NATHANS FAMOUS, INC. — Director's Dealing 2007

Feb 21, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATHANS FAMOUS INC (NATH)
CIK: 0000069733
Period of Report: 2007-02-16

Reporting Person: DEVOS RONALD G (VP- Fin, CFO and Secy)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-16	Common Stock	M	5500	$3.438	Acquired	5500	Direct
2007-02-16	Common Stock	S	5500	$14.9	Disposed	0	Direct
2007-02-20	Common Stock	M	9300	$3.937	Acquired	9300	Direct
2007-02-20	Common Stock	M	3000	$3.438	Acquired	12300	Direct
2007-02-20	Common Stock	S	100	$14.9	Disposed	12200	Direct
2007-02-20	Common Stock	S	342	$14.91	Disposed	11858	Direct
2007-02-20	Common Stock	S	1958	$14.92	Disposed	9900	Direct
2007-02-20	Common Stock	S	100	$14.93	Disposed	9800	Direct
2007-02-20	Common Stock	S	300	$14.97	Disposed	9500	Direct
2007-02-20	Common Stock	S	200	$14.99	Disposed	9300	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-16	1998 Stock Option Plan (Option to Buy)	$3.438	M	5500	Disposed	2009-10-28	Common Stock (5500)	Direct
2007-02-20	1992 Stock Option Plan (Option to Buy)	$3.9375	M	9300	Disposed	2008-04-05	Common Stock (9300)	Direct
2007-02-20	1998 Stock Option Plan (Option to Buy)	$3.438	M	3000	Disposed	2009-10-28	Common Stock (3000)	Direct

Footnotes

F1: Does not include options to purchase 15,000 shares under the 2001 Stock Option Plan and options to purchase 15,000 shares under the 2002 Stock Option Plan.

F2: Does not include options to purchase 30,000 shares under the 1998 Stock Option Plan, options to purchase 15,000 shares under the 2001 Stock Option Plan and options to purchase 15,000 shares under the 2002 Stock Option Plan.