Document:

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                                                                    EXHIBIT 10.1

                                   LANCE, INC.

                   2003 LONG-TERM INCENTIVE PLAN FOR OFFICERS

Purposes and            The primary purposes of the 2003 Long-Term Incentive
Introduction            Plan for Officers are to:

                        -       Align executives' interests with those of
                                stockholders by linking a substantial portion of
                                pay to the price of Lance Common Stock.

                        -       Provide a way to attract and retain key
                                executives and managers who are critical to
                                Lance's future success.

                        -       Increase total pay for executives and managers
                                to competitive levels.

                        To achieve the maximum motivational impact, plan goals
                        and the rewards that will be received for meeting those
                        goals will be communicated to participants as soon as
                        practical after the 2003 Plan is approved by the Stock
                        Award Committee.

                        Each participant will be granted one or more Awards.
                        Awards will be earned to the extent predetermined goals
                        are attained.

Plan Years              The period over which performance will be measured is
                        the Company's fiscal year and the two, three, four and
                        10 year periods after the date of grant of awards.

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

                        Attachment A includes the list of 2003 participants
                        approved by the Stock Award Committee on April 24, 2003.
                        Initial awards will be made as soon as possible after
                        the approval of the 2003 Plan by the Stock Award
                        Committee.

Awards                  Each participant will be granted Awards expressed as an
                        economic value equal to 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 CEO. If the
                        job duties of a position change during the year, or Base

<PAGE>

                        Salary is increased significantly, the Award shall be
                        revised as appropriate.

                        Attachment A lists the Awards for each participant for
                        the 2003 Plan Year as granted by the Stock Award
                        Committee. Awards will be communicated to each
                        participant as close to the beginning of the year as
                        practicable, in writing. Awards will be calculated by
                        multiplying each participant's Base Salary by the
                        appropriate percentages, as described below.

                        -       Awards shall be calculated as follows:

<TABLE>
<CAPTION>
                                                     Percentage of Base Salary
                                Performance Tier         for 2003 Awards
                                ----------------         ---------------
<S>                                                  <C>
                                        1                      *%
                                        2                      *%
                                        3                      *%
</TABLE>

                        -       For 2003, Awards will be allocated as follows:

<TABLE>
<CAPTION>
                                                         As a Percentage of Base Salary

                                                                     Restricted Stock
                    Performance          100%         Stock       ------------------------
                        Tier          of Target      Options      Regular      Performance
                    -----------       ---------      -------      ------       -----------
                    <S>               <C>            <C>          <C>          <C>
                         1               *%            *%            *%             *%
                         2               *%            *%            *%             *%
                         3**             *%            *%            *%             *%
</TABLE>
                        --------------
                        [*Target awards not required to be disclosed.]
                        **Only officers receive restricted stock awards.

                        -       To determine the number of shares of stock
                        issued pursuant to each stock option, restricted stock
                        grant and performance restricted stock grant the value
                        of each option is calculated using the Black-Scholes
                        model and each restricted stock grant using compensation
                        adviser's model, subject to certain adjustments, plus an
                        additional 26,600 shares as stock options ratably among
                        the participants.

Long-Term Incentives    Each Participant shall receive stock options equal to
                        50% in economic value of his or her Award, 25% in
                        economic value will be in regular restricted stock and
                        25% in economic value in performance restricted stock.

                                       2
<PAGE>

                        Stock options will be nonqualified and will vest in four
                        equal annual installments beginning one year after the
                        date of grant and shall be exercisable for 10 years
                        after the date of grant.

                        Restricted stock will vest as to 50% two years after the
                        date of grant and the balance four years after the date
                        of grant.

                        Performance restricted stock will vest three years after
                        the date of grant, if the cumulative consolidated
                        earnings per share of Lance, Inc. for the three fiscal
                        years 2003, 2004 and 2005 equal or exceed $* per share.

                        [*Target not required to be disclosed.]

Form and Timing of      Awards will be made as soon as practicable after awards
Awards                  are approved by the Stock Award Committee of the Board
                        of Directors. All awards will be rounded up to the
                        nearest multiple of 50 shares.

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

Certain Terminations    In the event a participant voluntarily terminates
of Employment           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 and performance
                        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.

                                       3

<PAGE>

Change In Control       In the event of a Change in Control, the vesting of
                        awards will be accelerated to fully vest upon the
                        effective date of a Change in Control.

                        For this purpose, 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. For the purposes of this
                        plan, 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.

Executive Officers      Notwithstanding any provisions to the contrary above,
                        participation, Awards and prorations for executive
                        officers, including the President and CEO, 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 goals and final award determination. The
                        decisions of the Committee shall be conclusive and
                        binding on all participants.

                                       4

<PAGE>

                                  ATTACHMENT A

<TABLE>
<CAPTION>
                                                                                Regular        Performance
                                                                     Option     Restricted     Restricted
Name                       Title                        Award        Shares     Stock          Stock
----                       ---------                    -----        ------     ----------     ------------
<S>                        <C>                          <C>          <C>        <C>            <C>
P.A. Stroup, III           President & CEO                *%         *          *              *

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

B.C. Preslar               Vice President                 *%         *          *              *
                            - Finance/CFO

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>

[*Target levels and awards for participants not required to be disclosed.]<PAGE>

                                                                    EXHIBIT 10.2

STATE OF NORTH CAROLINA
                                                                       AGREEMENT
COUNTY OF MECKLENBURG

         THIS AGREEMENT (this "Agreement") is entered into as of February 28,
2003 by and between LANCE, INC., a North Carolina corporation (the "Company"),
and RICHARD G. TUCKER ("Tucker").

                              STATEMENT OF PURPOSE
         Tucker has been employed by the Company since June 28, 1996. On
November 10, 1997, the Company and Tucker entered into an Executive Severance
Agreement (the "Severance Agreement"), whereby the Company provided Tucker with
certain benefits. Tucker currently holds the title of Vice President.

         The Company has decided to permanently eliminate the job Tucker is
performing for the Company. The Company and Tucker have entered into
negotiations with a view toward resolving all issues relating to Tucker's
employment with the Company and the termination of that employment.

         As a result of these negotiations, Tucker and the Company have agreed
that Tucker and the Company will terminate their relationship on the terms and
conditions set forth in this Agreement.

         NOW, THEREFORE, in consideration of the Statement of Purpose and the
terms and provisions of this Agreement, the parties hereto mutually agree as
follows:

         1. DEFINITIONS. Capitalized terms used in this Agreement that are not
expressly defined herein but are defined in the Severance Agreement have the
respective meanings given those terms in the Severance Agreement. In addition,
as used herein, the following terms shall have the following meanings:

                  (a)      "Affiliate" with reference to the Company means any
                           Person that directly or indirectly is controlled by,
                           or is under common control with, the Company,
                           including each subsidiary of the Company. For
                           purposes of this definition the term "control" means
                           the possession, directly or indirectly, of the power
                           to direct or cause the direction of the management
                           and policies of a Person, whether through ownership
                           of voting securities, by contract or otherwise.

                  (b)      "Person" means any individual, corporation,
                           association, partnership, business trust, joint stock
                           company, limited liability company, foundation,
                           trust, estate or other entity or organization of
                           whatever nature.

                  (c)      "Effective Date" with reference to this Agreement
                           means the eighth (8th) day following the execution of
                           this Agreement, if not a Saturday, Sunday

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                           or legal holiday, and if such day is a Saturday,
                           Sunday or legal holiday, then the first business day
                           following such eighth (8th) day.

         2. TERMINATION OF EMPLOYMENT; RESIGNATION FROM OFFICES. As the result
of the permanent elimination of his job, the Company does hereby terminate
Tucker's employment, with said termination to be effective as of March 28, 2003
(the "Termination Date"). Tucker will remain on the payroll through March 28,
2003 and will be considered during the period March 1, 2003 to March 28, 2003 as
being on vacation, and in such connection will have no duties or
responsibilities except to consult from time to time with Company officials
regarding the transfer of his responsibilities to others. As requested by the
Company, Tucker hereby resigns from all offices, directorships, committees and
positions he holds with the Company and its Affiliates, including but not
limited to, Vice President of the Company and President of Lance Company, with
said resignation to be effective as of February 28, 2003. If requested by the
Company, Tucker will execute any additional resignation letters, forms or other
documents that acknowledge his resignation from such employment, positions,
committees and offices.

         3. PAYMENTS BY THE COMPANY. The Company agrees to pay or provide Tucker
with the following:

                  (a)      Compensation and benefits to which Tucker is
                           otherwise entitled as an employee of the Company at
                           Tucker's current rate and status through March 28,
                           2003, in accordance with the Company's generally
                           applicable policies and procedures (payment for the
                           period March 1, 2003 through March 28, 2003 shall be
                           treated as vacation pay and shall exhaust Tucker's
                           accrued vacation entitlement);

                  (b)      Compensation and benefits to which Tucker is
                           otherwise entitled under the Severance Agreement in
                           accordance with the terms of the Severance Agreement.
                           For purposes hereof, the Company acknowledges and
                           agrees that Tucker shall be considered to have been
                           involuntarily terminated Without Cause, and shall be
                           due all payments and benefits set forth in paragraph
                           4 of the Severance Agreement. The parties agree that
                           Tucker is entitled to be paid $388,888 under
                           Paragraph 4(a) of the Severance Agreement, that the
                           payments described in Paragraph 3(a) hereof satisfy
                           the obligations described in Paragraph 4(b) of the
                           Severance Agreement and that Tucker is entitled to
                           receive under Paragraph 4(c) of the Severance
                           Agreement the greater of (i) $35,802 or (ii) the
                           actual bonus earned through the Termination Date.
                           While it is not obligated to make any payment under
                           Paragraph 4(c) of the Severance Agreement at this
                           time, the Company agrees to pay Tucker $35,802 within
                           thirty (30) days after the Effective Date. If a
                           larger amount is determined to be due under Paragraph
                           4(c) of the Severance Agreement, the Company will pay
                           the difference between the amount paid and the amount
                           due at the same time as payments are made to the
                           Company's other employees under the Company's Annual
                           Corporate Performance Incentive Plan for Officers.

                                       2
<PAGE>

                  (c)      Possession of the Company automobile used by Tucker
                           in connection with his employment together with
                           conveyance of title to said automobile promptly
                           following the Effective Date of this Agreement;

                  (d)      Health benefits for Tucker under the Company's group
                           medical plan until the earlier of (a) the date Tucker
                           becomes eligible for coverage under another
                           employer's plan, (b) his death or (c) March 28, 2004.
                           During this period, Tucker will be required to pay
                           those amounts the Company's employees are customarily
                           required to pay from time to time for such coverage
                           and will be entitled to obtain at his expense
                           optional family/dependent medical coverage under the
                           Company's group medical plan. After March 28, 2004,
                           Tucker may continue his coverage to the extent (if
                           any) and in the manner provided by the "COBRA"
                           provisions of federal law.

                  (e)      Tucker has participated in various Company sponsored
                           benefit plans including the Profit-Sharing
                           Retirement, 401-(k), Employee Stock Purchase and
                           Incentive Equity plans. Tucker's vested interest in
                           these plans shall be paid when and as provided in,
                           and otherwise subject to, the terms, provisions and
                           conditions of said plans, and nothing in this
                           Agreement shall modify or override the terms,
                           provisions or conditions of those plans.

                  (f)      The Company will provide Tucker, at no expense to
                           him, outplacement services through Manchester
                           Services or another provider selected by the Company
                           for a period of up to six months (or longer in the
                           Company's sole discretion) at a cost not to exceed
                           $12,500.

                  (g)      In consideration for the non-competition covenant in
                           Section 7 hereof, Lance agrees to pay Tucker the sum
                           of $40,000. No withholdings for income or employment
                           taxes shall be made from the amount paid pursuant to
                           this Section 3(g).

         4. TERMINATION OF THE COMPENSATION AND BENEFITS ASSURANCE AGREEMENT AND
ALL OTHER BENEFITS NOT SPECIFIED IN THIS AGREEMENT. On November 10, 1997, Tucker
and the Company entered into a Compensation and Benefits Assurance Agreement
that was intended to provide Tucker with certain compensation and benefits in
the event of the termination of his employment under certain specified
circumstances in connection with a Change in Control, as defined in the
Compensation and Benefits Assurance Agreement. It is agreed that this Agreement
is not being entered into in connection with a Change in Control, that Tucker is
not entitled to receive any compensation or benefits under the Compensation and
Benefits Assurance Agreement, that the Compensation and Benefits Assurance
Agreement is hereby terminated and that neither party has any further rights and
obligations thereunder. The Company and Tucker acknowledge and agree that all
other benefits and perquisites related to or resulting from Tucker's employment
and positions with the Company and its Affiliates, which are not described and
provided for in this Agreement, terminate on the Effective Date, and that the
Company has no further obligations with respect thereto.

                                       3

<PAGE>

         5. CONFIDENTIAL INFORMATION AND COMPANY PROPERTY. Tucker acknowledges
that by reason of Tucker's employment by the Company, Tucker has had access to
certain Company "Trade Secrets" (as defined in the North Carolina Trade Secrets
Protection Act, N.C.G.S. ss.66-152) and confidential product formulations
(collectively "Confidential Information"). Tucker agrees that he shall not
directly or indirectly use, reveal, disclose or remove from the Company's
premises Confidential Information or material containing Confidential
Information, without the prior written consent of the Company. In addition,
Tucker agrees that he will turn over and return to the Company no later than
March 28, 2003 all property whatsoever of the Company now in his possession
(including keys and credit cards).

         6. EMPLOYMENT TAXES AND WITHHOLDINGS. Tucker acknowledges and agrees
that the Company shall withhold from the payments and benefits described in this
Agreement all taxes, including income and employment taxes, required to be so
deducted or withheld under applicable law.

         7. NON-COMPETITION. Tucker agrees that in consideration of the payments
and benefits described in Paragraphs 3(c), (d), (f) and (g) and the accelerated
payment of amounts under Paragraph 4(c) of the Severance Agreement, he will not
during the period March 28, 2003 through July 31, 2003, become employed by,
perform services for or consult with the following corporations, their
subsidiaries or affiliates which are involved in the manufacture of sandwich
crackers or snack foods, or their successors or assigns: Bake-Line Products,
Inc.; Ralcorp Holdings, Inc. and Tom's Foods Inc.

         8. RELEASE OF THE COMPANY. Tucker, on behalf of himself and his heirs,
personal representatives, successors and assigns, hereby releases and forever
discharges the Company and its Affiliates, and each and every one of their
respective present and former shareholders, directors, officers, employees and
agents, and each of their respective successors and assigns, from and against
any and all claims, demands, actions, causes of action, damages, costs and
expenses, including without limitation all "Employment-Related Claims," which
Tucker now has or may have by reason of any thing occurring, done or omitted to
be done to the date of this Agreement; provided, however, this release shall not
apply to any claims that Tucker may have for the payments or benefits expressly
provided for Tucker or otherwise specifically referred to in this Agreement. For
purposes of this Agreement, "Employment-Related Claims" means all rights and
claims Tucker has or may have:

                  (i)      related to his employment by or status as an employee
                           of the Company or any of its Affiliates or the
                           termination of that employment or status or to any
                           employment practices and policies of the Company, or
                           its Affiliates; or

                  (ii)     under the federal Age Discrimination in Employment
                           Act of 1967, as amended ("ADEA").

         9. SPECIAL ADEA WAIVER ACKNOWLEDGEMENTS. TUCKER ACKNOWLEDGES AND AGREES
THAT HE HAS READ THIS AGREEMENT IN ITS ENTIRETY AND THAT THIS AGREEMENT CONTAINS
A GENERAL RELEASE OF ALL KNOWN AND

                                       4

<PAGE>

UNKNOWN CLAIMS, INCLUDING RIGHTS AND CLAIMS ARISING UNDER THE FEDERAL AGE
DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED ("ADEA"). TUCKER FURTHER
ACKNOWLEDGES AND AGREES THAT:

                  (a)      THIS AGREEMENT DOES NOT RELEASE, WAIVE OR DISCHARGE
                           ANY RIGHTS OR CLAIMS THAT MAY ARISE AFTER THE DATE OF
                           THIS AGREEMENT;

                  (b)      HE IS ENTERING INTO THIS AGREEMENT AND RELEASING,
                           WAIVING AND DISCHARGING RIGHTS OR CLAIMS ONLY IN
                           EXCHANGE FOR CONSIDERATION THAT HE IS NOT ALREADY
                           ENTITLED TO RECEIVE;

                  (c)      HE HAS BEEN ADVISED, AND IS BEING ADVISED IN THIS
                           AGREEMENT, TO CONSULT WITH AN ATTORNEY BEFORE
                           EXECUTING THIS AGREEMENT;

                  (d)      HE HAS BEEN ADVISED, AND IS BEING ADVISED IN THIS
                           AGREEMENT, THAT HE HAS UP TO TWENTY-ONE DAYS (21)
                           DAYS WITHIN WHICH TO CONSIDER THIS AGREEMENT AND THAT
                           IF HE EXECUTES THIS AGREEMENT PRIOR TO THE EXPIRATION
                           OF THE TWENTY-ONE (21) DAY PERIOD, THEN HE EXPRESSLY
                           WAIVES HIS RIGHTS WITH RESPECT TO THE REMAINING TIME,
                           AND THAT THE AGREEMENT WILL BECOME EFFECTIVE THE
                           EIGHTH DAY AFTER HE SIGNS IT AS REFERENCED IN
                           PARAGRAPH 9 (e) BELOW; AND

                  (e)      HE IS AWARE THAT HE MAY REVOKE THIS AGREEMENT AT ANY
                           TIME WITHIN SEVEN (7) DAYS AFTER THE DAY HE SIGNS
                           THIS AGREEMENT AND THAT THIS AGREEMENT WILL NOT
                           BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE EIGHTH DAY
                           AFTER THE DATE THIS AGREEMENT IS SIGNED, ON WHICH
                           DAY, THE EFFECTIVE DATE, THIS AGREEMENT WILL
                           AUTOMATICALLY BECOME EFFECTIVE UNLESS PREVIOUSLY
                           REVOKED WITHIN THAT SEVEN-DAY PERIOD. HE IS ALSO
                           AWARE THAT TO AFFECT A REVOCATION, HE MAY, WITHIN THE
                           SEVEN-DAY PERIOD DELIVER (OR CAUSE TO BE DELIVERED)
                           TO THE PRINCIPAL OFFICE OF THE COMPANY NOTICE OF HIS
                           REVOCATION OF THIS AGREEMENT NO LATER THAN 5:00 P.M.
                           EASTERN TIME ON THE SEVENTH (7TH) DAY FOLLOWING HIS
                           EXECUTION OF THIS AGREEMENT.

         10. EXTENSION OF STOCK OPTIONS. Notwithstanding any provisions to the
contrary in any Nonqualified Stock Option Agreement between the Company and
Tucker, Tucker shall be permitted to exercise, at any time between April 30,
2003 and the close of business on May 28, 2003, any exercisable stock option
which becomes exercisable prior to March 29, 2003.

                                       5

<PAGE>

         11. CONFIDENTIALITY OF THIS AGREEMENT; EMPLOYMENT REFERENCE. Tucker
shall not at any time, directly or indirectly, discuss with or disclose to
anyone (other than to members of his immediate family, his attorney, his tax
advisors and the appropriate taxing authorities or as otherwise required by law,
hereinafter "Qualified Persons") the terms of this Agreement, including the
amounts payable hereunder. Tucker further agrees that he shall not discuss with
anyone other than Qualified Persons the circumstances surrounding the
termination of his employment. If any person asks Tucker about the above
matters, he will simply say that he resigned from the Company and all issues
relating to his employment have been resolved. Tucker further agrees that for a
period of five years from the Effective Date, he will refrain from making
derogatory comments about the Company or its agents or affiliates to the
Company's customers, suppliers or employees. The Company agrees that for a
period of five years from the Effective Date, the Company and its officers will
likewise refrain from making derogatory comments about Tucker to the Company's
customers, suppliers or employees. The Company further agrees that if any person
makes inquiry concerning Tucker, the Company will advise such person only as to
the dates of Tucker's employment with the Company, the positions held and that
he voluntarily resigned from the Company.

         12. APPLICABLE LAW. This Agreement is made and executed with the
intention that the construction, interpretation and validity hereof shall be
determined in accordance with and governed by the laws of the State of North
Carolina.

         13. BINDING EFFECT. This Agreement shall be binding upon and inure to
the benefit of the Company, its successors and assigns. This Agreement shall be
binding upon and inure to the benefit of Tucker, his heirs, executors and
administrators.

         14. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the parties with respect to the subject matter hereof and supersedes and
cancels all prior or contemporaneous oral or written agreements and
understandings between them with respect to the subject matter hereof.

         IN WITNESS WHEREOF, the Company has caused this Agreement to be signed
by its duly authorized officers and its corporate seal to be hereunto affixed,
and Tucker has hereunto set his hand and seal, all as of the day and year first
above written.

                                            LANCE, INC.

[CORPORATE SEAL]

ATTEST:                                     By /s/ E. D. Leake
                                               ---------------------------------
                                               Vice President

/s/ B. Clyde Preslar
-----------------------------------
Secretary

                                               /s/ Richard G. Tucker      [SEAL]
                                               ---------------------------------
                                               Richard G. Tucker

                                       6

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