No person shall be elected to the office of the President more than twice, and no person who has held the office of President, or acted as President, for more than two years of a term to which some other person was elected President shall be elected to the office of the President more than once.
It speaks to being elected twice. Consecutive has nothing to do with it. In theory, he could be a VP because the Constitution has no such limits on being elected VP, and if the then President were to die, the VP would step in, and since that isn't being "elected" as President, then there is no technical violation of the 22nd Am with that third term.