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Exhibit 10.3
 LANCE, INC.
 2007 Three-Year Performance Incentive Plan for Officers
 Purposes and
Introduction
    
    The 2007 Three-Year Performance Incentive Plan for Officers provides for
Performance Awards under the Lance, Inc. 2007 Key Employee Incentive Plan
(the Incentive Plan). Except as otherwise expressly defined herein,
capitalized terms shall be as defined in the Incentive Plan.The primary purposes of the 2007 Three-Year Performance Incentive Plan for
Officers (the 2007 Plan) are to: Align executives interests with those of stockholders by linking a
substantial portion of compensation to the Companys average Return on
Capital Employed (ROCE) over three fiscal years based on the Companys
2007-2009 Operating Plan. Provide a way to attract and retain key executives and managers who
are critical to Lances future success. Provide competitive total compensation for executives and managers
commensurate with Company performance.To achieve the maximum motivational impact, performance measures, Plan
goals and the awards that will be received for meeting those goals will be
communicated to participants as soon as practical after the 2007 Plan is
approved by the Compensation Committee of the Board of Directors.Each participant will be assigned a Target Incentive, stated as a percent
of base salary. The Target Incentive Awards, or a greater or lesser
amount, will be granted after the end of the three fiscal years, 2007
through 2009 (the Performance Period), based on the attainment of
predetermined goals.For 2007, participants will be eligible to earn incentive awards based on
the Companys three-year average ROCE against specific goals as described
below. ROCE is calculated for each fiscal year during the Performance
Period as follows:(Net Income + Interest
Expense) x (1  Tax Rate)
Average Equity + Average Net Debt




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Tax Rate for ROCE shall be the Companys actual total effective income tax
rate.Average Net Debt shall be the Companys average debt less average cash.Average amounts for ROCE shall be calculated on a 12-month basis.Base salary shall be the annual rate of base compensation for the 2007
fiscal year which is set no later than April of such fiscal year; provided
that for any award intended to satisfy the Performance-Based Exception,
base salary shall be the annual rate of base compensation for the fiscal
year which is set no later than March 31 of such fiscal year.Performance Period
    
    The period over which performance will be measured is the Companys three
fiscal years, 2007 through 2009.Eligibility and
Participation
    
    Eligibility in the Plan is limited to Executive Officers and managers who
are key to Lances success. The Compensation Committee will review and
approve participants nominated by the President and Chief Executive
Officer. Participation in the 2007 Plan does not guarantee participation
in any subsequent long-term incentive plans but will be reevaluated and
determined on an annual basis.Attachment A includes the list of 2007 Plan participants approved by the
Compensation Committee on February 8, 2007.Target Incentives and
Performance Measures
    
    Each participant will be assigned a Target Incentive expressed as a
percentage of his or her base salary. Participants may be assigned to a
Performance Tier by position, by salary level or based on other factors as
determined by the President and Chief Executive Officer. If the duties of
a participant change significantly during the Performance Period, the
President and Chief Executive Officer, with the approval of the
Compensation Committee, may change the Target Incentive for such
participant for the remaining portion of the Performance Period on a pro
rata basis.The 2007 through 2009 financial performance measure for the Company as a
whole is shown below. Specific goals and related payouts are also shown
below.
 Threshold
    
    
    Target
    
    
    MaximumLance, Inc. average ROCE
    
    
    11.0
    %
    
    
    12.0
    %
    
    
    14.0
    %Award Level Funded
    
    
    50
    %
    
    
    100
    %
    
    
    400
    %
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Percent of payout will be determined on a straight line basis between
Threshold and Target and between Target and Maximum. There will be no
payouts unless the Threshold performance measure is reached.The performance measure will be communicated to each participant as soon as
practicable after it has been established. Final Target Incentive Awards
will be calculated after the Compensation Committee has reviewed the
Companys audited financial statements for 2007 through 2009 and determined
the performance level achieved.The following definitions for the terms Maximum, Target and Threshold
should help set the goals for the Performance Period, as well as evaluate
the payouts: Maximum: Excellent; deserves payout above Target Target: Normal or expected performance; deserves Target payout Threshold: Lowest level of performance deserving a payoutAttachment A lists the Target Incentives for each participant for the 2007
Plan as determined by the Compensation Committee. Target Incentives will
be communicated to each participant as close to the beginning of the year
as practicable, in writing. Target Incentives will be calculated by
multiplying each participants base salary by the appropriate Performance
Tiers and percentages, as described below.
 Percentage of Base SalaryPerformance Tier
    
    for 2007-2009 Target Incentives1
2
3
    
    30%
25%
20%
 Final awards will be calculated, paid and granted after the Compensation
Committee has reviewed the Companys audited financial statements for 2007
through 2009 and determined the performance levels achieved.Awards
    
    Each participant shall receive cash equal to 50% in value of his or her
award and 50% in value will be in shares of Common Stock, except that the
President and Chief Executive Officer will receive cash equal to 100% in
value of his award and no shares of Common Stock.
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The number of shares of the Companys Common Stock granted will equal the
applicable dollar value divided by the closing price for the Companys
Common Stock on the date of grant. The shares of Common Stock will be
fully vested on the date of grant.For purposes of the 2007 Plan, the date of grant of shares of Common Stock
will be the date established by the Compensation Committee after the
applicable performance level has been determined.Form and Timing of
Awards
    
    Awards will be made as soon as practicable after performance measures are
calculated and approved by the Compensation Committee. All awards will be
rounded to the nearest multiple of $100 or up to the next whole share, as
the case may be.Change In Status
    
    An employee hired into an eligible position during the Performance Period
may participate in the 2007 Plan for the balance of the Performance Period
on a pro rata basis.Certain
Terminations of
Employment
    
    In the event a participant voluntarily terminates employment (other than
Retirement) or is terminated involuntarily before the end of the
Performance Period, the participant shall not receive any award hereunder.
In the event of death, Disability or Retirement before the end of the
Performance Period, any award will be determined after the end of the
Performance Period based on actual performance and paid out on a pro rata
basis all in cash.If the participants employment terminates after the end of the Performance
Period but before the applicable grant date, then the participant will
receive the award based on the performance results and paid out all in
cash.Change In Control
    
    In the event of a Change in Control, pro rata payouts will be made all in
cash at the greater of (1) Target Incentive or (2) actual results for the
completed fiscal years preceding the Change in Control, with such pro
ration based on the number of days in the Performance Period preceding the
Change in Control. Payouts will be made within 30 days after the relevant
transaction has been completed.Withholding
    
    The Company shall withhold from awards any Federal, foreign, state or local
income or other taxes required to be withheld.Communications
    
    Progress reports should be made to participants annually, showing
performance results.
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Executive Officers
    
    Notwithstanding any provisions to the contrary above, participation, awards
and prorations for Executive Officers, including the President and Chief
Executive Officer, shall be approved by the Compensation Committee.Stockholder 
Approval
    
    The 2007 Plan and the awards hereunder are made pursuant to the Incentive
Plan, which is subject to approval by the Companys stockholders at the
Annual Meeting of Stockholders to be held on April 26, 2007. Any award
made under the 2007 Plan before the Incentive Plan is approved by the
Companys stockholders is conditioned upon such approval and will be null
and void if the Incentive Plan is not so approved.Governance
    
    The Compensation Committee of the Board of Directors of Lance, Inc. is
ultimately responsible for the administration and governance of the Plan.
Actions requiring Committee approval include final determination of plan
eligibility and participation, identification of performance measures and
goals, final award components and determination and amendments to the Plan.
The Committee shall adjust any award due to extraordinary events such as
acquisitions, dispositions, required accounting adjustments or similar
events, all as specified in
Section 11(d) of the Incentive Plan. The
decisions of the Committee shall be conclusive and binding on all
participants.
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Attachment A
2007 Three-Year Performance Incentive Plan for Officers
 Award
    
    TargetName
    
    Title
    
    Percentage
    
    IncentiveDavid V. Singer
    
    President and Chief Executive Officer
    
    
    30
    %
    
    $
    165,000R. D. Puckett
    
    Executive Vice President, Chief
Financial Officer and Secretary
    
    
    25
    %
    
    $
    91,875Glenn A. Patcha
    
    Senior Vice President  Sales and Marketing
    
    
    *
    %
    
    $
    *E. D. Leake
    
    Vice President  Human Resources
    
    
    25
    %
    
    $
    56,250F. I. Lewis
    
    Vice President  Sales
    
    
    25
    %
    
    $
    66,300B. W. Thompson
    
    Vice President  Supply Chain
    
    
    25
    %
    
    $
    68,750M. E. Wicklund
    
    Controller and Assistant Secretary
    
    
    *
    %
    
    $
    *
 *
    
    Amounts are omitted for participants other than the Chief Executive Officer, the Chief
Financial Officer and the executive officers who were named in the Summary Compensation Table
of the Companys Proxy Statement for the 2007 Annual Meeting of Stockholders.