EPLUS INC — Director's Dealing 2014

Aug 15, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EPLUS INC (PLUS)
CIK: 0001022408
Period of Report: 2014-08-13

Reporting Person: HOVDE ERIC D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-13	Common Stock	S	5074	$57.6854	Disposed	362895	Indirect
2014-08-14	Common Stock	S	948	$57.5113	Disposed	361947	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	255608	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 August 13, 2014, FIP III sold 5,074 shares of the common stock of ePlus inc (the "Shares") at average prices ranging from $57.50 to $57.693.

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 inform action 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 280,630 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 August 14, 2014, FIP III sold 948 Shares at average prices in the range of $57.50 to $57.5146.

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 279,682 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.