NATHANS FAMOUS, INC. — Director's Dealing 2007

Aug 27, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATHANS FAMOUS INC (NATH)
CIK: 0000069733
Period of Report: 2007-08-23

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-08-23	Common Stock	S	1300	$17.92	Disposed	1900	Direct
2007-08-23	Common Stock	S	300	$17.93	Disposed	1600	Direct
2007-08-23	Common Stock	S	200	$17.94	Disposed	1400	Direct
2007-08-23	Common Stock	S	100	$17.99	Disposed	1300	Direct
2007-08-23	Common Stock	S	1100	$18	Disposed	200	Direct
2007-08-23	Common Stock	S	100	$18.02	Disposed	100	Direct
2007-08-23	Common Stock	S	100	$18.08	Disposed	0	Direct
2007-08-24	Common Stock	M	10000	$3.1875	Acquired	10000	Direct
2007-08-24	Common Stock	S	1565	$17.75	Disposed	8435	Direct
2007-08-24	Common Stock	S	100	$17.82	Disposed	8335	Direct
2007-08-24	Common Stock	S	300	$17.83	Disposed	8035	Direct
2007-08-24	Common Stock	S	2500	$17.98	Disposed	5535	Direct
2007-08-24	Common Stock	S	4035	$18	Disposed	1500	Direct
2007-08-24	Common Stock	S	800	$18.01	Disposed	700	Direct
2007-08-24	Common Stock	S	600	$18.02	Disposed	100	Direct
2007-08-24	Common Stock	S	100	$18.03	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-08-24	Stock Options	$3.1875	M	10000	Disposed	2009-09-30	common stock (192558)	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 granted and expire on various dates.

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