Document:

exh10_4.htm

    ePlus
      inc.

    Non-Qualified
      Stock Option Agreement

    

    
      	
            	
            	
            	
            	
            
	
              Name
                of Option
                Holder:

            	
            	
              
              

            	
            	
            

    

    

    
      	
            	
            	
            	
            	
            
	
              Option
                Number:

              
              

            	
            	
            	
            	
            
	
              Total
                Number of Shares
                Underlying Option:

              
              

            	
            	 
	
              Option
                Date:

              
              

            	
            	
            	
            	
            
	
              Exercise
                Price Per
                Share:

              
              

            	
            	 	
            	
            

    

    

    NON-QUALIFIED
      STOCK OPTION granted by ePlus inc., a Delaware
      corporation, (the “Company”) to the above-named
      option holder (the “Optionee”), an employee or
      consultant of the Company or one of its subsidiaries, pursuant to the ePlus inc. 2008 Employee
      Long-Term Incentive Plan (the“Plan”) the terms of which
      are incorporated herein by reference and which, in the event of any conflict,
      shall control over the terms contained herein. A copy of the Plan (or related
      Prospectus delivered to you with this Agreement) may be obtained at no cost
      by
      contacting the [HR] at _______.

    

    1.
      Grant and Vesting
      Option

    

    Subject
      to the vesting schedule below, the Company hereby grants to the Optionee an
      option to purchase on the terms herein provided a total of the number of shares
      of common stock, $0.01 par value, of the Company set forth above, at an exercise
      price per share as set forth above.

    

    This
      option may be exercised only with respect to the portion thereof that is vested.
      The Optionee’s right to exercise this option shall become vested according to
      the following vesting schedule:

    

    
      	
            	
            	
            
	
            	
            	
              Percentage
                (%) of Option Shares With Respect to

            
	
              [Anniversary/Other]
                Date

            	
            	
              Which
                Optionee Has a Vested Option to Exercise

            
	 	
            	 
	 	
            	 
	 	
            	 

    

    

    Vested
      rights shall be calculated only in terms of full years (for example, from one
      anniversary date to the next) and no partial vesting credit shall be given
      for
      partial years of employment.

    

    This
      option shall expire and shall not be exercisable after the expiration of ten
      (10) years from the date it is granted.

    

    2.
      Stock to be Delivered

    

    Stock
      to
      be delivered upon the exercise of this option may constitute an original issue
      of authorized stock or may consist of treasury stock.

    

    3.
      Exercise of
      Option

    

    Each
      election to exercise this option shall be made, by delivering to the Company
      or
      its agent a properly executed exercise notice, together with irrevocable
      instructions to a broker to deliver promptly to the Company the amount of sale
      or loan proceeds with respect to the portion of shares to be acquired upon
      exercise. Exercise of this option will not be permitted if the Company
      determines, in its sole and absolute discretion, that issuance of shares at
      that
      time could violate any law or regulation.

    

    In
      the
      event an option is exercised by the executor or administrator of a deceased
      Optionee, or by the person or persons to whom the option has been transferred
      by
      the Optionee’s will or the applicable laws of descent and distribution, the
      Company shall be under no obligation to deliver stock thereunder unless and
      until the Company is satisfied that the person or persons exercising the option
      is or are the duly

    appointed
      executor(s) or administrator(s) of the deceased Optionee or the person to whom
      the option has been transferred by the Optionee’s will or by the applicable laws
      of descent and distribution.

    

    4.
      Payment for and Delivery of
      Stock

    

    Payment
      in full by cash, certified check, bank draft, wire transfer or postal or express
      money order may be made for all shares for which this option is exercised at
      the
      time of such exercise, and no shares shall be delivered until such payment
      is
      made.

    

    Alternatively,
      payment may be made by (i) delivering to the Company a properly executed
      exercise notice, together with irrevocable instructions to a broker to deliver
      promptly to the Company the amount of sale or loan proceeds with respect to
      the
      portion of the shares to be acquired upon exercise having a Fair Market Value
      on
      the date of exercise equal to the sum of the applicable portion of the exercise
      price being so paid and appropriate tax withholding, (ii) tendering to the
      Company (by physical delivery or by attestation) certificates representing
      shares of outstanding common stock, par value $0.01, of the Company that have
      been held by the Optionee for at least six months prior to exercise, having
      a
      Fair Market Value on the day prior to the date of exercise equal to the
      applicable portion of the exercise price being so paid, together with stock
      powers duly executed and with signature guaranteed; or (iii) any
      combination of the foregoing. Notwithstanding the foregoing, a form of payment
      will not be available if the Company determines, in its sole and absolute
      discretion, that such form of payment could violate any law or
      regulation.

    

    The
      Company shall not be obligated to deliver any stock unless and until
      (i) satisfactory arrangements have been made with the Company for the
      payment of any applicable tax withholding obligations, (ii) all applicable
      federal and state laws and regulations have been complied with, (iii) in
      the event the outstanding common stock is at the time listed upon any stock
      exchange, the shares to be delivered have been listed, or authorized to be
      listed upon official notice of issuance upon the exchanges where it is listed,
      and (iv) all legal matters in connection with the issuance and delivery of
      the shares have been approved by counsel of the Company. The Optionee shall
      have
      no rights of a stockholder until the stock is actually delivered to him or
      her.  Further, the Optionee acknowledges and consents that, pursuant
      to the Plan, if the Compensation Committee determines that any consent (as
      defined in the Plan) is necessary or desirable as a condition of, or in
      connection with the grant of this option, delivery of shares or other property
      or the taking of any other action, then such action will not be taken unless
      and
      until such consent is effected or obtained to the Compensation Committee’s
      satisfaction.

    

    5.
      Recovery and Reimbursement of
      Option Gain

    

    The
      Company shall have the right to recover, or receive reimbursement for, any
      compensation or profit realized by the exercise of this option or by the
      disposition of any option shares to the extent that the Company has such a
      right
      of recovery or reimbursement under applicable securities laws.

    

    6.
      Transferability of
      Options

    

    Except
      as
      provided below, this option may not be transferred by the Optionee otherwise
      than by will or the laws of descent and distribution and during the Optionee’s
      lifetime this option may be exercised only by the Optionee. Notwithstanding
      the
      foregoing, this option may be transferred by the Optionee to members of his
      or
      her immediate family or to one or more trusts for the benefit of such family
      members or to one or more partnerships in which such family members are the
      only
      partners provided that (i) the optionee does not receive any consideration
      for such transfer, (ii) written notice of any proposed transfer and the details
      thereof shall have been furnished to the Compensation Committee at least three
      (3) days in advance of such transfer, and (iii) the Compensation
      Committee consents to the transfer in writing. Options transferred pursuant
      to
      this provision will continue to be subject to the same terms and conditions
      that
      were applicable to such options immediately prior to transfer and the option
      may
      be exercised by the transferee only to the same extent that the option could
      have been exercised by the Optionee had no transfer been made. For this purpose,
      the Optionee’s “family
      members” shall include the Optionee’s spouse, children, grandchildren,
      parents, grandparents (whether natural, step, adopted or in-laws) siblings,
      nieces, nephews and grand nieces and grand nephews.

    7.
      Termination of Employment

    

    Upon
      termination of employment, other than termination of employment by reason of
      (i) Retirement, as defined in the Plan, (ii) Disability, as defined in
      the Plan, or (iii) death, any portion of this option that has not become
      vested as of the date of termination shall immediately terminate and any portion
      of this option that has already vested as of such date shall terminate ninety
      (90) days after termination of employment or the expiration date of the
      option, whichever occurs first.

    

    8.
      Retirement

    

    In
      the
      event of the Optionee’s Retirement, as defined in the Plan, from the employ of
      Company or any subsidiary, any portion of this option that has not become vested
      as of the date of Retirement shall immediately terminate and any portion of
      this
      option that has already vested as of such date shall terminate one (1) year
      after such Retirement or on the expiration date of the option, whichever occurs
      first.

    

    9.
      Disability

    

    In
      the
      event of termination of employment of the Optionee because of Disability, as
      defined in the Plan, any unexercised portion of this option held by the Optionee
      at the date of such termination (vested and unvested) will immediately become
      exercisable in full and will remain exercisable by the Optionee for a period
      of
      one (1) year or the remaining term of the option, whichever is
      shorter.

    

    10.
      Death

    

    If
      an
      Optionee dies while employed by the Company, any unexercised portion of this
      option held by the Optionee at his or her date of death (vested and unvested)
      will immediately become exercisable in full and will remain exercisable by
      the
      estate of the deceased Optionee or the person given authority to exercise his
      or
      her options by his or her will or by operation of law for a period of one
      (1) year or the remaining term of the option, whichever is
      shorter.

    

    11.
      Changes In
      Stock

    

    In
      the
      event of any change in the number of issued shares (or issuance of shares of
      stock other than shares of Common Stock) by reason of any stock split, reverse
      stock split, or stock dividend, recapitalization, reclassification, merger,
      consolidation, split-up, spin-off, reorganization, combination, or exchange
      of
      shares, the issuance of warrants or other rights to purchase shares or other
      securities, or any other change in corporate structure or in the event of any
      extraordinary distribution (whether in the form of cash, shares, other
      securities or other property), the Compensation Committee shall adjust the
      number or kind of shares that may be issued under the Plan, and the terms of
      this option (including, without limitation, the number of shares subject to
      this
      option, the type of property to which this option relates and the exercise
      price
      of this option) in such manner as the Compensation Committee shall determine
      is
      appropriate in order to prevent the dilution or enlargement of the benefits
      or
      potential benefits intended to be made available under the Plan, and such
      adjustment shall be conclusive and binding for all purposes under the Plan.
      Notwithstanding the foregoing, no adjustment shall be required if the
      Compensation Committee determines that such action could cause an award to
      fail
      to satisfy the conditions of an applicable exception from the requirements
      of
      Section 409A of the Code (“Section 409A”) or
      otherwise could subject the Optionee to the additional tax imposed under
      Section 409A in respect of an outstanding award. In the event of (i) a
      consolidation or merger in which the Company is not the surviving corporation,
      (ii) a consolidation or merger in which the Company is the surviving
      corporation but holders of shares receive securities or another corporation,
      or
      (iii) a sale of substantially all of the Company’s assets (as an entirety)
      or capital stock to another person, this option shall be deemed to apply to
      the
      equivalent amount of securities, cash or other property that is received by
      Company stockholders in exchange for their Company shares pursuant to such
      transaction; provided,
      however, that the Compensation Committee may, in its discretion, either
      (i) provide, upon written notice to the Optionee, that this option shall
      terminate as of the date specified in such notice (in which case the
      Compensation Committee may, but does not have to, accelerate the vesting of
      any
      portion of this option that has not already vested as of the date such notice
      is
      provided to the Optionee), or (ii) cancel this option and in consideration
      of such cancellation pay to the Optionee an amount in cash with respect to
      each
      share then remaining under the option equal to the difference between the Fair
      Market Value of such share on the date of cancellation (or, if greater, the
      per
      share value of the consideration received by Company stockholders as a result
      of
      the merger, consolidation, reorganization or sale) and the per share exercise
      price of the option.

    

    12.
      Continuance of
      Employment

    

    This
      option shall not be deemed to obligate the Company or any subsidiary to retain
      the Optionee in its employ for any period.

    

    13.
      Provisions of the
      Plan

    

    This
      Agreement incorporates by reference the terms of the Plan [(including without
      limitation, Section 6(g)(xii) of the Plan, which provides for the
      forfeiture of this option and the return of any profit realized upon the
      exercise of such option in certain circumstances)], and is subject to the
      provisions thereof.

    

    [14.
      Incorporation by Reference of
      Employment Agreement

    

    If
      the
      Optionee has an employment agreement with ePlus inc. which contains
      different or additional provisions relating to vesting of the stock option
      grant, or otherwise conflicts with the terms of this Agreement, the provisions
      of the employment agreement shall govern and be incorporated herein by
      reference.]

    

    IN
      WITNESS WHEREOF, ePlus
      inc. has caused this Agreement to be executed by the [officer title]. This
      option is granted at the Company’s principal executive office,13595 Dulles
      Technology Drive, Herndon, Virginia, 20171, on the date stated
      above.

    

    ePlus
      inc.                                                                                                
Option Holder

    

    

    By:
      _________________________________                              _____________________________

          Name:                                                                                                
      Name:

          Title:exh10_5.htm

    ePlus
      inc.

    Restricted
      Stock Award
      Agreement

    

    Name
      of Participant:

    Grant
      Number:

    Total
      Number of Shares Underlying Restricted Stock Award:

    Grant
      Date:

    

    
      	
              1.  

            	
              Restricted
                Stock Award
                – Terms and Conditions.  This Agreement confirms the
                grant under and subject to the provisions of the ePlus inc.
[2008
                Employee /
                Director] Long-Term Incentive Plan (the “Plan”)
                and the terms
                and conditions set forth herein (“Termsand
                Conditions”) to the
                above-named participant of the number of a Restricted Stock award
                of such
                number of shares of common stock, $0.01 par value per share (the
“Common Stock”), of the
                Company as set forth above. This Agreement merely evidences such
                grant,
                and does not constitute property of any nature or type or confer
                any
                additional rights. This grant is subject in all respects to the applicable
                terms of the Plan. A copy of the Plan (or related Prospectus delivered
                to
                you with this Agreement) may be obtained at no cost by contacting
                the [HR
                Department] at_________________.

            

    

    

    
      	
              2.  

            	
              Restriction
                Period.  For purposes of this Agreement, the Restriction
                Period is the period beginning on the grant date and ending on [INSERT
                VESTING DATE(S)] (the “Restriction
                Period”).

            

    

    

    
      	
              3.  

            	
              Restrictions
                and
                Forfeiture. The Restricted Stock is granted to the participant
                subject to the prohibitions on transfer set forth in Section 6 below,
                which shall lapse, if at all, upon the expiration of the Restriction
                Period as described in Section 7
                below.

            

    

    

    
      	
              4.  

            	
              Rights
                During
                Restriction Period. During the Restriction Period, the participant
                may exercise full voting rights with respect to all Restricted Stock
                subject to the award and shall be entitled to receive cash dividends
                and
                other distributions paid with respect to the Restricted Stock. If
                any such
                dividend or distribution is paid in securities of the Company (including
                additional shares of Common Stock), such securities shall be subject
                to
                the same restrictions on transferability, risks of forfeiture, and
                other
                restrictions and conditions as the Restricted Stock in respect of
                which
                such dividend or distribution was made. If the number of outstanding
                shares of Common Stock is changed as a result of a stock dividend,
                stock
                split or the like, without additional consideration to the Company,
                the
                Restricted Stock subject to this award shall be adjusted to correspond
                to
                the change in the outstanding shares of the Company’s Common Stock. For
                the avoidance of doubt, upon the expiration of the Restriction Period,
                the
                participant  may exercise voting rights and shall be entitled to
                receive dividends and other distributions with respect to the number
                of
                shares to which the participant is entitled pursuant
                hereto.

            

    

     

    
      	
              5.  

            	
              Release
                of
                Award. Provided the award has not previously been forfeited, as
                soon as reasonably practicable following the expiration of the Restriction
                Period and the satisfaction of the applicable tax withholding obligations,
                the Company shall at its option, cause the Restricted Stock to which
                the
                participant is entitled pursuant hereto (i) to be released without
                restriction on transfer by delivery to the custody of the participant
                of a
                stock certificate in the name of the participant or his or her designee,
                or (ii) to be credited without restriction on transfer to a
                book-entry account for the benefit of the participant or his or her
                designee maintained by the Company’s stock transfer agent or its
                designee.

            

    

    

    
      	
              6.  

            	
              Prohibition
                Against
                Transfer.  Until the expiration of the Restriction
                Period, the award and the Restricted Stock subject to the award and
                the
                rights granted under the Terms and Conditions and this Agreement
                are not
                transferable except to family members or trusts by will or by the
                laws of
                descent and distribution, provided that the award and the Restricted
                Stock
                may not be so transferred to family members or trusts except as permitted
                by applicable law or regulations. Without limiting the generality
                of the
                foregoing, except as aforesaid, until the expiration of the Restriction
                Period, the award and shares of Restricted Stock may not be sold,
                exchanged, assigned, transferred, pledged, hypothecated, encumbered
                or
                otherwise disposed of, shall not be assignable by operation of law,
                and
                shall not be subject to execution, attachment, charge, alienation
                or
                similar process. Any attempt to effect any of the foregoing shall
                be null
                and void and without effect.

            

    

    

    
      	
              7.  

            	
              Forfeiture;
                Termination of Employment.  Shares of Restricted Stock
                that are included in this award shall be forfeited by the participant
                upon
                the participant’s termination of employment prior to vesting for any
                reason other than death or Disability, as defined in the Plan. All
                shares
                of Restricted Stock will immediately vest upon a Change in Control,
                as
                defined in the Plan.

            

    

    

    
      	
              8.  

            	
              Withholding.  Where
                required pursuant to the terms of the Plan, the Company will satisfy
                any
                federal income tax withholding obligations that arise in connection
                with
                the vesting of the Restricted Stock (or in connection with an election
                by
                the participant under section 83(b) of the Internal Revenue Code,
                1986, as
                amended (the “Code”), with
                respect to
                the Restricted Stock, if applicable) by withholding shares of Common
                Stock
                that would otherwise be available for delivery upon the vesting of
                this
                award having a Fair Market Value, as defined in the Plan, on the
                date the
                shares of Restricted Stock first become taxable equal to the minimum
                statutory withholding obligation or such other withholding obligation
                as
                required by applicable law with respect to such taxable shares. In
                other
                cases, as a condition to the delivery of Shares or the lapse of
                restrictions related to this Restricted Stock Award, or in connection
                with
                any other event that gives rise to a tax withholding obligation,
                the
                Company (i) may deduct or withhold from any payment or distribution
                to the Participant (whether or not pursuant to the Plan), (ii) will
                be entitled to require that the Participant remit cash to the Company
                (through payroll deduction or otherwise) or (iii) may enter into any
                other suitable arrangements to withhold, in each case, in an amount
                sufficient to satisfy such withholding
                obligation.

            

    

    

    
      	
              9.  

            	
              Miscellaneous.  These
                Terms and Conditions and other portions of this Agreement: (a) shall
                be
                binding upon and inure to the benefit of any successor of the Company;
                (b) shall be governed by the laws of the State of Delaware and any
                applicable laws of the United States; and (c) except as permitted
                under Sections 4(d) and 7 of the Plan, may not be amended without
                the
                written consent of both the Company and the participant. The Agreement
                shall not in any way interfere with or limit the right of the Company
                to
                terminate the participant’s employment or service with the Company at any
                time, and no contract or right of employment shall be implied by
                the Terms
                and Conditions and this Agreement of which they form a part. For
                the
                purposes of the Terms and Conditions and this Agreement, employment
                by the
                Company, any Subsidiary or a successor to the Company shall be considered
                employment by the Company. If the award is assumed or a new award
                is
                substituted therefor in any corporate reorganization (including,
                but not
                limited to, any transaction of the type referred to in Section 424(a)
                of
                the Code), employment by such assuming or substituting corporation
                or by a
                parent corporation or subsidiary thereof shall be considered for
                all
                purposes of the award to be employment by the
                Company.

            

    

    

    
      	
              10.  

            	
              Incorporation
                of Plan
                Provisions.  The Terms and Conditions and this Agreement
                are made pursuant to the Plan, the provisions of which are hereby
                incorporated by reference (including without limitation,
                Section 6(g)(xii) of the Plan, such that the participant may be
                subject to the forfeiture of the unvested portion of this Restricted
                Stock
                award and must return any vested shares already delivered pursuant
                to this
                Agreement in certain circumstances described in that Section) Capitalized
                terms not otherwise defined herein shall have the meanings set forth
                for
                such terms in the Plan.  In the event of a conflict between the
                terms of the Terms and Conditions and this Agreement, and the Plan,
                the
                terms of Plan shall govern.

            

    

     

    
      
        
        

      

      
        
        

        
        

      

      
        
        

      

    

    ePlus
      inc.                                                                                     
Participant

    

    

    By:
      _________________________________                   
____________________________________

           Name                                                                                      
      Name

    

           _________________________________

           Title

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