I managed in the meantime to hide it by using another plugin called Admin Menu Editor to restrict non administrators ie authors or editors from changing things on the site (major security issue really) but I feel the plugin should have an option to hide its settings based on the user level.
Did I miss this setting anywhere? There is no way you should allow authors and editors to be able to mess your site when they should only have access to their posts and make edits. I consider this a major issue with the theme. Please let me know what code can be added to hide the Theme Options in the admin section.