Form 4: NATH Executive Chairman Converts RSUs, Adjusts Holdings

Howard M. Lorber, Executive Chairman of Nathan's Famous, Inc., converted 10,000 restricted stock units into common stock and disposed of shares for tax obligations.

Summary

• Howard M. Lorber, Executive Chairman, Director, and 10% Owner of Nathan's Famous, Inc. (NATH), reported changes in his beneficial ownership.
• On December 8, 2025, 10,000 restricted stock units (RSUs) were converted into 10,000 shares of common stock.
• Concurrently, 5,105 shares of common stock were disposed of at a price of $89.87 per share to cover tax liabilities related to the RSU vesting.
• Following these transactions, Mr. Lorber directly holds 719,521 shares of common stock and 20,000 restricted stock units.
• He also indirectly holds 20,320 shares through Lorber Gamma LP and 250,000 shares through Lorber Alpha II LP, where he serves as the Managing Member of the general partner with voting and dispositive power.

Sentiment

Score: 6

Explanation: The filing reflects a routine insider transaction involving the vesting of restricted stock units and subsequent tax-related share disposition. It's a neutral event, slightly positive due to continued equity alignment, but offset by the tax-driven sale.

Positives

• Conversion of 10,000 restricted stock units into common stock demonstrates continued equity participation and the vesting of long-term incentives.
• The Executive Chairman maintains significant direct and indirect beneficial ownership in the company, aligning his interests with shareholders.

Negatives

• Disposition of 5,105 shares of common stock, valued at $89.87 per share, to cover tax obligations reduces direct shareholding.

Future Outlook

This Form 4 filing primarily reports past transactions and does not contain explicit forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

This filing is a routine insider transaction report and does not provide specific insights into broader industry trends or competitive landscape for the fast-food or consumer goods sector. It reflects an executive's compensation and tax-related share adjustments.

Stakeholder Impact

• Shareholders: The transaction is a routine insider filing, indicating an executive's compensation structure and tax obligations. It does not significantly alter the company's operational or financial outlook.
• Employees: No direct impact on employees is indicated.

Key Dates

Keywords

Nathan's Famous, NATH, Howard M. Lorber, Insider Transaction, Form 4, Restricted Stock Units, Common Stock, Executive Chairman, Beneficial Ownership