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SAN FRANCISCO (AP) - Specialty retailer Sharper Image Corp. chopped more than $3 million from the severance pay of recently departed CEO Richard Thalheimer to offset his past windfalls from favorably priced stock options, according to documents filed with securities regulators.
The package, disclosed in a Securities and Exchange Commission filing late last week, includes retirement benefits of $3.9 million and a severance payment of $1.78 million — below the $5 million minimum guaranteed to Thalheimer under a contract signed in 2002.
Thalheimer, who founded Sharper Image in 1977, stepped down as chief executive officer in September as part of the San Francisco-based company's effort to snap out of a prolonged sales funk.
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