NATHANS FAMOUS, INC. — Director's Dealing 2007

Aug 31, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATHANS FAMOUS INC (NATH)
CIK: 0000069733
Period of Report: 2007-08-29

Reporting Person: PERLYN DONALD L (Director, Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-08-29	Common Stock	M	15000	$3.1875	Acquired	15000	Direct
2007-08-29	Common Stock	S	1406	$18	Disposed	13594	Direct
2007-08-29	Common Stock	S	300	$18.01	Disposed	13294	Direct
2007-08-29	Common Stock	S	400	$18.02	Disposed	12894	Direct
2007-08-29	Common Stock	S	800	$18.03	Disposed	12094	Direct
2007-08-29	Common Stock	S	500	$18.04	Disposed	11594	Direct
2007-08-29	Common Stock	S	300	$18.05	Disposed	11294	Direct
2007-08-29	Common Stock	S	300	$18.06	Disposed	10994	Direct
2007-08-29	Common Stock	S	200	$18.07	Disposed	10794	Direct
2007-08-29	Common Stock	S	300	$18.08	Disposed	10494	Direct
2007-08-29	Common Stock	S	600	$18.09	Disposed	9894	Direct
2007-08-29	Common Stock	S	600	$18.1	Disposed	9294	Direct
2007-08-29	Common Stock	S	713	$18.11	Disposed	8581	Direct
2007-08-29	Common Stock	S	413	$18.12	Disposed	8168	Direct
2007-08-29	Common Stock	S	500	$18.13	Disposed	7668	Direct
2007-08-29	Common Stock	S	887	$18.14	Disposed	6781	Direct
2007-08-29	Common Stock	S	200	$18.15	Disposed	6581	Direct
2007-08-29	Common Stock	S	200	$18.16	Disposed	6381	Direct
2007-08-29	Common Stock	S	287	$18.17	Disposed	6094	Direct
2007-08-29	Common Stock	S	200	$18.18	Disposed	5894	Direct
2007-08-29	Common Stock	S	400	$18.2	Disposed	5494	Direct
2007-08-29	Common Stock	S	300	$18.21	Disposed	5194	Direct
2007-08-29	Common Stock	S	200	$18.22	Disposed	4994	Direct
2007-08-29	Common Stock	S	500	$18.23	Disposed	4494	Direct
2007-08-29	Common Stock	S	100	$18.25	Disposed	4394	Direct
2007-08-29	Common Stock	S	200	$18.27	Disposed	4194	Direct
2007-08-29	Common Stock	S	487	$18.28	Disposed	3707	Direct
2007-08-29	Common Stock	S	300	$18.3	Disposed	3407	Direct
2007-08-29	Common Stock	S	494	$18.31	Disposed	2913	Direct
2007-08-29	Common Stock	S	200	$18.39	Disposed	2713	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-08-29	Stock Options	$3.1875	M	15000	Disposed	2009-09-30	Common Stock (182558)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
2002 Stock Option Plan	$		Common Stock (40000)	40000	Direct

Footnotes

F1: options granted under the 2002 Stock Option Plan have various exercise prices

F2: options granted under the 2002 Stock Option Plan were granted and expire on various dates

F3: options were issued on October 1, 1999 to replace reporting person's options to acquire shares of Miami Subs Corporation ("MSC") in connection with the acquisition of MSC.