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                                                                  EXHIBIT 10.28

                               FIRST AMENDMENT TO
                     FINANCING AND SHARE PURCHASE AGREEMENT

         This FIRST AMENDMENT TO FINANCING AND SHARE PURCHASE AGREEMENT dated
as of December 17, 2001 (this "Amendment") is entered into between LANCE, INC.
(the "Company") and BANK OF AMERICA, N.A. ("Bank of America").

                                    RECITALS

                           A.       The Company and Bank of America are parties
         to that certain Financing and Share Purchase Agreement dated as of
         August 16, 1999 (the "Agreement").

                           B.       The parties wish to amend the Agreement as
         hereinafter set forth in order to permit a reorganization of certain
         Subsidiaries of the Company.

                  NOW, THEREFORE, for good and valuable consideration, the
         receipt and sufficiency of which are hereby acknowledged, the parties
         agree as follows:

                  1.       Certain Defined Terms. Capitalized terms which are
         used herein without definition and that are defined in the Agreement
         shall have the same meanings herein as in the Agreement.

                  2.       Amendments to Agreement. The Agreement is hereby
         amended as follows:

                  2.1      Section 6.2(b) of the Agreement is amended by
         deleting such section in its entirety and replacing it with the
         following:

                  "any Lien created under the Amended and Restated Credit
                  Agreement, dated as of May 26, 2000, among Lance, Inc., and
                  the other parties named therein, as amended, restated or
                  otherwise modified from time to time (the "Credit
                  Agreement"), provided that such Lien also secures equally and
                  ratably the obligations of the Purchaser under this
                  Agreement;"

                  2.2      Section 6.4 of the Agreement is amended so that the
         proviso following clause (c) thereof reads in its entirety as follows:

                  "provided that, notwithstanding the foregoing, so long as the
                  HSW Mortgage Loan exists, the Company shall not permit HSW
                  Mortgage Corp. or any direct or indirect parent thereof,
                  other than the Company (each a "Restricted Subsidiary") to
                  merge, consolidate with or into, or convey, transfer, lease
                  or otherwise dispose of (whether in one transaction or in a
                  series of transactions) all or substantially all of its
                  assets (whether now

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                  owned or hereafter acquired) to or in favor of any other
                  Person, except that (w) any Restricted Subsidiary may merge
                  or consolidate with or into the Company, provided that the
                  Company shall be the continuing or surviving corporation, (x)
                  any Restricted Subsidiary may convey, transfer, lease or
                  otherwise dispose of all or substantially all of its assets
                  (upon voluntary liquidation or otherwise), to the Company,
                  (y) any Restricted Subsidiary may merge or consolidate with
                  or into any Wholly-Owned Subsidiary of the Company (whereupon
                  such Restricted Subsidiary shall cease to be a Restricted
                  Subsidiary and such Wholly-Owned Subsidiary shall become a
                  Restricted Subsidiary), and (z) any Restricted Subsidiary may
                  convey, transfer, lease or otherwise dispose of all or
                  substantially all of its assets (upon voluntary liquidation
                  or otherwise), to any Wholly-Owned Subsidiary of the Company
                  (whereupon such Restricted Subsidiary shall cease to be a
                  Restricted Subsidiary and such Wholly-Owned Subsidiary shall
                  become a Restricted Subsidiary)."

                  2.3      Section 6.14 of the Agreement is amended so that the
         first sentence thereof reads in its entirety as follows:

                  "So long as the HSW Mortgage Loan exists, the Company shall
                  not, and shall not permit any Subsidiary to, sell or
                  otherwise dispose of any of its interest in any Restricted
                  Subsidiary, except as permitted by Section 6.4."

         3.       Representations and Warranties. The Company hereby represents
         and warrants to Bank of America as follows:

                  (i)      Representations and Warranties. The representations
         and warranties contained in Article IV of the Agreement are true and
         correct in all material respects as of the date hereof (except to the
         extent such representations and warranties expressly refer to an
         earlier date, in which case they are true and correct as of such
         earlier date).

                  (ii)     Enforceability. The execution and delivery by the
         Company of this Amendment, and the performance by the Company of this
         Amendment and the Agreement, as amended hereby, are within the
         corporate powers of the Company and have been duly authorized by all
         necessary corporate action on the part of the Company. This Amendment
         and the Agreement, as amended hereby, are valid and legally binding
         obligations of the Company, enforceable in accordance with their
         terms.

                  (iii)    No Default. No Event of Default or Unmatured Event
         of Default has occurred and is continuing.

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         4.       Effect of Amendment. Except as expressly amended and modified
by this Amendment, all provisions of the Agreement shall remain in full force
and effect; and the Company confirms and reaffirms its obligations under the
Agreement as amended by this Amendment. After this Amendment becomes effective,
all references in the Agreement (or in any other Transaction Agreements) to
"this Agreement", "hereof", "herein" or words of similar effect referring to
the Agreement shall be deemed to be references to the Agreement as amended by
this Amendment. This Amendment shall not be deemed to expressly or impliedly
waive, amend or supplement any provision of the Agreement other than as set
forth herein.

         5.       Effectiveness. This Amendment shall become effective upon the
receipt by Bank of America on or before December 17, 2001 of counterparts of
this Amendment (whether by facsimile or otherwise) executed by the Company.

         6.       Counterparts. This Amendment may be executed in any number of
counterparts and by different parties on separate counterparts, and each
counterpart shall be deemed to be an original, and all such counterparts shall
together constitute but one and the same instrument. A facsimile of the
signature of any party on any counterpart shall be effective as the signature
of the party executing such counterpart for purposes of the effectiveness of
this Amendment.

         7.       Governing Law. This Amendment shall be governed by, and
construed in accordance with, the laws of the State of New York without regard
to the conflicts or choice of law principles thereof, but giving effect to the
provisions of New York General Obligations Law ss.5-1401.

         8.       Section Headings. The various headings of this Amendment are
inserted for convenience only and shall not affect the meaning or
interpretation of this Amendment or the Agreement or any provision hereof or
thereof.

                      [SIGNATURE PAGES BEGIN ON NEXT PAGE]

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         IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first above written.

                                    LANCE, INC.

                                    By:   /s/ B. Clyde Preslar
                                       ----------------------------------------
                                    Title: Vice President & Chief
                                           Financial Officer
                                          -------------------------------------

                                    BANK OF AMERICA, N.A.

                                    By:     /s/ William F. Sweeney
                                       ----------------------------------------
                                    Title:    Managing Director
                                          -------------------------------------

                                       4<PAGE>

                                                                     EXHIBIT 4.1

[NUMBER]                                                                [SHARES]
  GPH                 [GLOBAL PREFERRED HOLDINGS GRAPHIC]

                        GLOBAL PREFERRED HOLDINGS, INC.

INCORPORATED UNDER THE LAWS OF
   THE STATE OF DELAWARE

                                             SEE REVERSE FOR CERTAIN DEFINITIONS
                                                       CUSIP 37941Y 10 9

THIS CERTIFIES that

is the owner of

             FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK,
                         PAR VALUE $.001 PER SHARE, OF

GLOBAL PREFERRED HOLDINGS, INC. transferable only on the books of the
Corporation by the holder hereof, in person or by attorney, upon surrender of
this Certificate properly endorsed.

This Certificate is not valid unless countersigned by the Transfer Agent and
registered by the Registrar.

IN WITNESS WHEREOF, the said Corporation has caused this Certificate to be
signed with the facsimile signatures of its duly authorized officers, and its
facsimile seal to be hereunto affixed.

Dated
      /s/ THOMAS W. MONTGOMERY                       /s/ EDWARD F. MCKERNAN
      ------------------------                      ----------------------------
          Secretary                                         President

                     [GLOBAL PREFERRED HOLDINGS, INC. SEAL]

COUNTERSIGNED AND REGISTERED:

        AMERICAN STOCK TRANSFER & TRUST COMPANY
                (NEW YORK, NEW YORK)
                   TRANSFER AGENT AND REGISTRAR

AUTHORIZED SIGNATURE
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[BACK OF CERTIFICATE]

                        GLOBAL PREFERRED HOLDINGS, INC.

     The Corporation will furnish without charge to each shareholder who so
requests a statement or summary of the powers, designations, preferences and
relative, participating, optional or other special rights of each class of
stock or series thereof which the Corporation is authorized to issue and of
the qualifications, limitations or restrictions of such preferences and/or
rights. Such request may be made to the Secretary of the Corporation or the
Transfer Agent named on the face of this Certificate.

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<Table>
<Caption>
<S>                                                              <C>
TEN COM --as tenants in common                                   UNIF GIFT MIN ACT--

TEN ENT --as tenants by the entireties                           ___________________________________________as custodian for

JT TEN  --as joint tenants with right of survivorship and        -----------------------------------------------------------
          not as tenants in common                                                         (Minor)

                                                                              under Uniform Gifts to Minors Act of

                                                                  -----------------------------------------------------------
                                                                                            (State)

</Table>

     Additional abbreviations may also be used though not in the above list

For value received, ________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE
--------------------------------------

--------------------------------------

-------------------------------------------------------------------------------
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

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                                                                          shares
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of the capital stock represented by this Certificate, and do hereby irrevocably
constitute and appoint

                                                                       attorney
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to transfer such stock on the books of the Corporation with full power of
substitution in the premises.

Dated
     --------------------------

       ------------------------------------------------------------------
       NOTICE: The signature to this assignment must correspond with the
               name as written upon the face of the certificate in every
               particular, without alteration or enlargement or any
               change whatever

SIGNATURE(S) GUARANTEED:
                        -------------------------------------------------
                        The signature(s) should be guaranteed by an
                        eligible Guarantor institution (Banks,
                        Stockbrokers, Savings and Loan Associations and
                        Credit Unions with membership in an approved
                        signature guarantee Medallion program) pursuant
                        to S.E.C. Rule 17 Ad-15.

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