NATIONAL BEVERAGE CORP — Director's Dealing 2008

Jan 4, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL BEVERAGE CORP (FIZZ)
CIK: 0000069891
Period of Report: 2008-01-03

Reporting Person: CAPORELLA JOSEPH G (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-01-03	Common Stock	X	14400	$4.11	Acquired	316600	Direct
2008-01-03	Common Stock	X	600	$0.01	Acquired	317200	Direct
2008-01-03	Common Stock	X	3600	$0.01	Acquired	320800	Direct
2008-01-03	Common Stock	X	1200	$0.01	Acquired	322000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-01-03	OMNIBUS STOCK OPTION	$4.11	X	14400	Disposed	2008-06-22	Common Stock (14400)	Direct
2008-01-03	KEEP STOCK OPTION	$0.01	X	600	Disposed	2008-06-26	Common Stock (600)	Direct
2008-01-03	KEEP STOCK OPTION	$0.01	X	3600	Disposed	2010-08-25	Common Stock (3600)	Direct
2008-01-03	KEEP STOCK OPTION	$0.01	X	1200	Disposed	2011-12-31	Common Stock (1200)	Direct

Footnotes

F1: Includes 144,000 shares to be received pursuant to the exercise of options, the delivery of which was deferred.

F2: See column two.

F3: Under the Company's Key Employee Equity Partnership Program ("KEEP"), participants receive a grant of KEEP options equal to 50% of the number of shares of National Beverage Corp. common stock purchased in the open market, up to a maximum of 6,000 shares in any two year period. KEEP options are granted at an initial exercise price of sixty percent of the purchase price of the shares acquired, and reduce to the par value of the Company's common stock at the end of the six year vesting period. Reference is made to Exhibit 10.14 of the Company's Form 10-K for the year ended April 28, 2007.