive terminates his employment hereunder pursuant to
either clause (i) or clause (iii) of Section 5.2 and there has been a Change in
Control, Executive shall be entitled to receive his base salary and other
benefits due him through the termination date, less applicable taxes and other
deductions, and receive immediately in a lump sum as severance, aggregate cash
compensation provided in Section 6 equal to three times Executive's annual
compensation being paid at the time of termination. If the Executive terminates
his employment pursuant to clause (i) of Section 5.2 and in the absence of a
Change in Control, Executive shall be entitled to receive immediately in a lump
sum as severance upon such termination, an amount equal to one time 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 the equal to the average of
such compensation over the three year period immediately prior to the
termination.

         5.2.3 If Executive terminates his employment pursuant to clause (ii) of
Section 5.2, Executive shall be entitled to receive his base salary and other
benefits due him 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. 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 the 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 (8) 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 his
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 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 his 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, his dependents,
beneficiaries and estate.

         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

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deductions and withholdings as are required by law or policies of the Company in
effect from time to time, provided that his 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 a base annual salary established by the Board which for the first year
of the Term shall be as set forth in the offer letter from the Company to the
Executive dated January 14,2000. 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 for such year.

         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 Stock Options and Restricted Stock. During the Term hereof, the
Board may 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.

         6.5 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 agrees
to provide Executive a monthly automobile allowance of $750, grossed up for
income and employment withholding taxes, plus reimbursement for insurance,
gasoline, and maintenance expenses for the automobile that is primarily used by
Executive for business purposes. The Company also agrees to provide Executive
with reasonable club dues for one country club and one business club. Executive
shall also be entitled to participate in all other benefits accorded general
Company employees, including the Company medical plan, dental plan, long-term
disability plan, life insurance, accidental death and dismemberment, 401(k)
savings plan, employee stock ownership plan (ESOP), and flexible benefits
program. These benefits are subject to certain plan restrictions, including
pre-existing conditions and waiting periods. Executive will be able to
participate in the Employee Stock Purchase Plan (ESPP) the first plan quarter
following his one-year anniversary date.

         7. Gross-Up of Termination Payments. It is the intention of the parties
that (i) the net amount of all Termination Payments provided under Section 5.1.2
retained by the Executive after deduction for and payment of all applicable
federal, state and local taxes (the "Withholding Taxes") payable by or on behalf
of the Executive shall be equal to the gross amount of the Termination Payments
without regard to any such deductions or payments (the "Net Termination
Payments") and (ii) the net amount of all other payments or benefits received or
to be received by the Executive from the Company or one of its benefit plans as
a direct or indirect result of or in connection with a Change in Control or in
connection with Termination within one year of a change in Control, from
whatever source other than a Termination Payment (the "Other Payments"), that
are or become subject to the tax (the "Excise Tax") imposed by Section 4999 of
the Internal Revenue code of 1986 or any successor statute, rule or regulation
of similar effect (the "Code"), shall be equal to the gross amount of the Other
Payments without regard to deduction or payment or any such Excise Tax.
Accordingly, the Termination Payments otherwise payable hereunder shall be
increased by an amount of cash (the "Withholding Gross-Up Payment") equal to
all Withholding Taxes payable by or on behalf of the Executive in respect of the
Termination Payments, including any

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Withholding Taxes as may be due in respect of such additional amounts to be paid
pursuant to this sentence as will result in the Executive actually retaining an
amount equal to the Net Termination Payments. In addition, if the sum of the
Termination Payments, the Withholding Gross Up Payment and the Other Payments
(the "Total Payments") are or become subject to the Excise Tax, the Company
shall pay the Executive within 30 days of the Termination Date an additional
cash amount (the "Excise Gross-Up Payment") such that the net amount actually
retained by the Executive, after deduction for or payment of any Excise Tax on
the Total Payments and the sum of any Withholding Taxes upon the payment
provided by this sentence shall be equal to the Total Payments (the "Net Total
Payments"). For the purposes of determining whether any of the Total Payments
will be subject to the Excise Tax and the amount of such Excise Tax, the
following shall apply:

         (a) all "excess parachute payments" within the meaning of Section
280G(b)(1) of the Code shall be treated as subject to the Excise Tax, unless, in
the opinion of tax counsel selected by the Company's independent auditors and
acceptable to the Executive, such other payments or benefits (in whole or in
part) described in clause (a) above do not constitute parachute payments, or
such excess parachute payments (in whole or in part) represent reasonable
compensation for services actually rendered within the meaning of Section 280G(b
)( 4) of the Code;

         b) the amount of the Termination Payments which shall be treated as
subject to the Excise Tax shall be equal to the lesser of:

         (i) the total amount of the Termination Payments; and

         (ii) the amount of excess parachute payments within the meaning of
Sections 280G(b)(1) and (4) (after applying clauses (a) and (b) above).

         (c) the value of any non-cash benefits or any deferred payment or
benefit shall be determined by the Company's independent auditors in accordance
with the principles of Sections 280G(d)(3) and (4) of the Code; and

         (d) the Executive shall be deemed to pay federal income taxes, and
state and local income taxes in the state and locality of the Executive's
residence on the date of Termination, at the highest marginal rate of income
taxation in effect in the calendar year in which the Gross-Up Payment is to be
made, net of the maximum reduction in federal income taxes which could be
obtained from deduction of such state and local income taxes.

Provided, that in the event the Excise Tax or Withholding Taxes are subsequently
determined to be less than the amounts taken into account hereunder at the time
of the payment of the Withholding Gross Up Payments or the Excise Tax Gross Up
Payment, the Executive shall repay the Company the portion of such payments
attributable to such reduction, or in the event that the Excise Tax or the
Withholding Taxes are subsequently determined to exceed the amount taken into
account hereunder at the time of the payment of the Withholding Gross Up Payment
or the Excise Tax Gross Up Payment (including by reason of any payment the
existence or amount of which cannot be determined at the time of such payments),
to make the Executive whole, the Company shall make an additional gross-up
payment in respect of such excess. Payment shall be made within 30 days after
the final determination of the amount of the reduction or excess, as the case
may be, together with interest thereon at the rate provided in Section
1274(b)(2)(B) of the Code.

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         8. Confidentiality. Executive shall hold in a fiduciary capacity for
the benefit of the Company all Protected Information relating to the Company or
any of its affiliated companies, and their respective 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 his 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 him in connection with his employment hereunder (including all copies
of the foregoing) in his possession or control and all of the Company's
equipment and other materials in his possession or control. In no event shall an
asserted violation of the provisions of this Section 10 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(i) or (iv) or by Executive
pursuant to Section 5.2(i) or (iii), Executive shall not enter into an
employment relationship or a consulting arrangement with any other bank, thrift,
lending or financial institution of any type headquartered or having a physical
presence in the states of Florida and South Carolina (hereinafter a
"competitor") within three years of the anniversary of the date of the Change in
Control (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. In the event that Executive's employment is terminated for any
reason following a Change in Control (whether by the Company or Executive), it
is expressly acknowledged that there shall be no limitation on any activity of
Executive, including direct competition with the Company or its successor, and
Company shall not be entitled to injunctive relief with respect to any such
activities of Executive.

         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 of 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 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 three (3)
times the 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. 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 the 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 three
annual installments beginning on

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the first day of the Noncompete Period or as soon thereafter as practicable and
on the two 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 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. 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.

         11. 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 102 South Main Street
                  Greenville, South Carolina 29601
                  Attn: Chairman of the Board

To Executive:     Mr. Andrew B. Cheney
                  2110 River Road
                  Jacksonville, FL 32207

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.

         12 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.

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

         13.1 The Executive acknowledges that if he breaches or threatens to
breach his 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

                                       10
<PAGE>

this Agreement, the Company shall be entitled to injunctive relief, in addition
to any other rights or remedies of the Company.

         13.2 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.

         13.3 In the event that the Executive is reasonably required to engage
legal counsel to enforce his rights hereunder against the Company, Executive
shall be entitled to receive from the Company his 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.

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

         14.1 The Executive acknowledges that if he breaches or threatens to
breach his 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.

         14.2 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 his 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 his rights hereunder under threat of incurring such costs.
Accordingly, if at any time after a Change of 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 his 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 him hereunder, and the Executive has
acted in good faith to perform his obligations under this

                                       11
<PAGE>

Agreement, the Company irrevocably authorizes the Executive from time to time to
retain counsel of his choice at the expense of the Company to represent him in
connection with the protection and enforcement of his rights hereunder,
including without limitation representation in connection with termination of
his 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 and enforcement of their rights under similar
agreements between them and the Company, and, unless in his sole judgment use of
common counsel could be prejudicial to him or would not be likely to reduce the
fees and expenses chargeable hereunder to the Company, the Executive agrees to
use his best efforts to agree with such other officers or executives to retain
common counsel.

         15. 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.

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

         17. 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.

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

                                           EXECUTIVE

                                           /s/ Andrew B. Cheney
                                           -------------------------------------
                                           Andrew B. Cheney

                                           THE SOUTH FINANCIAL GROUP

                                           By: /s/ William S. Hummers III
                                               ---------------------------------
                                           William S. Hummers III
                                           Executive Vice President

                                       12<PAGE>

                                                                   EXHIBIT 10.14

                         THE SOUTH FINANCIAL GROUP, INC.

                          THE LONG-TERM INCENTIVE PLAN

                                  CONFIDENTIAL

                              Amended and Restated
                                 January 1, 2001

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TABLE OF CONTENTS

I.   PROGRAM OVERVIEW

     A.       Introduction                                                    1

     B.       Plan Objectives                                                 1

     C.       Basic Plan Concept                                              1

     D.       Plan Administration                                             1

II.      The Stock Option Element

     A.       Basic Description                                               2

     B.       Eligibility Criteria                                            2

     C.       Award Opportunities                                             2

     D.       Terms and Conditions                                            2

     E.       Stock Option Award                                              3

     F.       Option Exercise                                                 3

     G.       Transferability                                                 3

     H.       Retirement, Disability & Death                                  3

     I.       Change-in-Control                                               3

     J.       Taxation                                                        4

III..    The  Performance Share Element

     A.       Basic Description                                               4

     B.       Eligibility Criteria                                            4

     C.       Award Opportunities                                             4

     D.       Vesting                                                         5

     E.       Frequency of Awards                                             5

     F.       Performance Measures and Weighting                              6

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     G.       Performance Standards                                           6

     H.       Award Payments                                                  7

     I.       Transferability                                                 7

     J.       Retirements and Terminations                                    7

     K.       Change-in-Control                                               7

IV.      Miscellaneous

     A.       Right to Amend or Terminate the Plan                            7

     B.       No Right to Continued Employment                                7

     C.       Payment on Behalf of Payee                                      8

     D.       No Trust or Funding Created                                     8

     E.       Governing Law                                                   8

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I.   PROGRAM OVERVIEW

     A.       Introduction

              The South Financial Group, Inc. Long Term Incentive Plan ("LTIP")
              was established effective January 1, 1997 ("Prior Plan"). This
              amended and restated LTIP document is effective January 1, 2001 to
              coincide with the effective date of certain strategic financial
              objectives adopted by the Board of Directors ("Board") effective
              January 1, 2001.

     B.       Plan Objectives

              The primary objective of The South Financial Group, Inc. Long-Term
              Incentive Plan is to link a significant element of senior
              management compensation to financial performance achievements over
              a multi-year period. The LTIP focuses on specific long-term
              financial success factors which are intended to align the
              interests of The South Financial Group, Inc. ("Company")
              executives and the Company's shareholders. The LTIP is intended to
              provide an opportunity for the Executive to obtain and maintain a
              meaningful and continuing equity interest in the Company and to
              increase the stock ownership of senior management in the Company.

     C.       Basic Plan Concept

              The Plan consists of two primary elements: (i) an annual grant of
              time-vested Company stock options that become exercisable in equal
              installments (typically 25% per year over a four-year period); and
              (ii) an annual grant of performance shares whereby shares of
              Company stock can be earned based on performance achievements over
              a three-year performance cycle.

              Currently, the LTIP is structured to provide 50% of the total
              annual award opportunity in the form of stock options and the
              other 50% in the form of performance shares. The mix between these
              two LTIP elements may change over time as the Company changes its
              strategic objectives, philosophy and priorities. Additional
              performance awards may also be based on achievement of performance
              goals at the end of each performance cycle.

     D.       Plan Administration

              The Board of Directors will be responsible for the management of
              the LTIP. Elements of administration may be delegated to
              established committees of the Board consisting of at least two
              directors considered "disinterested individuals" under applicable
              SEC regulations. The Board of Directors or delegated committees
              (typically the Compensation Committee) will have the sole
              discretion and authority to administer the LTIP, including, but
              not limited to, interpretation of the LTIP provisions, approval of
              the LTIP participants, approval of the timing of awards,
              determining the terms and conditions of awards, and amending or
              terminating the Plan. The Compensation Committee shall act as the
              Plan Administrator for the LTIP. In the event of a discrepancy
              between the LTIP and The South Financial Group Corporation Amended
              and Restated Stock Option Plan (Amended and Restated as of April
              20, 1994), or The South Financial Group Corporation Amended and
              Restated Restricted Stock Agreement Plan (Amended and Restated as
              of April 20, 1994), such plans shall be binding and will override
              all matters pertaining to such Plan.

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II.  STOCK OPTION ELEMENT

     A.       Basic Description

              Once vested, a stock option provides the recipient a right to
              purchase a specified number of Company common shares at a stated
              price ("Exercise Price") during a given number of years ("Option
              Term") after being granted. Grants will take the form of
              non-qualified stock options ("NQSOs") as defined under the
              Internal Revenue Code of 1986, as amended. Stock option grants
              under this Plan are not awarded on a performance-contingent basis,
              although they will only have value if the Company's share price
              appreciates during the option term.

     B.       Eligibility Criteria

              Eligibility for participation in the stock option element of the
              LTIP will be extended to those employees perceived to have a
              direct impact on the Company's success. The eligibility of
              specific individuals or positions will be reviewed and evaluated
              annually by the Company's Chief Executive Officer. Recommendations
              for participation must also be reviewed and approved by the Plan
              Administrator. Participation in the stock option element of the
              LTIP does not guarantee continued employment nor does it guarantee
              participation in the performance share element of the LTIP,
              subsequent performance periods, or other incentive compensation
              plans.

     C.       Award Opportunity

              The number of shares underlying stock option awards will be
              determined by the Plan Administrator, and will be based on a
              number of factors including competitive grant practices, the
              participant's level of responsibility, amount of Company stock
              held by the participant, and the Company's perception of the
              participant's ability to influence the future performance of the
              Company. The size of annual stock option grants will also be
              affected by the Company's desired mix of long-term incentive
              benefits. Stock option grants are designed to provide 50% of the
              total long-term incentive opportunity under the LTIP, with the
              other 50% being delivered through performance share element as
              provided below.

     D.       Terms and Conditions

              The stock option award level, if any, for each year will be
              provided to each participant by a Stock Option Grant Agreement
              substantially in the form of the attached Exhibit I which is
              incorporated herein by reference. The Stock Option Grant Agreement
              sets forth the terms and other conditions that pertain to the
              grant of a stock option. Specifically, the agreement provides:

              (i)   The Exercise Price per share--which will not be less than
                    100% of the fair market value of the Company's share price
                    on the date the award is made, but may be greater than the
                    current fair market value of the common stock ("premium
                    option") at the discretion of the Plan Administrator.

              (ii)  The number of shares that may be purchased by exercising the
                    stock option.

              (iii) The dates on which the stock option shall vest. Stock
                    options generally will become exercisable in equal
                    installments on the succeeding anniversaries of the grant
                    date according to the following vesting schedule:

                          One year after grant         25% vest  25% exercisable
                          Two years after grant        25% vest  50% exercisable
                          Three years after grant      25% vest  75% exercisable
                          Four years after grant       25% vest 100% exercisable

                    In the event of termination of employment for any reason,
                    all vesting shall cease.

                                       2

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THE LONG-TERM INCENTIVE PLAN
--------------------------------------------------------------------------------

              (iv)  The date on which the stock option expires, not to be longer
                    than 10 years ("Term"). Stock options that expire or stock
                    options that are forfeited will become available for future
                    grants under the LTIP.

     E.       Stock Option Awards

              Stock Options will be awarded within 3 months after the end of
              each year within the respective performance cycle - unless another
              award date is previously agreed upon by the Company and the
              participant(s) or so stated by management at the beginning of a
              performance cycle.

     F.       Option Exercise

              Participants may exercise vested stock options at any time during
              the Option Term by submitting an exercise request (in writing) to
              the Plan Administrator. Stock options must be exercised by
              submitting a completed Stock Option Exercise Form attached as
              Exhibit II and incorporated herein by reference.

              At the discretion of the Plan Administrator, 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. Upon exercise, the participant
              will receive Company common stock certificates in an amount that
              is equivalent to the number of shares being exercised.

              As an alternative approach to exercising stock options,
              participants may elect to transact a broker-financed cashless
              exercise whereby no payment is required by the participant. Under
              this approach, a broker provides the participant a short-term loan
              to exercise a stock option and then immediately sells the acquired
              shares in the open market. After this sale of the underlying
              shares, the broker then repays the loan and the brokerage
              commission for conducting the transaction. The remaining cash
              proceeds are delivered to the participant subject to all
              applicable social security, federal and state income tax
              withholding.

     G.       Transferability

              Stock options granted under the LTIP are non-transferable except
              by will or by the laws of descent and distribution.

     H.       Retirement, Disability & Death

              In the event of approved retirement, long-term disability, or
              death, all vested options will remain exercisable by the
              participant or the participant's estate (or designated beneficiary
              as shown on Exhibit III) for a period of 1 year subsequent to the
              date of such event. All unvested options shall be canceled.

     I.       Change-in-Control

              For purposes of this plan, a change-in-control (as defined and
              declared by the Board and subject to the terms of any employment
              agreement between the participant and the Company) will trigger
              accelerated vesting on all outstanding options. These fully vested
              options will remain exercisable for a period of 90 days subsequent
              to the date of the change-in-control.

                                       3
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THE LONG-TERM INCENTIVE PLAN
--------------------------------------------------------------------------------

     J.       Taxation

              Participants receiving stock options under the LTIP program must
              pay ordinary income tax on the spread (or gain) realized from the
              exercise of the options in the year of exercise.

III. THE PERFORMANCE SHARE ELEMENT

     A.       Basic Description

              Under the performance share element, shares of Company stock may
              be earned based on achievement of certain performance goals during
              and at the end of a three-year performance cycle in the following
              areas:

              (i)     Return on Assets ("ROA");
              (ii)    Return on Equity ("ROE");
              (iii)   Earnings Per Share ("EPS"); and
              (iv)    Loan Quality
                      -        Non-Performing Assets ("NPA")
                      -        Loan Charge Offs ("LCO").

              The number of shares earned will be based on weighted designated
              levels of achievements in these four areas. The value of the
              shares earned will be based on Company's stock price performance
              during and at the end of the three-year performance cycle.

     B.       Eligibility Criteria

              Eligibility to participate in the performance share element of the
              LTIP will be extended to those employees perceived to have a
              direct impact on the Company's long term success. The eligibility
              of specific individuals or positions will be reviewed and
              evaluated annually by the Company's Chief Executive Officer.
              Recommendations for participation must also be reviewed and
              approved by the Compensation Committee of the Board. Participation
              in the performance share element of the LTIP does not guarantee
              continued employment nor does it guarantee participation in the
              stock option element, subsequent performance periods, or other
              incentive compensation plans.

     C.       Award Opportunities

              The Plan Administrator will specify threshold, target and superior
              incentive award levels. Award levels will be expressed as a number
              of Performance Shares. The target number of Performance Shares for
              each participant will be determined by the Plan Administrator, and
              will be based on a number of factors including competitive grant
              practices, level of responsibility within the Company, amount of
              Company stock held by the participant, and the Company's
              perception of the participant's ability to influence future
              Company performance. The size of the grant will reflect the
              intention that 50% of the total long-term incentive opportunity be
              delivered in the form of annual Performance Share awards. Awards
              may be made for each year in a performance cycle. In addition,
              awards may be made based upon achievement of the performance goals
              at the end of each performance cycle. The Performance Share Grant
              award levels, if any, for each year and performance cycle will be
              provided to each participant by a Performance Share Grant
              Agreement substantially in the form of the attached Exhibit IV
              which is incorporated herein by reference.

              The Performance Share Grant award levels for each year within a
              performance cycle will be one third of a specified percentage of
              each Participant's base salary for that year. The additional
              Performance Share Grant bonus award based upon the goals of the
              third year in each performance cycle will be based upon up to one
              hundred percent of each Participant's base salary during the third
              year of each Performance Cycle.

                                       4
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THE LONG-TERM INCENTIVE PLAN
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              Threshold levels of achievement will result in the earning of 25%
              of the target award and performance achievements at or above the
              superior level will result in the earning of 150% of the target
              award. No awards will be earned for performance achievements below
              threshold. Awards for performance achievements between stated
              levels (i.e., between threshold and target and target and
              superior) will be determined using straight-line interpolation. If
              a participant becomes eligible during a 3-year performance cycle,
              the participant's level of participation will be prorated to
              reflect the remaining time in the 3-year performance cycle.

     D.       Vesting

              Earned awards will vest one-third at the time of the award payment
              and one-third on the anniversary of the award payment each year
              thereafter until fully vested; provided, however, the participant
              must continue to be employed by the Company as a full time
              employee on such anniversary dates to continue vesting in the
              earned awards.

     E.       Frequency of Awards

              It is anticipated that Performance Share awards will be made on an
              annual basis and at the end of the performance cycle with a new
              performance cycle beginning every three years. The 3-year
              performance cycles and vesting are illustrated below:
<TABLE>
<CAPTION>
              ===============================================================================================================

                                               YEAR 1   YEAR 2  YEAR 3   YEAR 4   YEAR 5   YEAR 6   YEAR 7  YEAR 8   YEAR 9
                                               ------   ------  ------   ------   ------   ------   ------  ------   ------
<S>                                            <C>      <C>     <C>      <C>      <C>      <C>      <C>     <C>      <C>
                 PERFORMANCE CYCLE 1

                 Vesting - Year 1 Award                  1/3      1/3      1/3

                 Vesting - Year 2 Award                           1/3      1/3      1/3

                 Vesting - Year 3 Award                                    1/3      1/3      1/3

                 Vesting - Year 3 Bonus Award                              1/3      1/3      1/3

                 PERFORMANCE CYCLE 2

                 Vesting - Year 4 Award                                             1/3      1/3     1/3

                 Vesting - Year 5 Award                                                      1/3     1/3      1/3

                 Vesting - Year 6 Award                                                              1/3      1/3      1/3

                 Vesting - Year 6 Bonus Award                                                        1/3      1/3      1/3
              ===============================================================================================================
</TABLE>

                                       5
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     F.       Performance Measures and Weighting

              In any given performance cycle or year within any given
              performance cycle, the Committee will assign accountability for
              performance on selected performance measures. For the year
              beginning on January 1, 2001, the performance measures and
              respective weightings are as follows:

                          Performance Measure            Weighting
                          -------------------            ---------
                               ROA                           25%
                               ROE                           25%
                               EPS                           25%
                               Loan Quality
                               - NPA                       12.5%
                               - LCO                       12.5%

     G.       Performance Standards

              Specific targeted levels of performance for each of the above
              measures will be established for each year within a performance
              cycle as part of the Company's planning process. The Plan
              Administrator, with input from management, will be responsible for
              establishing targeted performance levels. For the year beginning
              January 1, 2001, the ROA, ROE, EPS and NPA Performance Measures
              will be based upon fourth quarter performance goals and the LCO
              will be based upon an annual goal. For the years beginning after
              December 31, 2001, all Performance Measures will be based upon the
              annual goals for each calendar year.

              Performance under the ROA, ROE, EPS, NPA and LCO elements of the
              Plan will be assessed against budget for each quarter or year
              within a performance cycle.

              Threshold performance standards are set at 85% achievement of
              plan, while superior performance standards are set at 125%
              achievement of plan. Under the Performance Share element of the
              LTIP, the maximum payout opportunity is payable at the "superior"
              level.

              A minimum annual cash EPS amount will be set annually by the
              Board. If the minimum cash EPS amount is not achieved, no
              Performance Shares will be awarded for the year notwithstanding
              the achievement of any other goals. The minimum annual cash EPS
              for 2001 is $ .93 per share

              Examples of Performance Share Awards including the Performance
              Standards for 2001 are shown on the attached Exhibit V which is
              incorporated herein by reference.

              As soon as reasonably possible following the end of each calendar
              year, the Company will determine and announce the Performance
              Standards and minimum annual EPS cash for the next succeeding
              calendar year. For example, the Performance Standards for calendar
              year 2002 will be determined and announced as soon as reasonably
              possible after December 31, 2001.

              The Company, however, reserves the right, in its sole discretion,
              to amend or modify the Performance Standards at any time without
              prior notice.

                                       6
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     H.       Award Payments

              Performance Share awards will be paid in Company common stock
              within 3 months after the end of each year within the respective
              performance cycle -- unless another payment date is previously
              agreed upon by the Company and the participant(s) or so stated by
              management at the beginning of the relevant performance cycle.
              Portions of the awards are subject to vesting restrictions as set
              forth in the Performance Share Grant Agreement. Upon vesting, the
              payments will also be subject to all applicable social security,
              federal and state income tax withholding.

              Dividends will be paid on restricted shares during the restriction
              period. Participants will be allowed to vote restricted shares
              during the restriction period.

     I.       Transferability

              Performance Shares granted under the LTIP are not transferable
              except by will or by the laws of descent and distribution.

     J.       Retirement & Terminations

              In order to be eligible for an award under the Performance Share
              Plan, participants must be employed by Company on the date of
              payout unless otherwise agreed upon between the participant and
              the Plan Administrator. Exceptions may be made, in the sole
              discretion of the Company, for approved retirement, long-term
              disability, or death. If any of these circumstances apply,
              participants may be eligible to receive a pro-rata share of the
              Performance Share award based upon the actual number of months of
              service provided during the performance cycle. However, the timing
              of payments and vesting of such awards would not be altered.

     K.       Change-in-Control

              In the event of a change in control (as defined and declared by
              the Board and subject to the terms of any employment agreement
              between participant and the Company), the current cycle will
              terminate as of the date of such event and all earned and unvested
              awards will fully vest. Performance over the abbreviated
              performance cycle will serve as the basis of performance
              evaluation and pro-rata awards will be made in accordance with the
              effective performance standards and criteria over this period.

IV.      MISCELLANEOUS

     A.       Right to Amend or Terminate the Plan

              The Board reserves the right at any time to amend or terminate the
              LTIP, in whole or in part, and for any reason and without the
              consent of any participant or beneficiary.

     B.       No Right to Continued Employment

              Nothing contained in the LTIP shall give any participant the right
              to be retained in the employment of the Company or affiliate or
              affect the right of any such employer to dismiss any participant.
              The adoption and maintenance of the LTIP shall not constitute a
              contract between the Company and participant or consideration for,
              or an inducement to or condition of, the employment of any
              participant.

                                       7
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     C.       Payment on Behalf of Payee

              If the Plan Administrator finds that any person to whom any amount
              is payable under the LTIP is unable to care for such person's
              affairs because of illness or accident, or is a minor, or had
              died, then any payment due such person or such person's estate
              (unless a prior claim therefor has been made by a duly appointed
              legal representative) may, if the Plan Administrator so elects, be
              paid to such person's spouse, a child, a relative, an institute
              maintaining or having custody of such person, or any other person
              deemed by the Plan Administrator to be a proper recipient on
              behalf of such person otherwise entitled to payment. Any such
              payment shall be a complete discharge of the liability of the LTIP
              and the Company therefor.

     D.       No Trust or Funding Created

              The obligations of the Company to make payments hereunder shall
              constitute a liability of the Company to a participant, as the
              case may be. Such payments shall be made from the general funds of
              the Company, and the Company shall not be required to maintain any
              special or separate fund or otherwise to segregate assets to
              assure that such payment shall be made, and neither a participant
              nor a beneficiary shall have any interest in any particular asset
              of the Company by reason of its obligations hereunder. Nothing
              contained in the Plan shall create or be construed as creating a
              trust of any kind or any other fiduciary relationship between the
              Company and a participant or any other person. The rights and
              claims of a participant or a beneficiary to a benefit provided
              hereunder shall have no greater or higher status than the rights
              and claims of any other general, unsecured creditor of the
              Company.

     E.       Governing Law

              The LTIP shall be governed by and construed according to the laws
              of the State of South Carolina.

     This amendment and restatement of the LTIP is hereby adopted and approved
this 4th day of December, 2001, to be effective January 1, 2001.

                                               THE SOUTH FINANCIAL GROUP, INC.

                                               By:  /s/ Mack I. Whittle, Jr.
                                                    ----------------------------
                                                    Mack I. Whittle, Jr.
                                                    Chief Executive Officer

                                       8

<PAGE>

                                                                       EXHIBIT I

                            PERSONAL AND CONFIDENTIAL
                         The South Financial Group, Inc.
                          STOCK OPTION GRANT AGREEMENT

The information contained herein is personal and confidential. With the
exception of the Plan Administrator, this material should not be discussed or
shared with any other parties either within or outside of The South Financial
Group, Inc. unless by reason of required Securities and Exchange Commission
disclosures. Violation of this confidentiality requirement could jeopardize
future participation opportunities in this program.

These Non-Qualified Stock Options are awarded under The South Financial Group
Corporation Amended and Restated Stock Option Plan (Amended and Restated as of
April 20, 1994). Awards under this Plan are subject to the terms and conditions
set forth in The South Financial Group Corporation Amended and Restated Stock
Option Plan Document and The South Financial Group, Inc. Long Term Incentive
Plan.

Participant Name:                                  Date:
                  ------------------------------         -----------------------

Job Title:                      Dept:                  Location:
           -------------------        ---------------            ---------------

Number of Shares Granted and Subject to Option:
                                                --------------------------------

Grant Date:                                   Grant Price:     $
            --------------------                               -----------------

Stock Option Term:                            Expiration Date:
                   --------------------                        -----------------

   ---------------------------------------
    Vesting Schedule and Dates:
   ---------------------------------------

                                                             Cumulative
           Date                    % Vesting                  % Vested

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

The undersigned accepts this Stock Option Grant under the terms and conditions
set forth in The South Financial Group Corporation Amended and Restated Stock
Option Plan (Amended and Restated April 20, 1994) and The South Financial Group,
Inc. Long Term Incentive Plan.

Participant's Signature:                                 Date:
                         ------------------------------        -----------------

Plan Administrator:                                      Date:
                         ------------------------------        -----------------
                                    (Witness)

<PAGE>

                                                                      EXHIBIT II

                            PERSONAL AND CONFIDENTIAL
                         The South Financial Group, Inc.
                     Stock Option Exercise Notification Form

Once vested, Stock Option awards may be exercised by submitting this completed
Notification Form to the Plan Administrator.

Participant Name:                                    Date:
                  -------------------------------          ---------------------

Job Title:                          Dept:             Location:
           -----------------------        ----------            ----------------

Number of Shares Granted and Subject to Option:
                                                --------------------------------

Grant Date:                                     Grant Price:  $
            -------------------------                         ------------------

Number of Shares Exercised:                     Exercise Date:
                            ------------------                 -----------------

Total Cost of Exercise:          $
                                 -----------------------------------------------
                                 (Number of Shares Exercised Times Grant Price)

Manner of Payment:
                                 -----------------------------------------------
                                  (Check, Stock for Stock Swap, Broker-Financed
                                              Cashless Exercise, etc.)

The undersigned acknowledges that the information provided above is correct, and
has been duly entered into the Compensation Committee records through the Plan
Administrator.

It is agreed that any change to this Election must be made in writing, otherwise
the preceding Election Form is the Election of Record. Verbal changes will not
be accepted.

Participant's Signature:                                 Date:
                         ------------------------------        -----------------

Plan Administrator:                                      Date:
                         ------------------------------        -----------------
                                    (Witness)

<PAGE>

                                                                     EXHIBIT III
                                                                   (Page 1 of 2)

                            PERSONAL AND CONFIDENTIAL
                      Stock Option Beneficiary Designation
                         The South Financial Group, Inc.
                            Long Term Incentive Plan

To:           Plan Administrator of the Long Term Incentive Plan

From:         Name:         _______________________________________

              Address:      _______________________________________

                            _______________________________________

              Social Security No: _________________________________

I, a participant in The South Financial Group, Inc. Long Term Incentive Plan
("LTIP"), hereby name the following person or persons, entity or entities
(herein called "Designated Beneficiary(ies)") to receive such amounts, if any,
that are payable under the LTIP after my death (herein called "Survivor
Benefits"):

                               Primary Beneficiary
                               -------------------

     Name and Relationship      Address                      Social Security No.

1.   ______________________     ________________________     __________________

     ______________________     ________________________     __________________

2.   ______________________     ________________________     __________________

     ______________________     ________________________     __________________

If my Survivor Benefits, if any, are to be paid to more than one Designated
Beneficiary, I understand that such Survivor Benefits shall be divided equally
between or among such Designated Beneficiaries.

<PAGE>

                                                                     EXHIBIT III
                                                                   (Page 2 of 2)

If any Primary Beneficiary(ies) named above is (are) not in existence at my
death, then I name the following Contingent Beneficiary(ies) to receive the
benefit that such Primary Beneficiary(ies) would have received:

                             CONTINGENT BENEFICIARY
                             ----------------------

     Name and Relationship      Address                      Social Security No.

Contingent Beneficiary to Primary Beneficiary No. ________:

     ______________________     ________________________     __________________

     ______________________     ________________________     __________________

Contingent Beneficiary to Primary Beneficiary No. ________:

     ______________________     ________________________     __________________

     ______________________     ________________________     __________________

I understand that if a Primary Beneficiary dies before I do and there is no
Contingent Beneficiary named to take such Primary Beneficiary's share, then the
Survivor Benefits will be paid to my estate.

I further understand that if a Designated Beneficiary dies after I do but before
all Survivor Benefit payments have been made to such Designated Beneficiary,
then the remaining payments will be made to the Designated Beneficiary's estate.

I understand that this Beneficiary Designation Form shall remain in effect until
revoked by me in writing or until superseded by my execution and delivery of a
substitute Beneficiary Designation Form. I understand that no such revocation or
substitute Beneficiary Designation Form will be effective until it is actually
received by the Committee.

I understand that Survivor Benefit payments will have federal and state tax
consequences and that such consequences may depend on the identity of the
Beneficiary of such payments (for example, whether the Beneficiary is my
spouse); and I acknowledge that I have been advised to consult an independent,
professional tax advisor before completing this Beneficiary Designation Form.

                                 -----------------------------------------------
                                 Participant's Signature

                                 Date: ___________________________

<PAGE>
                                                                      EXHIBIT IV
                                                                   (Page 1 of 2)

                            PERSONAL AND CONFIDENTIAL
                         The South Financial Group, Inc.
                        Performance Share Grant Agreement

The information contained herein is personal and confidential. With the
exception of the Plan Administrator, this material should not be discussed or
shared with any other parties either within or outside of The South Financial
Group, Inc., unless by reason of required Securities and Exchange Commission
disclosures. Violation of this confidentiality requirement could jeopardize
future participation opportunities in this program.

These Performance Shares are awarded under The South Financial Group Corporation
Amended and Restated Restricted Stock Agreement Plan (Amended and Restated as of
April 20, 1994). Awards under this Plan are subject to the terms and conditions
set forth in The South Financial Group Corporation Amended and Restated
Restricted Stock Agreement Plan Document and The South Financial Group, Inc.
Long Term Incentive Plan.

Participant Name:                                    Date:
                  ---------------------------------        ---------------------

Job Title:                       Dept:               Location:
           --------------------        ------------            -----------------

Target Performance Share Award Opportunity:
                                            ------------------------------------
                                            (Number of The South Financial Group
                                                      Common Shares)

Threshold Opportunity: _____% of Target   Superior Opportunity: _____% of Target
                       ----------------                         ----------------

Award Cycle:
              ------------------------------------------------------------------

  --------------------------------------------------------------
  Award Cycle Performance Criteria and Weightings:
  --------------------------------------------------------------

                             Performance Standards*

                            Below
    Corporate Measures    Threshold   Threshold   Target   Superior   Weightings

1.  ROA                                                                   25%

2.  ROE                                                                   25%

3.  EPS                                                                   25%

4.  Loan Quality
    -   NPA                                                             12.5%
    -   LCO                                                             12.5%

*For performance in between stated levels, awards will be determined using
 straight-line interpolation.

<PAGE>

                                                                      EXHIBIT IV
                                                                   (Page 2 of 2)

                            PERSONAL AND CONFIDENTIAL
                         THE SOUTH FINANCIAL GROUP, INC.
                        PERFORMANCE SHARE GRANT AGREEMENT

Earned Shares Grant Date:           Within 90 days of the Conclusion of the
                                              Performance Cycle.
                                    ---------------------------------------

  --------------------------------------------------------
   Earned Shares Vesting Schedule and Dates:
  --------------------------------------------------------

                                                               Cumulative
             Date                 % of Award Vesting            % Vested

____________________________  __________________________  ______________________

____________________________  __________________________  ______________________

____________________________  __________________________  ______________________

____________________________  __________________________  ______________________

____________________________  __________________________  ______________________

The undersigned accepts the Performance Share Grant under the terms and
conditions set forth in The South Financial Group Corporation Amended and
Restated Restricted Stock Agreement Plan Document and The South Financial Group,
Inc. Long Term Incentive Plan.

Participant's Signature:                                Date:
                          ----------------------------        ------------------

Plan Administrator:                                     Date:
                          ----------------------------        ------------------
                                    (Witness)

<PAGE>

                                                                       EXHIBIT V
                                                                   (Page 1 of 2)

                            PERFORMANCE SHARE AWARDS
                                 Examples - 2001

Example 1:
Assumed Target Performance Share Award Equals 3,750 Shares
<TABLE>
<CAPTION>
============================================================================================================
                                             % of
                                             Targeted           Participant's
Performance        Assumed                   Award              Performance          Measure          Shares
Criteria           Performance               Earned(1)          Share Target         Weight           Earned
<S>                <C>                       <C>             <C>                  <C>             <C>
ROA                1.16%                     140%            X  3,750             X  25%          =   1313
ROE                11.13%                    115%            X  3,750             X  25%          =   1078
EPS                $.357                     105%            X  3,750             X  25%          =    984
Loan Quality
-  NPA             .0485%                    85%             X  3,750             X  12.5%        =    398
-  LCO             -.336%                    110%            X  3,750             X  12.5%        =    516

                   TOTAL                                                             100%             4289
                                                                                     ====             ====
                   -------------------------------------

(1)  Reflects % of target performance share award earned as derived from the
     performance/payout interpolation tables in the Performance Share Grant
     Agreement.

============================================================================================================
</Table>

Example 2:
Assumed Target Performance Share Award Equals 3,750 Shares
<TABLE>
<CAPTION>
============================================================================================================
                                             % of
                                             Targeted           Participant's
Performance        Assumed                   Award              Performance          Measure          Shares
Criteria           Performance               Earned(1)          Share Target         Weight           Earned
<S>                <C>                       <C>             <C>                  <C>             <C>
ROA                1.043%                    110%            X  3,750             X  25%          =    1031
ROE                10.185%                    85%            X  3,750             X  25%          =     797
EPS                $  .35                    100%            X  3,750             X  25%          =     938
Loan Quality
-  NPA             .0051%                    105%            X  3,750             X  12.5%        =     492
-  LPO             -.3605%                   85%             X  3,750             X  12.5%        =     398

                   TOTAL                                                             100%              3656
                                                                                     ====              ====
                   --------------------------------------

(1)  Reflects % of target performance share award earned as derived from the
     performance/payout interpolation tables in the Performance Share Grant
     Agreement.

============================================================================================================
</Table>

<PAGE>

                                                                       EXHIBIT V
                                                                   (Page 2 of 2)

<TABLE>
<CAPTION>
===========================================================================================================================

PERFORMANCE LEVEL - 2001
Performance Share Plan Sample Award Calculation

                       ROA*             ROE*             EPS*                 Loan Quality          Percentage of Target
                                                                          NPA*            LCO           Award Earned
<S>                   <C>             <C>               <C>              <C>            <C>        <C>
                        25%              25%              25%             12.5%          12.5%

    SUPERIOR           1.20%           12.60%            $.420            .006%          -.280%              150%

                       1.18%           12.39%            $.413           .0059%          -.287%              145%
                       1.16%           12.18%            $.406           .0058%          -.294%              140%
                       1.14%           11.97%            $.399           .0057%          -.301%              135%
                       1.12%           11.76%            $.392           .0056%          -.308%              130%
                       1.10%           11.55%            $.385           .0055%          -.315%              125%
                       1.08%           11.34%            $.378           .0054%          -.322%              120%
                       1.06%           11.13%            $.371           .0053%          -.329%              115%
                       1.04%           10.92%            $.364           .0052%          -.336%              110%
                       1.02%           10.71%            $.357           .0051%          -.343%              105%

     TARGET            1.00%           10.50%            $.350           .0050%          -.350%              100%

                       .985%           10.343%          $.3448           .00493%        -.3553%             92.5%
                       .970%           10.185%          $.3395           .00485%        -.3605%             85.0%
                       .955%           10.028%          $.3343           .00478%        -.3658%             77.5%
                       .940%            9.87%           $.3290           .00470%        -.3710%             70.0%
                       .925%            9.713%          $.3238           .00463%        -.3763%             62.5%
                       .910%            9.56%           $.3185          .004550%        -.3815%             55.0%
                       .895%            9.40%           $.3133           .00448%        -.3868%             47.5%
                       .880%            9.24%           $.3080           .00440%        -.3920%             40.0%
                       .865%           9.083%           $.3028           .00433%        -.3973%             32.5%

   THRESHOLD           .85%            8.925%           $.2975           .00425%        -.4025%             25.0%
===========================================================================================================================
</TABLE>

*   4th Quarter 2001

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]