Nathan's Famous (NATH) investor relations material

Executive summary

• A special meeting will be held for shareholders to vote on a proposed merger in which shareholders will receive $102.00 per share in cash, subject to approval and closing conditions.

• The merger is with Smithfield Foods, Inc., with Nathan's Famous, Inc. becoming a wholly-owned subsidiary.

• The board unanimously recommends voting in favor of the merger, the advisory compensation proposal, and the adjournment proposal.

• The merger is not subject to a financing condition; Smithfield Foods will fund the transaction with cash on hand.

• If the merger is not completed, Nathan's will remain public, and specified termination fees may apply.

Voting matters and shareholder proposals

• Shareholders will vote on: (1) adoption of the merger agreement, (2) a non-binding advisory vote on executive compensation related to the merger, and (3) adjournment of the meeting if more votes are needed.

• Approval of the merger requires a majority of outstanding shares; failure to vote or abstentions count as votes against.

• A voting agreement binds directors and certain shareholders (about 29.9% of shares) to vote in favor of the merger.

• The compensation advisory vote is non-binding and does not affect the completion of the merger.

Board of directors and corporate governance

• The board formed a transaction committee to evaluate the merger and alternatives, but ultimate authority remained with the full board.

• The board considered strategic alternatives, including remaining independent and other potential acquirers, but found the merger to be the best available option.

• The board received a fairness opinion from Jefferies LLC, concluding the merger consideration is fair from a financial perspective.