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Exhibit 10.14    
    


UNITED ONLINE, INC.

FISCAL 2004 MANAGEMENT BONUS PLAN  



 I. PURPOSES OF THE PLAN  




        1.01 The
United Online, Inc. ("Company") Fiscal 2004 Management Bonus Plan ("Plan") is established to promote the interests of the Company by creating an incentive
program to (i) attract and retain employees who will strive for excellence, and (ii) motivate those individuals to set and achieve above-average objectives by providing them with rewards
for contributions to the financial performance of the Company. 



 II. ADMINISTRATION OF THE PLAN  




        2.01 The
Plan is hereby adopted by the Company's Compensation Committee of the Board of Directors (the "Committee"), and shall be administered by the Committee pursuant to
the powers provided to the Committee by the Board of Directors of the Company. 



        2.02 The
interpretation and construction of the Plan and the adoption of rules and regulations for administering the Plan shall be made by the Committee. Decisions of the
Committee shall be final and binding on all parties who have an interest in the Plan. 



 III. DETERMINATION OF PARTICIPANTS  




        3.01 The
following individuals will participate in the Plan: Mark R. Goldston, Charles S. Hilliard, Frederic A. Randall, Jr., Brian Woods, Gerald J. Popek, Jon O. Fetveit
and Robert J. Taragan. An individual shall be eligible to participate in the Plan if employed by the Company or any of its participating subsidiaries on June 30, 2004. If an individual is not
employed by the Company or a participating subsidiary on such date, he will not eligible to receive a bonus under the Plan. However, an individual who is on a leave of absence or whose employment
terminates and is then re-hired in the same fiscal year may remain eligible at the discretion of the Committee, and the Committee may provide a pro rata bonus. In the event of termination
of an individual's employment as a result of death or disability, the Committee shall provide the individual or the individual's estate with a pro rata bonus. 


        3.02 For
purposes of the Plan: 



        A.    An
individual shall be considered an employee for so long as such individual remains employed by the Company or one or more subsidiary corporations. 


        B.    Each
corporation (other than the Company) in an unbroken chain of corporations beginning with the Company shall be considered to be a subsidiary of the Company, provided
each such corporation (other than the last corporation in the unbroken chain) owns, at the time of determination, stock possessing more than fifty percent of the total combined voting power of all
classes of stock in one of the other corporations in such chain. 


 IV. BONUS AWARDS  




        4.01 No
eligible employee shall earn any portion of a bonus award made hereunder for any fiscal year until June 30, 2004. 


        4.02 The
individual bonus awards payable to the participants in the Plan for the 2004 Fiscal Year shall be based upon the Company's success in achieving a specified EBITDA
target (that is, a target tied to the Company's earnings before interest expense, taxes, depreciation and amortization expenses) determined by the Committee for that fiscal year ("EBITDA Target"). In
determining whether the Company has achieved the EBITDA Target, EBITDA will be determined consistent with the Company's historical methodology for calculating EBITDA for financial reporting purposes;
provided, however, (1) EBITDA shall be calculated before restructuring and merger related expenses, (2) in determining whether the Company has achieved the EBITDA Target, any bonus
amounts to be accrued 


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under
this Plan shall be excluded from EBITDA, (3) any adjustments to EBITDA attributable to a change in accounting principles shall be excluded and (4) all items of gain, loss or
expense for such fiscal year determined to be extraordinary or unusual in nature or infrequent in occurrence, or related to the disposal of a segment of a business, shall be excluded from EBITDA. In
the event the Company acquires other companies or businesses during the 2004 fiscal year, the Committee shall use its discretion to determine the impact, if any, such acquisitions should have on the
EBITDA Target. While the bonuses shall be granted if the Company achieves the EBITDA Target, the Committee may use its discretion to award bonuses based on criteria other than the EBITDA Target if the
Committee determines it to be appropriate based on executive performance and other facts and circumstances, with the goal being to reward performance based upon the Company's objectives. 



        4.03 The
bonuses for shall be based on a percentage of each individual's base salary for fiscal 2003. For Mark Goldston, he will receive a bonus equal to 50%, 65%, 100% or
125% of base if the Company achieves, respectively, 100%, 115.9%, 123.8%, or greater than 131.7% of the EBITDA Target. For the other eligible participants, each will receive 40%, 50%, 75% or 100% of
his base if the Company achieves, respectively, 100%, 115.9%, 123.8% or greater than 131.7% of the EBITDA Target. 


        4.04 Following
completion of the bonus calculation referenced above, the Committee shall issue a written report containing the final calculation. 



 V. PAYMENT OF BONUS AWARDS  




        5.01 Bonuses
shall be paid no later than September 15, 2004. All payments under the Plan shall be subject to the Company's collection of all applicable federal, state
and local income and employment withholding taxes. 



 VI. GENERAL PROVISIONS  




        6.01 The
Plan shall become effective when adopted by the Compensation Committee. The Committee may at any time amend, suspend or terminate the Plan, provided such action is
effected by written resolution and does not adversely affect rights and interests of Plan participants. 


        6.02 No
amounts awarded or accrued under this Plan shall actually be funded, set aside or otherwise segregated prior to payment. The obligation to pay the bonuses awarded
hereunder shall at all times be an unfunded and unsecured obligation of the Company. Plan participants shall have the status of general creditors and shall look solely to the general assets of the
Company for the payment of their bonus awards. 


        6.03 No
Plan participant shall have the right to alienate, pledge or encumber his/her interest in this Plan, and such interest shall not (to the extent permitted by law) be
subject in any way to the claims of the employee's creditors or to attachment, execution or other process of law. 


        6.04 Neither
the action of the Company in establishing the Plan, nor any action taken under the Plan by the Committee, nor any provision of the Plan, shall be construed so
as to grant any person the right to remain in the employ of the Company or its subsidiaries for any period of specific duration. Rather, each employee will be employed "at-will," which
means that either such employee or the Company may terminate the employment relationship at any time for any reason, with or without cause, subject in each case to any employment agreement between
such person and the Company. 


        6.05 This
is the full and complete agreement between the eligible employees and the Company with respect to incentive bonus compensation for the 2004 fiscal year. This Plan
does not supersede, but is supplemental to, any provisions of any employment agreement to which any of the employees eligible under this Plan may be party. With respect to references to Annual Bonuses
in the Employment Agreements for Messrs. Goldston, Hilliard, Randall and Woods, for the purposes of such Agreements the references to Annual Bonuses shall be deemed (A) for the purposes
of Involuntary Termination, the greater of (i) 100% with respect to Mr. Goldston and 75% with respect to the other participants, of their then current salary or (ii) the bonus
received in the preceding year and (B) for the purposes of termination without cause, 100% of then current salary for Mr. Goldston and 75% of then current salary for the other
participants. 


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Exhibit 10.14