EPLUS INC — Director's Dealing 2010

Aug 16, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EPLUS INC (PLUS)
CIK: 0001022408
Period of Report: 2010-08-12

Reporting Person: HOVDE ERIC D (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-08-12	Common Stock	P	801	$17.91	Acquired	1303041	Indirect
2010-08-13	Common Stock	P	425	$18.01	Acquired	1303466	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	40962	Direct

Footnotes

F1: As of the date hereof, including the transactions reported herein, Eric D. Hovde ("EDH") may be deemed the beneficial owner (within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended) of 1,344,428 shares of common stock of ePlus inc (the "Shares"). The beneficial ownership of these Shares is more fully set out in the following footnotes 2, 3, 4, and 5. The Reporting Person disclaims beneficial ownership of the Shares reported herein except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission of beneficial ownership of such Shares for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F2: EDH is the managing member (MM) of Hovde Capital, L.L.C., the general partner to Financial Institution Partners II, L.P., which owns 328,719 Shares; EDH is the MM of Hovde Capital Limited IV LLC, the general partner to Financial Institution Partners IV, L.P., which owns 25,895 Shares; EDH is the MM of Hovde Capital, Ltd., the general partner to Financial Institution Partners III, L.P., which owns 101,405 Shares; EDH is the MM of Hovde Capital I, LLC, the general partner to Financial Institution Partners Master Fund, L.P., which owns 783,267 Shares;(continued in Footnote 3).

F3: EDH is the MM of Hovde Acquisition II, L.L.C., which owns 30,000 Shares; EDH is the trustee to the Hovde Private Equity Advisors LLC 401(k) Profit Sharing Plan and Trust, which owns 1,149 Shares; EDH is the trustee to the Hovde Capital Advisors LLC 401(k) Profit Sharing Plan and Trust, which owns 7,766 Shares; and EDH is the trustee to The Eric D. and Steven D. Hovde Foundation, which owns 21,265 Shares;(continued in Footnote 4).

F4: Certain irrevocable trusts for the benefit of EDH's children have held in the aggregate, 4,000 Shares since 2003. EDH is not a trustee of those trusts and disclaims beneficial ownership of the Shares held directly by those trusts.

F5: EDH as a former trustee of The Hovde Financial, Inc. Profit Sharing Plan and Trust ("HFIPSP"), previously reported beneficial ownership of 10,085 Shares held directly by HFIPSP. EDH is no longer a trustee of the HFIPSP and is no longer reporting beneficial ownership of such Shares.