snmppd is "an SNMP proxy daemon that is designed to work with Nagios. It loads MIBs upon startup, listens on a TCP socket for SNMP GET requests, polls the specified host, and returns the value to caller process. The caller process is usually the Nagios plugin check_snmpp".
A format string vulnerability has been discovered in SNMP Proxy daemon, allowing a remote attacker to cause the program to execute arbitrary code.
As can be seen the syslog() function is called without a constant format string, further the format string is the user provided data, allowing an attacker to cause the program to execute arbitrary code.