L. Glenn Orr Jr. may be losing his job as chairman and CEO of Southern National Corp., but he won't lose his paycheck.

Winston-Salem, N.C.-based Southern National, which is in the process of merging with BB&T Financial Corp., Wilson, N.C., said on Monday that Mr. Orr had entered into a noncompete agreement which will give him or his wife, should she survive him, payments of $1.7 million a year for life.

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