NATHANS FAMOUS, INC. — Director's Dealing 2007

Feb 22, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATHANS FAMOUS INC (NATH)
CIK: 0000069733
Period of Report: 2007-02-15

Reporting Person: Watts Randy (VP-Franchise Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-15	Common Stock	M	3750	$3.2	Acquired	3750	Direct
2007-02-15	Common Stock	S	2620	$14.95	Disposed	1130	Direct
2007-02-15	Common Stock	S	1130	$14.9	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-15	1992 Stock Option Plan (Right to Buy)	$3.2	M	3750	Disposed	2011-10-30	common stock (3750)	Direct

Footnotes

F1: Does not include options to purchase 17,500 shares under the 2002 Stock Incentive Plan.