EPLUS INC — Director's Dealing 2013

Dec 17, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EPLUS INC (PLUS)
CIK: 0001022408
Period of Report: 2013-12-13

Reporting Person: HOVDE ERIC D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-12-13	Common Stock	S	800	$54.78	Disposed	370240	Indirect
2013-12-13	Common Stock	S	2271	$54.07	Disposed	367969	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	254626	Direct

Footnotes

F1: Mr. Hovde is the managing member of Hovde Capital, Ltd., the general partner to Financial Institution Partners III, L.P. ("FIP III"). On December 13, 2013, FIP III sold 800 shares of the common stock of ePlus inc (the "Shares") at prices ranging from $54.32 to $55.17.

F2: Mr. Hovde, the reporting person, undertakes to provide upon request by the Securities and Exchange Commission staff, ePlus, or a security holder of ePlus, full information regarding the number of Shares sold at each separate price.

F3: Mr. Hovde is the managing member of: (i) Hovde Capital, Ltd., the general partner to FIP III, which, after the transaction reported on this line, owns 287,975 Shares, and (ii) Hovde Capital I, LLC, which owns 52,000 Shares. Mr. Hovde is a trustee of The Eric D. and Steven D. Hovde Foundation, which owns 30,265 Shares.

F4: On December 13, 2013, FIP III sold 2,271 Shares at prices in the range of $53.95 to $54.14.

F5: Mr. Hovde is the managing member of (i) Hovde Capital, Ltd., the general partner to FIP III, which, after the transactions reported on this line, owns 285,704 Shares, and (ii) Hovde Capital I, LLC, which owns 52,000 Shares. Mr. Hovde is a trustee of The Eric D. and Steven D. Hovde Foundation, which owns 30,265 Shares.