Document:

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                                                                    EXHIBIT 10.2

                                   LANCE, INC.

                   2004 LONG-TERM INCENTIVE PLAN FOR OFFICERS

Purposes and      The primary purposes of the 2004 Long-Term Incentive Plan for
Introduction      Officers are to:

                  -     Align executives' interests with those of stockholders
                        by linking a substantial portion of compensation to the
                        Company's cumulative consolidated earnings per share
                        (EPS) over three fiscal years and compound annual growth
                        in the Company's consolidated net revenues (Net
                        Revenues) over three fiscal years based on the Company's
                        2004-2006 Strategic 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 2004 Plan is approved by the Stock
                  Award 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, 2004 through 2006, based on the attainment
                  of predetermined goals.

                  Base Salary shall be the annual rate of base compensation for
                  the 2004 fiscal year which is set no later than April of such
                  fiscal year.

Plan Years        The period over which performance will be measured is
                  the Company's three fiscal years, 2004 through 2006.

Eligibility and   Eligibility in the Plan is limited to Executive Officers and
Participation     managers who are key to Lance's success. The Stock Award
                  Committee will review and approve participants nominated by
                  the President and Chief Executive Officer. Participation in
                  one year does not guarantee participation in a following year
                  but will be reevaluated and determined on an annual basis.

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                  Attachment A includes the list of 2004 participants approved
                  by the Stock Award Committee on April 22, 2004.

Target Incentives Each participant will be assigned a Target Incentive expressed
and Performance   as a percentage of his or her Base Salary. Participants may be
Measures          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 Plan Years, the President and Chief
                  Executive Officer, with the approval of the Stock Award
                  Committee, may change the Target Incentive for such
                  participant for the remaining portion of the Plan Years.

                  Attachment A lists the Target Incentives for each participant
                  for the Plan Years as determined by the Stock Award 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 percentages, as
                  described below.

                  Target Incentives shall be calculated as follows:

                  <TABLE>
                  <CAPTION>
                                             Percentage of Base Salary
                  Performance Tier        for 2004-2006 Target Incentives
                  ----------------        -------------------------------
                  <S>                     <C>
                          1                             *%
                          2                             *%
                          3                             *%
                  </TABLE>

                  For 2004-2006, awards will be based 75% on three-year
                  cumulative consolidated EPS and 25% on three-year compound
                  annual growth in consolidated Net Revenues since 2003, with
                  each performance measure calculated separately, as follows:

                  <TABLE>
                  <CAPTION>
                                    Minimum         Target
                                    -------         ------
                  <S>               <C>             <C>
                  EPS               $*              $*
                  Net Revenues       *%              *%
                  </TABLE>

                  Minimum EPS performance funds 37.5% of the award and target
                  EPS performance funds 75% of the award. Minimum Net Revenues
                  performance funds 12.5% of the award and target Net Revenue
                  funds 25% of the award. Percent of payout will be determined
                  on a straight line basis between minimum and target and
                  percent of payout above target is determined on the same
                  straight line basis. A $0.01 EPS increase would increase an
                  award *% and a 0.1% Net Revenues increase would increase an
                  award *%. Percent of payout will be rounded to the nearest
                  tenth of a per-

                  [*Targets not required to be disclosed.]

                                       2
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                  cent. There is no maximum limit on the amount of an award but
                  there will be no payout unless a minimum performance measure
                  is reached. For example, achieving EPS of $* would result in
                  an award equal to *% of Target Incentive and achieving Net
                  Revenues of *% would result in an award equal to *% of Target
                  Incentive.

                  [*Targets not required to be disclosed.]

                  Final Target Incentive Awards will be calculated and granted
                  after the Stock Award Committee has reviewed the Company's
                  audited financial statements for 2004 through 2006 and
                  determined the performance levels achieved.

Awards            Each participant shall receive cash equal to 25% in value of
                  his or her award, 50% in value will be in restricted stock and
                  25% in value in stock options.

                  To determine the number of shares of the Company's Common
                  Stock issued pursuant to each stock option and each restricted
                  stock grant, the value of each option is calculated using the
                  Black-Scholes model of the Company's compensation adviser in
                  January 2007 after the end of the Plan Years, subject to
                  certain adjustments, and each restricted stock grant using the
                  average of the high and low for the Company's Common Stock on
                  the date of grant.

                  Restricted stock will vest as to 50% on the date of grant and
                  the balance one year after the date of grant.

                  Stock options will be nonqualified, will vest on the date of
                  grant, will have an exercise price equal to the price used for
                  restricted stock grants and will be exercisable for five years
                  after the date of grant.

Form and Timing   Awards will be made as soon as practicable after performance
of Awards         measures are calculated and approved by the Stock Award
                  Committee. All awards will be rounded to the nearest multiple
                  of $100 or 50 shares, as the case may be.

Change In Status  An employee hired into an eligible position during the Plan
                  Years may participate in the plan for the balance of the Plan
                  Years on a pro rata basis.

Certain           In the event a participant voluntarily terminates employment,
Terminations of   or is terminated involuntarily before the end of the Plan
Employment        Years, any award will be forfeited. In the event of death,
                  permanent disability, or normal or early retirement, any
                  award will be paid on a pro rata basis after the end of the
                  Plan Years.

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                        In the event a participant voluntarily terminates
                        employment, any award which has not vested will
                        terminate and be forfeited. In the event a participant
                        is terminated involuntarily, any award which has not
                        vested will terminate and be forfeited except that stock
                        options which have vested prior to involuntary
                        termination may be exercised within 30 days of
                        termination. In the event of death, stock options shall
                        become fully vested and may be exercised within one year
                        of death. In the event of permanent disability, stock
                        options shall become fully vested and remain exercisable
                        in accordance with the terms of the award. In the event
                        of normal retirement, stock options which have or will
                        vest within six months of normal retirement will vest
                        and become exercisable in accordance with the terms of
                        the award and may be exercised within three years of
                        normal retirement. In the event of death, disability or
                        normal retirement, restricted stock awards which are not
                        vested will be vested pro rata based on the number of
                        full months elapsed since the date of the award. In the
                        event of early retirement, restricted stock awards which
                        are not vested will be vested pro rata based on the
                        number of full months elapsed since the date of the
                        award. In all other cases, awards which have not vested
                        upon termination of employment will terminate and be
                        forfeited.

Change In Control       In the event of a Change in Control, pro rata
                        payouts will be made at the greater of (1) Target or (2)
                        actual results for the three fiscal years-to-date, based
                        on the number of days in the Plan Years preceding the
                        Change in Control. Payouts will be made within 30 days
                        after the relevant transaction has been completed.

                        Also, in the event of a Change in Control, the vesting
                        of restricted stock will be accelerated to fully vest
                        upon the effective date of a Change in Control.

                        A Change in Control is defined as when any person,
                        corporation or other entity and its affiliates
                        (excluding members of the Van Every Family and any
                        trust, custodian or fiduciary for the benefit of any one
                        or more members of the Van Every Family) acquires or
                        contracts to acquire or otherwise controls in excess of
                        35% of the then outstanding equity securities of the
                        Company. The Van Every Family shall mean the lineal
                        descendants of Salem A. Van Every, Sr., whether by blood
                        or adoption, and their spouses.

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.

                                        4

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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 Stock Award Committee.

Governance              The Stock Award 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 and final award
                        determination. The Committee retains the discretion to
                        adjust any award due to extraordinary events such as
                        acquisitions, dispositions, required accounting
                        adjustments or similar events, affecting the
                        calculations under a performance measure. The decisions
                        of the Committee shall be conclusive and binding on all
                        participants.

                                        5

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                                  ATTACHMENT A

<TABLE>
<CAPTION>
                                                           Award         Target
       Name                        Title                 Percentage     Incentive
       ----                        -----                 ----------     ---------
<S>                        <C>                           <C>            <C>
P. A. Stroup, III          President and Chief               *%         $*
                           Executive Officer

H. D. Fields               Vice President and                *%         $*
                           President, Vista
                           Bakery, Inc.

B. C. Preslar              Vice President                    *%         $*
                            - Finance and Chief
                           Financial Officer

L. R. Gragnani, Jr.        Vice President                    *%         $*
                            - Information
                           Technology/CIO

E. D. Leake                Vice President                    *%         $*
                            - Human Resources

F. I. Lewis                Vice President - Sales            *%         $*

D. R. Perzinski            Treasurer                         *%         $*

M. E. Wicklund             Controller and                    *%         $*
                           Assistant Secretary
</TABLE>

[*Award targets omitted for participants as targets not required to be
disclosed.]<PAGE>

                                                                    EXHIBIT 10.3

                                   LANCE, INC.
               COMPENSATION DEFERRAL AND BENEFIT RESTORATION PLAN

1.    NAME:

      This plan shall be known as the "Lance, Inc. Compensation Deferral and
Benefit Restoration Plan" (the "Plan").

2.    PURPOSE AND INTENT:

      Lance, Inc. (the "Corporation") established the Plan (previously known as
the "Lance, Inc. Compensation Deferral Plan") for the purpose of providing
certain employees with the opportunity to defer payment of a portion of base
salary and certain annual incentives in accordance with the terms and provisions
set forth herein. The Corporation also established the Lance, Inc. Benefit
Restoration Plan (the "Restoration Plan") to provide benefits to certain
employees whose benefits under the Savings Plan are adversely affected by the
limitations of Sections 401(a)(17) and 415 of the Internal Revenue Code. The
Corporation is hereby amending and restating the Plan to merge the Restoration
Plan into the Plan effective as of June 1, 2004 (the "Restatement Date"), and
make certain amendments in connection with the merger. It is the intent of the
Corporation that amounts deferred under the Plan shall not be taxable to the
employee for income tax purposes until the time actually received by the
employee. The provisions of the Plan shall be construed and interpreted to
effectuate that intent.

3.    DEFINITIONS:

      For purposes of the Plan, the following terms have the following meanings:

      "Account" means the account established and maintained on the books of the
Corporation to record a Participant's interest under the Plan attributable to
amounts credited to the Participant pursuant to the Plan. On the Restatement
Date, such Account shall be increased by the balance of the Participant's
"Restoration Account" as defined in and calculated pursuant to the terms of the
Restoration Plan as of that date.

      "Annual Incentive Award" means, with respect to a Participant, any annual
incentive award payable to the Participant pursuant to any incentive
compensation plan of a Participating Employer approved for purposes of this Plan
by the Plan Administrator.

      "Beneficiary" means any person or trust designated by a Participant in
accordance with procedures adopted by the Plan Administrator to receive the
Participant's Account in the event of the Participant's death. If the
Participant does not designate a Beneficiary, the Participant's Beneficiary is
his or her spouse, or if not then living, his or her estate.

      "CEO" means the Chief Executive Officer of the Corporation.

      "Claim" means a claim for benefits under the Plan.

<PAGE>

      "Claimant" means a person making a Claim.

      "Compensation Committee" means the committee of individuals who are
serving from time to time as the Compensation Committee of the Board of
Directors of the Corporation.

      "Eligible Employee" means an Employee designated as an Eligible Employee
pursuant to Paragraph 5(a).

      "Employee" means an individual employed by a Participating Employer.

      "Participant" means an Eligible Employee who has elected to defer
compensation under the Plan as provided in Paragraph 5(b) or has received
restoration credits to his Account pursuant to Paragraph 5(c).

      "Participating Employer" means the Corporation and any other incorporated
or unincorporated trade or business that adopts the Plan.

      "Plan Administrator" means the person or entity designated as the "Plan
Administrator" by the Compensation Committee.

      "Plan Year" means the taxable year of the Corporation.

      "Savings Plan" means the defined contribution profit-sharing plan
maintained by the Company known as the "Lance, Inc. Profit-Sharing and 401(k)
Retirement Savings Plan," as amended from time to time.

4.    ADMINISTRATION:

      The Plan Administrator shall be responsible for administering the Plan.
The Plan Administrator shall have all of the powers necessary to enable it to
properly carry out its duties under the Plan. Not in limitation of the
foregoing, the Plan Administrator shall have the power to construe and interpret
the Plan and to determine all questions that arise thereunder. The Plan
Administrator shall have such other and further specified duties, powers,
authority and discretion as are elsewhere in the Plan either expressly or by
necessary implication conferred upon it. The Plan Administrator may appoint any
agents that it deems necessary for the effective performance of its duties, and
may delegate to those agents those powers and duties that the Plan Administrator
deems expedient or appropriate that are not inconsistent with the intent of the
Plan. All decisions of the CEO, the Plan Administrator and the Compensation
Committee upon all matters within the scope of his or its authority shall be
made in the Chief Executive Officer's, Plan Administrator's or Compensation
Committee's sole discretion and shall be final and conclusive on all persons,
except to the extent otherwise provided by law.

5.    OPERATION:

      (a) Eligibility. For each Plan Year, (i) the Compensation Committee shall
designate which Employees who are "named executive officers" in the
Corporation's annual proxy

                                       2
<PAGE>

statement shall be Eligible Employees for the Plan Year, and (ii) the CEO shall
designate which Employees other than the "named executive officers" shall be
Eligible Employees for the Plan Year; provided, however, that the determination
of Eligible Employees shall be made consistent with the requirement that the
Plan be a "top hat" plan for purposes of the Employee Retirement Income Security
Act of 1974, as amended. An Employee may be designated as an Eligible Employee
separately with respect to deferrals pursuant to Paragraph 5(b) or restoration
credits to his Account pursuant to Paragraph 5(c) for a Plan Year, or the
Employee may be designated as an Eligible Employee with respect to both
deferrals and restoration credits for the Plan Year. An Employee designated as
an Eligible Employee with respect to one Plan Year need not be designated as an
Eligible Employee for any subsequent Plan Year.

      (b)   Elections to Defer. A person who is an Eligible Employee for a Plan
Year may elect to defer from one percent (1%) to forty percent (40%), in one
percent (1%) increments, of the Eligible Employee's base salary for the Plan
Year. In addition, the Eligible Employee may elect to defer from ten percent
(10%) to ninety percent (90%), in ten percent (10%) increments, of the Eligible
Employee's Annual Incentive Award for the Plan Year. Elections to defer base
salary or Annual Incentive Awards for a Plan Year must be made before the first
day of the Plan Year, or at such other times as the Plan Administrator may
determine consistent with the intent that the Plan operate so as to defer
recognition of income taxes on the amounts deferred until the date the amounts
are actually paid. All elections made under this Paragraph 5(b) shall be made in
writing on a form, or pursuant to other non-written procedures, as may be
prescribed from time to time by the Plan Administrator and shall be irrevocable
for the Plan Year. An election to defer made by an Eligible Employee with
respect to any base salary or Annual Incentive Award payable for a Plan Year
shall not automatically apply with respect to any base salary or Annual
Incentive Award payable for any subsequent Plan Year. Amounts deferred under the
Plan shall not be taken into account for purposes of determining contributions
or allocations under the Savings Plan.

      (c)   Restoration Credits. An Eligible Employee's Account shall be
credited with an amount equal to the excess, if any, of:

            (A)   the aggregate amount of the "Profit-Sharing Contribution" that
      would have been allocated to the Participant's "Individual Account" under
      the Savings Plan for the applicable Plan Year had (i) the limitation
      imposed by Section 415 of the Code not been in effect, (ii) had the amount
      of the Participant's compensation used in calculating the amount of said
      Profit-Sharing Contribution so allocated to said account under the terms
      of the Savings Plan not been limited by Section 401(a)(17) of the Code,
      and (iii) had the Participant's compensation for such purpose included the
      amounts, if any, deferred by the Participant under this Plan, over

            (B)   the amount of the "Profit-Sharing Contribution" actually
      allocated to the Participant's "Individual Account" under the Savings Plan
      for the applicable Plan Year.

      (d)   Establishment of Accounts. A Participating Employer shall establish
and maintain on its books an Account for each Participant employed by the
Participating Employer. Each

                                       3
<PAGE>

Account shall be designated by the name of the Participant for whom established.
The amount of any base salary or Annual Incentive Award deferred by a
Participant pursuant to Paragraph 5(b) shall be credited to the Participant's
Account as of the date the base salary or Annual Incentive Award would have
otherwise been paid to the Participant. The amount of any restoration credit
shall be credited to the Participant's Account pursuant to Paragraph 5(c) as of
the date such amounts would have been allocated to the Participant's "Individual
Account" under the Savings Plan.

      (e)   Account Adjustments for Deemed Investments. The Plan Administrator
shall from time to time designate one or more investment vehicle(s) in which the
Accounts of Participants shall be deemed to be invested. The investment
vehicle(s) may be designated by reference to the investments available under
other plans sponsored by a Participating Employer. Each Participant may
designate the investment vehicle(s) in which his or her Account shall be deemed
to be invested according to the procedures developed by the Plan Administrator,
except as otherwise required by the terms of the Plan. No Participating Employer
shall be under an obligation to acquire or invest in any of the deemed
investment vehicle(s), and any acquisition of or investment in a deemed
investment vehicle by a Participating Employer shall be made in the name of the
Participating Employer and shall remain the sole property of the Participating
Employer. The Plan Administrator shall also establish from time to time a
default investment vehicle into which a Participant's Account shall be deemed to
be invested if the Eligible Employee fails to provide investment instructions to
the Plan Administrator.

      (f)   Timing of Adjustments. The adjustments to Accounts for deemed
investments as provided in Paragraph 5(e) shall be made from time to time at
such intervals as determined by the Plan Administrator. The Plan Administrator
may determine the frequency of account adjustments by reference to the frequency
of Account adjustments under another plan sponsored by a Participating Employer.
The amount of the adjustment shall equal the amount that the Participant's
Account would have earned (or lost) for the period since the last adjustment had
the Account actually been invested in the deemed investment vehicle(s)
designated by the Participant for the period.

      (g)   Payment of Accounts. The following provisions shall apply with
respect to the payment of a Participant's Account:

      (i)   Time of Payment. Except as otherwise provided in subparagraphs (v)
            and (vi) below, a Participant's Account shall become payable
            following the Participant's termination of employment with the
            Participating Employers for any reason other than death pursuant to
            subparagraph (ii) below or following the Participant's death
            pursuant to subparagraph (iii) below.

      (ii)  Method of Payment: Termination of Employment Other Than Death. A
            Participant's Account shall be payable commencing as soon as
            administratively practicable following the Participant's termination
            of employment with the Participating Employers for any reason other
            than death in the form of either a single cash payment or five (5)
            or ten (10) annual installments as elected by the Participant
            pursuant to this subparagraph (ii). At the time the Participant
            first

                                       4
<PAGE>

            makes a deferral election under the Plan, the Participant shall
            elect the method of payment, which election shall become immediately
            effective. Thereafter, the Participant may change such payment
            method election at such time or times and pursuant to such
            procedures as established by the Plan Administrator from time to
            time, provided that no such election to change the method of payment
            shall become effective unless the Participant remains employed with
            the Participating Employers for at least twelve (12) months from the
            date such election is made. If a Participant fails to make a payment
            election under this subparagraph (ii), the method of payment shall
            be a single cash payment.

      (iii) Method of Payment: Death. If a Participant dies after having
            commenced installment payments, any remaining unpaid installment
            payments shall be paid to the Participant's Beneficiary as and when
            they would have otherwise been paid to the Participant had the
            Participant not died. If a Participant terminates employment due to
            death, the Participant's Account shall be payable to the
            Participant's Beneficiary commencing as soon as administratively
            practicable after the Participant's death in the form of either a
            single cash payment or five annual installments as elected by the
            Participant pursuant to this subparagraph (iii). Such payment method
            election shall be made by the Participant at such time or times and
            pursuant to such procedures as the Plan Administrator may establish
            from time to time. If a Participant fails to make a payment method
            election under this subparagraph (iii), the method of payment to the
            Beneficiary shall be a single cash payment.

      (iv)  Installments. If amounts are payable to a Participant (or
            Beneficiary, if applicable) in the form of annual installments, the
            first annual installment shall be paid as soon as administratively
            practicable after the Participant's termination of employment or
            death, as applicable, and each subsequent annual installment shall
            be paid on or about the anniversary of the first installment. During
            the installment payment period, the Participant (or Beneficiary, if
            applicable) shall have the right to direct the deemed investment of
            the Account in accordance with Paragraph 5(e) above. The amount
            payable on each payment date shall be equal to the balance of the
            Account on the applicable payment date divided by the number of
            remaining installments (including the installment then payable).

      (v)   In-Service Withdrawal: Unforeseeable Emergency. A Participant who is
            in active service with a Participating Employer may, if permitted by
            the Plan Administrator, receive a refund of all or any part of the
            amounts previously credited to the Participant's Account in the case
            of an "unforeseeable emergency." A Participant requesting a payment
            pursuant to this subparagraph (v) shall have the burden of proof of
            establishing, to the Plan Administrator's satisfaction, the
            existence of an "unforeseeable emergency," and the amount of the
            payment needed to satisfy the same. In that regard, the Participant
            must provide the Plan Administrator with such financial data and
            information as the Plan Administrator may request. If the Plan
            Administrator determines that a payment should be made to a
            Participant under this subparagraph (v), the payment shall be made
            within a

                                       5
<PAGE>

            reasonable time after the Plan Administrator's determination of the
            existence of the "unforeseeable emergency" and the amount of payment
            so needed. As used herein, the term "unforeseeable emergency" means
            a severe financial hardship to a Participant resulting from a sudden
            and unexpected illness or accident of the Participant or of a
            dependent of the Participant, loss of the Participant's property due
            to casualty, or other similar extraordinary and unforeseeable
            circumstances arising as a result of events beyond the control of
            the Participant. The circumstances that constitute an "unforeseeable
            emergency" shall depend upon the facts of each case, but, in any
            case, payment may not be made to the extent that the hardship is or
            may be relieved (i) through reimbursement or compensation by
            insurance or otherwise, or (ii) by liquidation of the Participant's
            assets, to the extent the liquidation of such assets would not
            itself cause severe financial hardship. Examples of what are not
            considered to be "unforeseeable emergencies" include the need to
            send a Participant's child to college or the desire to purchase a
            home. Withdrawals of amounts because of an "unforeseeable emergency"
            may not exceed an amount reasonably needed to satisfy the emergency
            need.

      (vi)  In-Service Withdrawal: Life Event. At the time a Participant makes a
            deferral election pursuant to Paragraph 5(b), the Participant may
            elect, in accordance with such procedures as the Plan Administrator
            may establish from time to time, to have a portion of the amount to
            be deferred pursuant to such election, specified as a dollar amount,
            to become payable to the Participant in a single cash payment on a
            date specified by the Participant in such election that is at least
            two (2) calendar years after the date the related Annual Incentive
            Award or base salary would have otherwise been paid ("Life Event
            Payment Date"). Such amount shall become payable to the Participant
            on the Life Event Payment Date provided the Participant has not
            terminated employment with the Participating Employers or died prior
            to such date. Notwithstanding the foregoing, the Participant may
            irrevocably elect at least twelve months prior to the then
            applicable Life Event Payment Date to defer the Life Event Payment
            Date to a later specified date that is at least twelve (12) months
            after such then applicable Life Event Payment Date.

      (vii) Other Payment Provisions. Subject to the provisions of subparagraphs
            (v) and (vi) above, a Participant shall not be paid any portion of
            the Participant's Account prior to the Participant's termination of
            employment with the Participating Employers. Any deferral or payment
            hereunder shall be subject to applicable payroll and withholding
            taxes. In the event any amount becomes payable under the Plan to a
            Participant, Beneficiary or other person who is a minor or an
            incompetent, whether or not declared incompetent by a court, the
            amount may be paid directly to the minor or incompetent person or to
            the person's fiduciary (or attorney-in-fact in the case of an
            incompetent) as the Plan Administrator may decide, and the Plan
            Administrator shall not be liable to any person for any such
            decision or any payment pursuant thereto.

      (h)   Statements of Account. Each Participant shall receive an annual
statement of the Participant's Account balance.

                                       6
<PAGE>

6.    AMENDMENT, MODIFICATION AND TERMINATION OF THE PLAN:

      The Compensation Committee shall have the right and power at any time and
from time to time to amend the Plan in whole or in part and at any time to
terminate the Plan; provided, however, that no amendment or termination may
reduce the amount actually credited to a Participant's Account on the date of
the amendment or termination, or further defer the due dates for the payment of
the amounts, without the consent of the affected Participant. Notwithstanding
any provision of the Plan to the contrary, in connection with any termination of
the Plan the Compensation Committee shall have the authority to cause the
Accounts of all Participants (and Beneficiaries of any deceased Participants) to
be paid in a single cash payment as of a date determined by the Compensation
Committee or to otherwise accelerate the payment of all Accounts in such manner
as the Compensation Committee determines in its discretion.

7.    CLAIMS PROCEDURES:

      Claims for benefits under the Plan shall be addressed pursuant to the
claims procedures applicable under the Savings Plan. Any decision pursuant to
such claims procedures shall be final and conclusive upon all persons interested
therein, except to the extent otherwise provided by applicable law.

8.    APPLICABLE LAW:

      The Plan shall be construed, administered, regulated and governed in all
respects under and by the laws of the United States to the extent applicable,
and to the extent such laws are not applicable, by the laws of the state of
North Carolina.

9.    MISCELLANEOUS:

      A Participant's rights and interests under the Plan may not be assigned or
transferred by the Participant. The Plan shall be an unsecured and unfunded
arrangement. To the extent the Participant acquires a right to receive payments
from the Participating Employers under the Plan, the right shall be no greater
than the right of any unsecured general creditor of the Participating Employers.
Nothing contained herein may be deemed to create a trust of any kind or any
fiduciary relationship between a Participating Employer and any Participant.
Designation as an Eligible Employee or Participant in the Plan shall not entitle
or be deemed to entitle the person to continued employment with the
Participating Employers. The Plan shall be binding on the Corporation and any
successor in interest of the Corporation.

                                       7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]