Southern National Corp. will pay $6.4 million to the chairman of United Carolina Bancshares in exchange for his retirement when the two companies merge in July, Southern National's proxy said.

The proxy for a vote on the deal said Southern National also has a 10- year noncompete contract with E. Rhone Sasser that prohibits the 60-year- old executive from engaging in the banking and financial services industry in the Carolinas, Virginia, and contiguous states.

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