<SEC-DOCUMENT>0001022408-25-000086.txt : 20251003
<SEC-HEADER>0001022408-25-000086.hdr.sgml : 20251003
<ACCEPTANCE-DATETIME>20251003172047
ACCESSION NUMBER:		0001022408-25-000086
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20251001
FILED AS OF DATE:		20251003
DATE AS OF CHANGE:		20251003

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BOWEN BRUCE M
		CENTRAL INDEX KEY:			0001057486
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34167
		FILM NUMBER:		251375005

	MAIL ADDRESS:	
		STREET 1:		C/O EPLUS INC.
		STREET 2:		13595 DULLES TECHNOLOGY DRIVE
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171-3413

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EPLUS INC
		CENTRAL INDEX KEY:			0001022408
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE [5045]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				541817218
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		13595 DULLES TECHNOLOGY DRIVE
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171-3413
		BUSINESS PHONE:		7039848400

	MAIL ADDRESS:	
		STREET 1:		13595 DULLES TECHNOLOGY DRIVE
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171-3413

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MLC HOLDINGS INC
		DATE OF NAME CHANGE:	19960906
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
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<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-10-01</periodOfReport>

    <issuer>
        <issuerCik>0001022408</issuerCik>
        <issuerName>EPLUS INC</issuerName>
        <issuerTradingSymbol>PLUS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001057486</rptOwnerCik>
            <rptOwnerName>BOWEN BRUCE M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O EPLUS INC.</rptOwnerStreet1>
            <rptOwnerStreet2>13595 DULLES TECHNOLOGY DRIVE</rptOwnerStreet2>
            <rptOwnerCity>HERNDON</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>20171-3413</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-10-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1478</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4165</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
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            <transactionDate>
                <value>2025-10-01</value>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>2687</value>
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                <transactionPricePerShare>
                    <value>0</value>
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                    <value>D</value>
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            <securityTitle>
                <value>Common Stock</value>
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                <value>2025-10-01</value>
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                <transactionPricePerShare>
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                    <value>A</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
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                <natureOfOwnership>
                    <value>By Bruce Montague Bowen Trust</value>
                </natureOfOwnership>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
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            <transactionDate>
                <value>2025-10-01</value>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                    <value>300</value>
                    <footnoteId id="F3"/>
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                <transactionPricePerShare>
                    <value>0</value>
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                <transactionAcquiredDisposedCode>
                    <value>A</value>
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                    <value>D</value>
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            <securityTitle>
                <value>Common Stock</value>
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            <postTransactionAmounts>
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                    <value>1084</value>
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            <ownershipNature>
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                    <value>I</value>
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                <natureOfOwnership>
                    <value>By Elizabeth Dederich Bowen Trust</value>
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            </ownershipNature>
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        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
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            <postTransactionAmounts>
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                    <value>10700</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>By Bowen Holdings LLC</value>
                </natureOfOwnership>
            </ownershipNature>
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    <footnotes>
        <footnote id="F1">This restricted stock award consists of shares of common stock of the Company (the &quot;Restricted Shares&quot;). The Restricted Shares were granted pursuant to the Company's 2024 Non-Employee Director Long Term Incentive Plan (the &quot;Plan&quot;) and are subject to a Restriction Period beginning on the grant date and ending on the first anniversary of the grant (the &quot;Restriction Period&quot;). As more fully described in the Plan, under certain other circumstances the restrictions may lapse, or the shares may be forfeited and transferred back to the Company.</footnote>
        <footnote id="F2">On October 1, 2025, the reporting person transferred 2,687 shares of ePlus inc. common stock from an account owned by the reporting person to the Bruce Montague Bowen Trust for no consideration. The reporting person is trustee of the trust, and the reporting person is the sole beneficiary of the trust. The reporting person remains the beneficial owner of the securities held by the trust.</footnote>
        <footnote id="F3">On October 1, 2025, the reporting person was issued 300 shares of common stock (the &quot;Shares&quot;). The Shares were issued pursuant to the reporting person's election to receive the Shares in lieu of cash compensation as permitted under the ePlus' 2024 Non-Employee Director Long Term Incentive Plan.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Erica S. Stoecker, attorney-in-fact</signatureName>
        <signatureDate>2025-10-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">LIMITED POWER OF ATTORNEY</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Know all by these presents, that the undersigned hereby constitutes and appoints Erica S. Stoecker and Elaine D. Marion, and with full power of substitution, the undersigned's true and lawful attorney&#8209;in&#8209;fact to:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Prepare, execute in the undersigned's name and on the undersigned's behalf, and submit to the U.S. Securities and Exchange Commission (the "SEC") electronic filings with the SEC of reports required by Section 16(a) of the Securities Exchange Act of 1934 (the "Exchange Act");</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney&#8209;in&#8209;fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney&#8209;in&#8209;fact on behalf of the undersigned pursuant to this Limited Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney&#8209;in&#8209;fact may approve in such attorney&#8209;in&#8209;fact's discretion.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The undersigned hereby grants to each such attorney&#8209;in&#8209;fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney&#8209;in&#8209;fact, or such attorney&#8209;in&#8209;fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this Limited Power of Attorney and the rights and powers herein granted.&#160; The undersigned acknowledges that the foregoing attorney&#8209;in&#8209;fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the ePlus inc. assuming, any of the undersigned's responsibilities to comply with Section&#160;16 of the Exchange Act.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">IN WITNESS WHEREOF, the undersigned has caused this Limited Power of Attorney to be executed as of this 12th day of November, 2014.</div>

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<td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">/s/Sandy&#160;Swanson&#160;</td>
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