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Table\ue000 of\ue000 Contents
\ue000
\ue000
UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 D.C.\ue000 20549
FORM\ue000 10-K
\ue000
\ue000
\ue000
\u02db
\ue000
ANNUAL\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE
ACT\ue000 OF\ue000 1934
For\ue000 the\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 27,\ue000 2008
\ue000
\ue000
\ue000
o
\ue000
TRANSITION\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES
EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
For\ue000 the\ue000 transition\ue000 period\ue000 from\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 to\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000
Commission\ue000 file\ue000 number\ue000 0-398
(LANCE\ue000 LOGO)
LANCE,\ue000 INC.
(Exact\ue000 name\ue000 of\ue000 Registrant\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
\ue000
\ue000
\ue000
North\ue000 Carolina
\ue000
\ue000\ue000\ue00056-0292920
\ue000
(State\ue000 of\ue000 Incorporation)
\ue000
(I.R.S.\ue000 Employer\ue000 Identification\ue000 Number)
14120\ue000 Ballantyne\ue000 Corporate\ue000 Place,\ue000 Suite\ue000 350,\ue000 Charlotte,\ue000 North\ue000 Carolina\ue000 28277
\ue000
(Address\ue000 of\ue000 principal\ue000 executive\ue000 offices)
Post\ue000 Office\ue000 Box\ue000 32395,\ue000 Charlotte,\ue000 North\ue000 Carolina\ue000 28232-2395
\ue000

(Mailing\ue000 address\ue000 of\ue000 principal\ue000 executive\ue000 offices)
Registrant\u2019s\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code:\ue000(704)\ue000 554-1421
Securities\ue000 Registered\ue000 Pursuant\ue000 to\ue000 Section\ue000 12(b)\ue000 of\ue000 the\ue000 Act:

\ue000
\ue000 \ue000
Title\ue000 of\ue000 Each\ue000 Class
\ue000
Name\ue000 of\ue000 Each\ue000 Exchange\ue000 on\ue000 Which\ue000 Registered
\ue000
$0.83-1/3\ue000 Par\ue000 Value\ue000 Common\ue000 Stock
\ue000
The\ue000 NASDAQ\ue000 Stock\ue000 Market\ue000 LLC

Securities\ue000 Registered\ue000 Pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:\ue000NONE
Indicate\ue000 by\ue000 checkmark\ue000 if\ue000 the\ue000 Registrant\ue000 is\ue000 a\ue000 well-known\ue000 seasoned\ue000 issuer,\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 405\ue000 of\ue000 the\ue000 Securities\ue000 Act.\ue000Yes\ue000o \ue000 No\ue000\u02db
Indicate\ue000 by\ue000 checkmark\ue000 if\ue000 the\ue000 Registrant\ue000 is\ue000 not\ue000 required\ue000 to\ue000 file\ue000 reports\ue000 pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 Section\ue000 15(d)\ue000 of\ue000 the\ue000 Act.\ue000Yes\ue000o \ue000 No\ue000\u02db
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 Registrant\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act

of\ue000 1934\ue000 during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 Registrant\ue000 was\ue000 required\ue000 to\ue000 file\ue000 such\ue000 reports),\ue000 and\ue000 (2)\ue000 has\ue000 been
subject\ue000 to\ue000 such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.\ue000Yes\ue000\u02db \ue000 No\ue000o

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Item\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 is\ue000 not\ue000 contained\ue000 herein,\ue000 and\ue000 will\ue000 not\ue000 be
contained,\ue000 to\ue000 the\ue000 best\ue000 of\ue000 Registrant\u2019s\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this
Form\ue000 10-K\ue000 or\ue000 any\ue000 amendment\ue000 to\ue000 this\ue000 Form\ue000 10-K.\ue000o

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 Registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a\ue000 non-accelerated\ue000 filer,\ue000 or\ue000 a\ue000 smaller\ue000 reporting company.\ue000 See\ue000 the\ue000 definitions\ue000 of\ue000 \u201clarge\ue000 accelerated\ue000 filer,\u201d\ue000 \u201caccelerated\ue000 filer\u201d\ue000 and\ue000 \u201csmaller\ue000 reporting\ue000 company\u201d\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange Act.\ue000 (Check\ue000 One):

\ue000
\ue000
\ue000
\ue000
\ue000
\ue000
\ue000
Large\ue000 accelerated\ue000 filer\ue000\u02db \ue000
Accelerated\ue000 filer\ue000o
\ue000
Non-accelerated\ue000 filer\ue000o
\ue000
Smaller\ue000 reporting\ue000 company\ue000o
\ue000
\ue000
\ue000
\ue000
(Do\ue000 not\ue000 check\ue000 if\ue000 a\ue000 smaller\ue000 reporting\ue000 company)\ue000
\ue000
Processed and formatted by SEC Watch - Visit SECWatch.com
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 Registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Act).\ue000Yes\ue000o \ue000 No\ue000\u02db
The\ue000 aggregate\ue000 market\ue000 value\ue000 of\ue000 shares\ue000 of\ue000 the\ue000 Registrant\u2019s\ue000 $0.83-1/3\ue000 par\ue000 value\ue000 Common\ue000 Stock,\ue000 its\ue000 only\ue000 outstanding\ue000 class\ue000 of\ue000 voting\ue000 or\ue000 nonvoting
common\ue000 equity,\ue000 held\ue000 by\ue000 non-affiliates\ue000 as\ue000 of\ue000 June\ue000 27,\ue000 2008,\ue000 the\ue000 last\ue000 business\ue000 day\ue000 of\ue000 the\ue000 Registrant\u2019s\ue000 most\ue000 recently\ue000 completed\ue000 second\ue000 fiscal
quarter,\ue000 was\ue000 approximately\ue000 $590,817,000.
The\ue000 number\ue000 of\ue000 shares\ue000 outstanding\ue000 of\ue000 the\ue000 Registrant\u2019s\ue000 $0.83-1/3\ue000 par\ue000 value\ue000 Common\ue000 Stock,\ue000 its\ue000 only\ue000 outstanding\ue000 class\ue000 of\ue000 Common\ue000 Stock,\ue000 as\ue000 of
February\ue000 17,\ue000 2009,\ue000 was\ue000 31,540,104\ue000 shares.
Documents\ue000 Incorporated\ue000 by\ue000 Reference
Portions\ue000 of\ue000 the\ue000 Proxy\ue000 Statement\ue000 for\ue000 the\ue000 Annual\ue000 Meeting\ue000 of\ue000 Stockholders\ue000 to\ue000 be\ue000 held\ue000 on\ue000 April\ue000 23,\ue000 2009\ue000 are\ue000 incorporated\ue000 by\ue000 reference\ue000 into\ue000 Part\ue000 III
of\ue000 this\ue000 Form\ue000 10-K.
\ue000
\ue000
\ue000
Processed and formatted by SEC Watch - Visit SECWatch.com
\ue000
LANCE,\ue000 INC.
FORM\ue000 10-K
TABLE\ue000 OF\ue000 CONTENTS
\ue000
\ue000
\ue000\ue000 \ue000
\ue000
\ue000
Page\ue000
PART\ue000 1
\ue000
\ue000\ue000 \ue000
\ue000
\ue000
\ue000\ue000 \ue000
Item\ue000 1\ue000 Business
\ue000
\ue000 1\ue000
Item\ue000 1A\ue000 Risk\ue000 Factors
\ue000
\ue000 3\ue000
Item\ue000 1B\ue000 Unresolved\ue000 Staff\ue000 Comments
\ue000
\ue000 6\ue000
Item\ue000 2\ue000 Properties
\ue000
\ue000 6\ue000
Item\ue000 3\ue000 Legal\ue000 Proceedings
\ue000
\ue000 6\ue000
Item\ue000 4\ue000 Submission\ue000 of\ue000 Matters\ue000 to\ue000 a\ue000 Vote\ue000 of\ue000 Security\ue000 Holders
\ue000
\ue000 6\ue000
Separate\ue000 Item\ue000 Executive\ue000 Officers\ue000 of\ue000 the\ue000 Registrant
\ue000
\ue000 7\ue000
\ue000
\ue000
\ue000\ue000 \ue000
PART\ue000 II
\ue000
\ue000\ue000 \ue000
\ue000
\ue000
\ue000\ue000 \ue000
Item\ue000 5\ue000 Market\ue000 for\ue000 Registrant\u2019s\ue000 Common\ue000 Equity,\ue000 Related\ue000 Stockholder\ue000 Matters\ue000 and\ue000 Issuer\ue000 Purchases\ue000 of\ue000 Equity\ue000 Securities
\ue000
\ue000 8\ue000
Item\ue000 6\ue000 Selected\ue000 Financial\ue000 Data
\ue000
\ue000 9\ue000
Item\ue000 7\ue000 Management\u2019s\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations
\ue000
\ue000 10\ue000
Item\ue000 7A\ue000 Quantitative\ue000 and\ue000 Qualitative\ue000 Disclosures\ue000 about\ue000 Market\ue000 Risk
\ue000
\ue000 22\ue000
Item\ue000 8\ue000 Financial\ue000 Statements\ue000 and\ue000 Supplementary\ue000 Data
\ue000
\ue000 24\ue000
Schedule\ue000 II\ue000 \u2013\ue000 Valuation\ue000 and\ue000 Qualifying\ue000 Accounts
\ue000
\ue000 48\ue000
Report\ue000 of\ue000 Independent\ue000 Registered\ue000 Public\ue000 Accounting\ue000 Firm
\ue000
\ue000 49\ue000
Management\u2019s\ue000 Report\ue000 on\ue000 Internal\ue000 Control\ue000 Over\ue000 Financial\ue000 Reporting
\ue000
\ue000 51\ue000
Item\ue000 9\ue000 Changes\ue000 in\ue000 and\ue000 Disagreements\ue000 with\ue000 Accountants\ue000 on\ue000 Accounting\ue000 and\ue000 Financial\ue000 Disclosure
\ue000
\ue000 52\ue000
Item\ue000 9A\ue000 Disclosure\ue000 Controls\ue000 and\ue000 Procedures
\ue000
\ue000 52\ue000
Item\ue000 9B\ue000 Other\ue000 Information
\ue000
\ue000 52\ue000
\ue000
\ue000
\ue000\ue000 \ue000
PART\ue000 III
\ue000
\ue000\ue000 \ue000
\ue000
\ue000
\ue000\ue000 \ue000
Item\ue000 10\ue000 Directors,\ue000 Executive\ue000 Officers\ue000 and\ue000 Corporate\ue000 Governance
\ue000
\ue000 53\ue000
\ue000
\ue000
\ue000\ue000 \ue000
PART\ue000 IV
\ue000
\ue000\ue000 \ue000
\ue000
\ue000
\ue000\ue000 \ue000
Item\ue000 15\ue000 Exhibits\ue000 and\ue000 Financial\ue000 Statement\ue000 Schedules
\ue000
\ue000 53\ue000
\ue000
\ue000
\ue000\ue000 \ue000
Signatures
\ue000
\ue000 58\ue000
\ue000
\ue000
\ue000\ue000 \ue000
Exhibit\ue000 10.15\ue000 Lance,\ue000 Inc.\ue000 2008\ue000 Three-Year\ue000 Performance\ue000 Incentive\ue000 Plan\ue000 for\ue000 Officers\ue000 and\ue000 Key\ue000 Managers,\ue000 as\ue000 amended
\ue000
\ue000\ue000 \ue000
Exhibit\ue000 21\ue000 Subsidiaries\ue000 of\ue000 Lance,\ue000 Inc.
\ue000
\ue000\ue000 \ue000
Exhibit\ue000 23\ue000 Consent\ue000 of\ue000 Independent\ue000 Registered\ue000 Public\ue000 Accounting\ue000 Firm
\ue000
\ue000\ue000 \ue000
Exhibit\ue000 31.1\ue000 Section\ue000 302\ue000 Certification\ue000 of\ue000 the\ue000 CEO
\ue000
\ue000\ue000 \ue000
Exhibit\ue000 31.2\ue000 Section\ue000 302\ue000 Certification\ue000 of\ue000 the\ue000 CFO
\ue000
\ue000\ue000 \ue000
Exhibit\ue000 32\ue000 Section\ue000 906\ue000 Certification\ue000 of\ue000 the\ue000 CEO\ue000 and\ue000 CFO
\ue000
\ue000\ue000 \ue000
\ue000
\ue000
\ue000\ue000 \ue000
Note:\ue000 Items\ue000 10-14\ue000 are\ue000 incorporated\ue000 by\ue000 reference\ue000 to\ue000 the\ue000 Proxy\ue000 Statement\ue000 and\ue000 the\ue000 Separate\ue000 Item\ue000 in\ue000 Part\ue000 I.
\ue000
\ue000\ue000 \ue000
\ue000
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