SEC FORM 4

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

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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^*

SEXTON BETH

(Last)

(First)

(Middle)

IKON OFFICE SOLUTIONS INC

70 VALLEY STREAM PARKWAY

(Street)

MALVERN

19355

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
IKON OFFICE SOLUTIONS INC [ IKN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Sr. VP, Human Resources

3. Date of Earliest Transaction (Month/Day/Year)
11/22/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/22/2006		M⁽¹⁾		24,667	A	$10.79	68,862	D
Common Stock⁽²⁾	11/22/2006		S⁽¹⁾		24,667	D	$16	44,195	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Deferred Stock Units⁽³⁾	⁽⁴⁾	11/24/2006		A⁽⁴⁾		5,578		⁽⁴⁾	⁽⁴⁾	Common Stock	5,578	$16.02	20,771	D
Deferred Stock Units⁽³⁾	⁽⁵⁾	11/24/2006		A⁽⁵⁾		5,578		⁽⁵⁾	⁽⁵⁾	Common Stock	5,578	$16.02	26,349	D
Non-Qualified Stock Option (right to buy)⁽⁶⁾	$10.79	11/22/2006		M⁽¹⁾			24,667	12/12/2004	12/12/2013	Common Stock	24,667	$16	12,333	D
Incentive Stock Option (right to buy)⁽⁷⁾	$29.125							11/06/1998	11/06/2007	Common Stock	4,000		4,000	D
Incentive Stock Option (right to buy)⁽⁶⁾	$29.9375							10/01/2000	11/18/2007	Common Stock	5,000		5,000	D
Incentive Stock Option (right to buy)⁽⁷⁾	$30.75							11/20/1998	11/20/2007	Common Stock	250		250	D
Non-Qualified Stock Option (right to buy)⁽⁶⁾	$10.83							12/07/2006	12/07/2015	Common Stock	35,000		35,000	D
Non-Qualified Stock Option (right to buy)⁽⁶⁾	$10.99							12/08/2005	12/08/2014	Common Stock	30,800		30,800	D
Non-Qualified Stock Option (right to buy)⁽⁶⁾	$11.45							12/14/2002	12/14/2011	Common Stock	40,000		40,000	D
Non-Qualified Stock Option (right to buy)⁽⁷⁾	$16							01/22/2000	01/22/2009	Common Stock	20,000		20,000	D

Explanation of Responses:

1. These transactions were effected pursuant to a Rule 10b5-1 Sales Plan adopted by the reporting person.

2. A total of 16,800 shares reported as directly held are subject to vesting requirements. Full beneficial ownership of some or all of these shares may not fully vest in the reporting person.

3. A total of 15,193 of these stock units ("units") were acquired pursuant to the terms of the issuer's Executive Deferred Compensation Plan ("the Plan") and previously reported as indirectly held by a Rabbi Trust. The shares subject to the units will be issued to the reporting person at a future date in accordance with the terms of the Plan and the reporting person's Plan election.

4. Each deferred stock unit represents the right to receive one share of IKON common stock. The deferred stock units are acquired in connection with a matching contribution pursuant to the terms of the issuer's Management Stock Purchase Program ("MSPP") and the Executive Deferred Compensation Plan ("the Plan"). These deferred stock units include dividend equivalent rights and are subject to vesting requirements; 1/3 vest on 11/24/2009, 1/3 vest on 11/24/2010 and 1/3 vest on 11/24/2011, provided the reporting person continues in service with the issuer through each such date. The shares subject to vested units will be issued to the reporting person at a future date in accordance with the terms of the MSPP and the Plan and the reporting person's Plan election.

5. Each deferred stock unit represents the right to receive one share of IKON common stock. The deferred stock units are acquired pursuant to the terms of the MSPP and the Plan. The deferred stock units are fully vested and include dividend equivalent rights. The shares subject to the units will be issued to the reporting person at a future date in accordance with the terms of the MSPP and the Plan and the reporting person's Plan election.

6. Stock option vests 1/3 per year beginning one year from the date of grant.

7. Stock Option vests 20% per year beginning one year from the date of grant.

	By: Maryanne Messenger, Power of Attorney For: Beth B. Sexton	11/27/2006
	** 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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