We reported months ago on Little Rock native Richard Thalheimer, who was ousted as the Chairman and CEO of The Sharper Image, the high-tech gadget retail company he founded in the late 1970’s. Thalheimer and The Sharper Image have reached a settlement regarding his departure according to recently filed SEC documents.

Thalheimer was forced out of his CEO post on September 25, 2006. On December 22, 2006, the company entered into a settlement agreement with Thalheimer, which becomes effective today, December 30, 2006.

So what does the settlement include?

For starters, Thalheimer will get $1,775,000 in severance pay by April 1, 2007. He’ll also be entitled to the payment of a non-qualified retirement benefit of $3.9 million on that date. The Sharper Image has further agreed to pay Thalheimer $300,000 as an allowance to assist him in “renting office space and in securing secretarial assistance for three years”. And, he’ll be reimbursed for legal expenses incurred during his termination dealings, up to $80,000.

But wait, there’s more. Thalheimer will be permitted to purchase certain sculptures from the company for $10,000, and he will retain a lifetime 50 percent discount on goods bought at The Sharper Image.

In exchange for these benefits, Thalheimer will provide his former company with a general release of "any and all claims which he has or may have against them."  The Sharper Image has granted Thalheimer a limited release related to certain bonuses, options, and potential restatement of earnings.