SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* RAMIUS CAPITAL GROUP LLC (Last) (First) (Middle) 666 THIRD AVENUE 26TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol SHARPER IMAGE CORP [ SHRP ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) X Other (specify below) Member of 13D Group
	3. Date of Earliest Transaction (Month/Day/Year) 05/23/2007
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/23/2007		P		686,665	A	$9.25	2,225,555	I(1)(2)(3)	By Starboard Master
Common Stock	05/23/2007		P		130,973	A	$9.25	423,915	I(1)(2)(3)	By Parche, LLC

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* RAMIUS CAPITAL GROUP LLC (Last) (First) (Middle) 666 THIRD AVENUE 26TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) Member of 13D Group

1. Name and Address of Reporting Person* Starboard Value & Opportunity Fund, LLC (Last) (First) (Middle) 666 THIRD AVENUE 26TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) Member of 13D Group

1. Name and Address of Reporting Person* C4S & CO LLC (Last) (First) (Middle) 666 THIRD AVENUE 26TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) Member of 13D Group

1. Name and Address of Reporting Person* COHEN PETER A (Last) (First) (Middle) 666 THIRD AVENUE 26TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) Member of 13D Group

1. Name and Address of Reporting Person* STARK MORGAN B (Last) (First) (Middle) 666 THIRD AVENUE 26TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) Member of 13D Group

1. Name and Address of Reporting Person* STRAUSS THOMAS W (Last) (First) (Middle) 666 THIRD AVENUE 26TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) Member of 13D Group

1. Name and Address of Reporting Person* SOLOMON JEFFREY M (Last) (First) (Middle) 666 THIRD AVENUE 26TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) Member of 13D Group

1. Name and Address of Reporting Person* Parche, LLC (Last) (First) (Middle) 666 THIRD AVENUE 26TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) Member of 13D Group

1. Name and Address of Reporting Person* Admiral Advisors, LLC (Last) (First) (Middle) 666 THIRD AVENUE 26TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) Member of 13D Group

Explanation of Responses:

1. The reporting person may be deemed to be a member of a group which consists of Knightspoint Partners II, L.P., Knightspoint Capital Management II LLC, Knightspoint Partners LLC, Michael Koeneke, David Meyer, Jerry W. Levin, Steven R. Isko, Michael A. Popson, Starboard Value and Opportunity Master Fund Ltd. ("Starboard"), Ramius Capital Group, LLC ("Ramius"), C4S & Co., L.L.C. ("C4S & Co."), Ramius Advisors, L.L.C., Peter A. Cohen, Jeffrey M. Solomon, Morgan B. Stark, Thomas W. Strauss, Parche, LLC ("Parche") and Admiral Advisors, LLC ("Admiral Advisors"). The reporting person disclaims beneficial ownership of securities beneficially held by any other member of such group.

2. Starboard and Parche beneficially own 2,225,555 and 423,915 shares of Common Stock, respectively. As the investment manager of Starboard and the managing member of Parche, Admiral Advisors may be deemed to beneficially own the shares of Common Stock owned by Starboard and Parche, representing an aggregate of 2,649,470 shares. As the sole member of Admiral Advisors, Ramius may be deemed to beneficially own the shares of Common Stock owned by Starboard and Parche. As the managing member of Ramius, C4S & Co. may be deemed to beneficially own the shares of Common Stock owned by Starboard and Parche. As the managing members of C4S & Co., each of Peter A. Cohen, Morgan B. Stark, Jeffrey M. Solomon and Thomas W. Strauss may be deemed to beneficially own the shares of Common Stock owned by Starboard and Parche. Messrs. Cohen, Stark, Solomon & Strauss disclaim beneficial ownership of such shares.

3. For services provided in connection with their investment in Sharper Image Corporation, Knightspoint Partners LLC receives an amount equal to 11% of the profits realized by Parche and Starboard on their investment in Sharper Image. "Profits" are defined as pre-tax capital gains (losses) plus dividends less applicable broker fees and allocated Transaction Expenses. "Transaction Expenses" are defined as any direct expenses incurred by the group in connection with the investment including documented legal, travel and other "out of pocket" expenses.

	/s/ Jeffrey M. Solomon for Starboard Value and Opportunity Master Fund Ltd.	05/25/2007
	/s/ Jeffrey M. Solomon for C4S & Co., L.L.C.	05/25/2007
	/s/ Jeffrey M. Solomon, as Attorney-in-Fact for Peter A. Cohen	05/25/2007
	/s/ Jeffrey M. Solomon, as Attorney-in-Fact for Morgan B. Stark	05/25/2007
	/s/ Jeffrey M. Solomon, as Attorney-in-Fact for Thomas W. Strauss	05/25/2007
	/s/ Jeffrey M. Solomon	05/25/2007
	/s/ Jeffrey M. Solomon for Ramius Capital, LLC	05/25/2007
	/s/ Jeffrey M. Solomon for Parche, LLC	05/25/2007
	/s/ Jeffrey M. Solomon for Admiral Advisors, LLC	05/25/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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