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Exactly.NC State Law limits the governor to 2 consecutive terms. It doesn't say "No person shall be elected to the office of the President (governor) more than twice" which is what the 22nd Amendment says. So, a NC governor can serve 2 consecutive terms (8 years), then take 4 years off, then run again and serve 2 more consecutive terms (8 more years), and then wash, rinse, repeat, as many times as he or she can live long enough to get re-elected.
POTUS can only be elected to two terms. Whether they are consecutive terms, or they get elected to one term, then get voted out for however long, then get re-elected to a second term after someone else served as POTUS.
Though I'm not sure if a two term Pres can then go on to serve as VP. I do not believe he is precluded, though.