Looks like stock options at a minimal price. Per the Proxy, I do not think he is allowed to purchase additional shares. See below for past of the proxy blurb.
In connection with the merger, Michael A. Warehime and Patricia A. Warehime entered into a standstill agreement with Lance. Pursuant to the terms of the standstill agreement, subject to certain exceptions, neither Michael A. Warehime nor Patricia A. Warehime may (i) acquire or attempt to acquire any additional shares of Snyder’s-Lance stock or any material assets of Snyder’s-Lance or its subsidiaries, (ii) transfer any or all of their shares of Snyder’s-Lance stock or (iii) take any action contrary to maintaining certain aspects of the proposed governance structure of Snyder’s-Lance through 2012, including agreements regarding the reduction of the total number of directors over time and the re-election of certain Lance directors eligible for re-election in 2011 and 2012. The standstill agreement limits Mr. and Mrs. Warehime’s aggregate beneficial ownership to no more than thirty percent (30%) of the issued and outstanding shares of Snyder’s-Lance common stock. The standstill agreement will terminate on December 6, 2013 or earlier upon an agreement by all the parties.