EPLUS INC — Director's Dealing 2014

Apr 2, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EPLUS INC (PLUS)
CIK: 0001022408
Period of Report: 2014-04-01

Reporting Person: HOVDE ERIC D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-04-01	COMMON STOCK	A	329	$56.85	Acquired	255286	Direct
2014-04-01	COMMON STOCK	J	0	—	Acquired	367969	Indirect

Footnotes

F1: On April 1, 2014, Mr. Hovde was awarded 329 restricted shares (the "Restricted Shares") of the common stock of the Company (the "Shares"). The Restricted Shares were issued pursuant to Mr. Hovde's election to receive Shares in lieu of cash compensation as permitted under the Company's 2008 Non-Employee director Long Term Incentive Plan (the "Plan"). The Restricted Shares are subject to a restriction period described in the Plan; under certain circumstances, the restrictions may lapse. The direct ownership of 255,286 Shares includes 3,288 Shares (including the Restricted Shares) that are restricted and have not yet vested as of April 1, 2014; however, Mr. Hovde has the right to vote such Shares that are restricted prior to vesting.

F2: Mr. Hovde is the managing member of (i) Hovde Capital, Ltd., the general partner to Financial Institution Partners III, L.P., which 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.