Document:

AMENDMENT
      NO. 1

    TO

    SENIOR
      SECURED CONVERTIBLE NOTE

    DUE
      MARCH 20, 2007

    

    This
      Amendment No. 1, dated as of May __, 2006, to the Securities Purchase Agreement
      (the "Agreement") entered into and dated as of September 22, 2005, by and among
      American United Global, Inc., a Delaware corporation (the "Company") and each
      of
      the purchasers identified on the signature pages to the Agreement (the
      "Purchasers").

    

    WITNESSETH:

    

    WHEREAS,
      as of September 22, 2005, the Company and Purchasers entered into the Agreement,
      a copy of which is annexed hereto as Exhibit 1; and

    

    WHEREAS,
      in connection with the Agreement, the Company issued to the Purchasers, among
      other things, certain of its shares of Common Stock (the “Shares”) as
      consideration for the completion of the purchase and sale of the securities
      pursuant to the Agreement; and

    

    WHEREAS,
      subsequent to the issuance of Shares and the closing of the transactions
      contemplated by the Agreement, the Company entered into certain other financing
      transactions and/or revised the terms pursuant to which it is completing the
      acquisition of substantially all of the shares of Kraft Rt., a Hungarian
      corporation; 

    

    WHEREAS,
      the parties now desire to amend increase the number of Shares issued to the
      Purchasers from 175,000 to 280,000; and

    

    WHEREAS,
      the parties now desire to amend Paragraph (a) of Section 10 of the Note as
      hereinafter set forth.

    

    NOW,
      THEREFORE, in consideration of and for the mutual promises and covenants
      contained herein, and for other good and valuable consideration, the receipt
      of
      which is hereby acknowledged, the Share Exchange Agreement is hereby amended
      as
      follows:

    

    1. Paragraph
      (a) of Section 10 of the Note is hereby amended to be and read as
      follows:

    

    “Stock
      Dividends and Splits.
      If the
      Company, at any time while this Note is outstanding, (i) pays a stock dividend
      on its Common Stock or otherwise makes a distribution on any class of capital
      stock that is payable in shares of Common Stock, (ii) subdivides outstanding
      shares of Common Stock into a larger number of shares, or (iii) combines
      outstanding shares of Common Stock into a smaller number of shares, then in
      each
      such case the Conversion Price shall be multiplied by a fraction of which the
      numerator shall be the number of shares of Common Stock outstanding immediately
      before such event and of which the denominator shall be the number of shares
      of
      Common Stock outstanding immediately after such event. Any adjustment made
      pursuant to clause (i) of this Section
      10(a)
      shall
      become effective immediately after the record date for the determination of
      stockholders entitled to receive such dividend or distribution, and any
      adjustment pursuant to clause (ii) or (iii) of this Section
      10(a)
      shall
      become effective immediately after the effective date of such subdivision or
      combination. However,
      prior to
      December 31, 2006, in
      the
      event that the Company shall complete or effect a consolidation or reverse
      split
      of its outstanding shares of common stock into a greater or lesser number of
      shares of Common Stock, then in each such case the
      Conversion Price
      shall
      not be impacted.”

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2. The
      Shares issued pursuant to the Agreement to each of the Purchasers have been
      increased from 175,000 to 280,000.

    

    3. (A) This
      agreement shall be construed and interpret-ed in accordance with the laws of
      the
      State of New York without giving effect to the conflict of laws rules thereof
      or
      the actual domiciles of the parties.

    

    (B) Except
      as
      amended hereby, the terms and provisions of the Note shall remain in full force
      and effect, and the Note is in all respects ratified and confirmed. On and
      after
      the date of this agreement, each reference in the Note to the "Note”,
      "hereinaf-ter", "herein", "herein-after", "hereunder", "hereof", or words of
      like import shall mean and be a reference to the Note as amended by this
      agreement.

    

    (C) This
      agreement may be executed in one or more counter-parts, each of which shall
      be
      deemed an original and all of which taken together shall constitute a single
      Amendment.

    

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    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this agreement as of the date first stated
      above.

    

     

    
      	 	THE
              COMPANY:
	 	 
	 	AMERICAN
              UNITED
              GLOBAL, INC. 
	 	 
	 	By:     
              _________________________________
	 	
              Name:

            
	 	
              Title:

            
	 	 
	 	 
	 	
              IROQUOIS
                MASTER FUND LTD.

            
	 	 
	 	 
	 	
              By:     
                _________________________________

            
	 	
              Name:
                

            
	 	
              Title:
                

            
	 	 
	 	 
	 	
              Purchase
                Price:                     
                $175,000

            
	 	 
	 	
              Notes
                Principal Amount:     $175,000

            
	 	 
	 	
              Shares:                                     280,000

            
	 	 
	 	
              Address
                for Notice:

            
	 	 
	 	
              Iroquois
                Master Fund Ltd.

            
	 	
              641
                Lexington Avenue

            
	 	
              26th
                Floor

            
	 	
              New
                York, NY 10022

            
	 	
              Facsimile
                No.: (212)
                207-3452

            
	 	
              Telephone
                No.: (212)
                974-3070

            
	 	
              Attn.: Joshua
                Silverman

            
	 	 
	 	
              With
                a copy to:

            
	 	 
	 	
              Proskauer
                Rose LLP

            
	 	
              1585
                Broadway

            
	 	
              New
                York, NY 10036-8299

            
	 	
              Facsimile
                No.: (212) 969-2900

            
	 	
              Attn:
                Adam J. Kansler, Esq.

            

    

     

     

    
      
         

      

      
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              OMICRON
                MASTER TRUST

            
	 	 
	 	 
	 	
              By:     
                __________________________________

            
	 	
              Name:

            
	 	
              Title:

            
	 	 
	 	 
	 	
              Purchase
                Price:                   
                $175,000

            
	 	 
	 	
              Notes
                Principal Amount:   $175,000

            
	 	 
	 	
              Shares:                                  
                280,000

            
	 	 
	 	 
	 	
              Address
                for Notice:

               

              Omicron
                Master Trust

              650
                Fifth Aveneu, 24th
                Floor

              New
                York, NY 10019

              Facsimile
                No.: (212) 258-2315

              Telephone
                No.: (212) 258-2300

              Attn:
                Bruce Bernstein

            
	 	 

    

     

    
 

    
      
         

      

      
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              SMITHFIELD
                FIDUCIARY LLC

            
	 	 
	 	 
	 	
              By:     
                ___________________________________

            
	 	
              Name:

            
	 	
              Title:

            
	 	 
	 	 
	 	
              Purchase
                Price:                   
                 $175,000

            
	 	 
	 	
              Notes
                Principal Amount:    $175,000

            
	 	 
	 	
              Shares:                                   
                280,000

            
	 	 
	 	 
	 	
              Address
                for Notice:

               

              Smithfield
                Fiduciary LLC

              c/o
                Highbridge Capital Management LLC

              9
                West 57th
                Street, 27th
                Floor

              New
                York, NY 10019

              Facsimile
                No.: (212) 751-0755

              Telephone
                No.: (212) 287-4720

              Attn:
                Adam Chill 

            
	 	 

    

    

    

    
      
         

      

      
        5AMENDMENT
      NO. 1 TO THE SUBSCRIPTION AGREEMENT

    

    This
      Amendment No. 1 to the Subscription Agreement is entered into and dated as
      of
      May 31, 2006 (this “Amendment”),
      by
      and among American United Global, Inc., a Delaware corporation (the
“Company”),
      and
      each of the purchasers identified on the signature pages hereto (each, a
“Purchaser”
and
      collectively, the “Purchasers”).

    

    WHEREAS,
      commencing in December 2005 through March 2006 the Purchasers and the Company
      entered into Subscription Agreements (the “Agreements”)
      pursuant to which the Company issued to the Purchasers an aggregate of 712,000
      shares of common stock of the Company (the “Shares”)
      for
      aggregate consideration of $356,000;

    

    WHEREAS,
      subsequent to the entering into of the Agreements and the closing of the
      transactions contemplated by the Agreements, the Company revised the terms
      certain other financing transactions and/or revised the terms pursuant to which
      it is completing the acquisition of substantially all of the shares of Kraft
      Rt., a Hungarian corporation; 

    

    WHEREAS,
      as a result of the above, the Purchasers and the Company have elected to amend
      the Agreements;

    

    NOW,
      THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Amendment,
      and for other good and valuable consideration, the receipt and adequacy of
      which
      are hereby acknowledged, the Company and each Purchaser, severally and not
      jointly, agree as follows:

    

    Section
      1. The
      aggregate number of Shares shall be increased from 712,000 to 1,139,200 shares.
      The number of Shares for each individual Purchaser is set forth below next
      to
      such Purchaser’s name on the signature page hereto.

    

    Section
      2.  No
      provision of this Amendment may be waived or amended except in a written
      instrument signed, in the case of an amendment, by the Company and each of
      the
      Purchasers or, in the case of a waiver, by the party against whom enforcement
      of
      any such waiver is sought. No waiver of any default with respect to any
      provision, condition or requirement of this Amendment shall be deemed to be
      a
      continuing waiver in the future or a waiver of any subsequent default or a
      waiver of any other provision, condition or requirement hereof, nor shall any
      delay or omission of either party to exercise any right hereunder in any manner
      impair the exercise of any such right. 

    

    Section
      5.  The
      headings herein are for convenience only, do not constitute a part of this
      Amendment and shall not be deemed to limit or affect any of the provisions
      hereof. The language used in this Amendment will be deemed to be the language
      chosen by the parties to express their mutual intent, and no rules of strict
      construction will be applied against any party.

    

    Section
      6. This
      Amendment shall be binding upon and inure to the benefit of the parties and
      their successors and permitted assigns. The Company may not assign this
      Amendment or any rights or obligations hereunder without the prior written
      consent of the Purchasers. Any Purchaser may assign its rights under this
      Amendment to any person to whom such Purchaser assigns or transfers any
      securities, provided such transferee agrees in writing to be bound, with respect
      to the transferred securities, by the provisions hereof that apply to the
“Purchasers.” Notwithstanding anything to the contrary herein, securities may be
      assigned to any person in connection with a bona fide margin account or other
      loan or financing arrangement secured by such Securities.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      7. Terms
      not
      defined herein shall have the meaning as set forth in the
      Agreements.

    

    Section
      8. All
      questions concerning the construction, validity, enforcement and interpretation
      of this Amendment shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York, without regard to the
      principles of conflicts of law thereof. Each party agrees that all legal
      proceedings concerning the interpretations, enforcement and defense of the
      transactions contemplated by any of the Transaction Documents (whether brought
      against a party hereto or its respective Affiliates, directors, officers,
      shareholders, employees or agents) shall be commenced exclusively in the state
      and federal courts sitting in the City of New York, Borough of Manhattan. Each
      party hereto hereby irrevocably submits to the exclusive jurisdiction of the
      state and federal courts sitting in the City of New York, Borough of Manhattan
      for the adjudication of any dispute hereunder or in connection herewith or
      with
      any transaction contemplated hereby or discussed herein (including with respect
      to the enforcement of any of this Amendment), and hereby irrevocably waives,
      and
      agrees not to assert in any suit, action or proceeding, any claim that it is
      not
      personally subject to the jurisdiction of any such court, that such suit, action
      or proceeding is improper. Each party hereto hereby irrevocably waives personal
      service of process and consents to process being served in any such suit, action
      or proceeding by mailing a copy thereof via registered or certified mail or
      overnight delivery (with evidence of delivery) to such party at the address
      in
      effect for notices to it under this Agreement and agrees that such service
      shall
      constitute good and sufficient service of process and notice thereof. Nothing
      contained herein shall be deemed to limit in any way any right to serve process
      in any manner permitted by law. Each party hereto hereby irrevocably waives,
      to
      the fullest extent permitted by applicable law, any and all right to trial
      by
      jury in any legal proceeding arising out of or relating to this Agreement or
      any
      of the Transaction Documents or the transactions contemplated hereby or thereby.
      If either party shall commence an action or proceeding to enforce any provisions
      of this Agreement or any Transaction Document, then the prevailing party in
      such
      action or proceeding shall be reimbursed by the other party for its reasonable
      attorneys fees and other reasonable costs and expenses incurred with the
      investigation, preparation and prosecution of such action or
      proceeding.

    

    Section
      9. This
      Amendment may be executed in two or more counterparts, all of which when taken
      together shall be considered one and the same agreement and shall become
      effective when counterparts have been signed by each party and delivered to
      the
      other party, it being understood that both parties need not sign the same
      counterpart. In the event that any signature is delivered by facsimile
      transmission, such signature shall create a valid and binding obligation of
      the
      party executing (or on whose behalf such signature is executed) the same with
      the same force and effect as if such facsimile signature page were an original
      thereof.

    

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    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to the
      Agreements to be duly executed by their respective authorized signatories as
      of
      the date first indicated above.

    
      	 	
              AMERICAN
                UNITED GLOBAL, INC.

            
	 	 
	 	 
	 	
              By: 
                ________________________________

            
	 	
              Name:
                Robert Rubin

            
	 	
              Title:
                CEO

            
	 	 
	 	 
	 	 

    

     

    [REMAINDER
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              _________________________________ 
	 	 
	 	
              Purchase
                Price:      $60,000

            
	 	
              Shares:                   
                192,000

            
	 	 
	 	
              Address:

            
	 	 
	 	 
	 	 
	 	 
	 	
              Facsimile
                No.:      ( 
                 ) 

            
	 	
              Telephone
                No.:   ( 
                 )

            
	 	
              Attn.: 

            
	 	 
	 	 

    

    
 

    
      
         

      

      
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              _________________________________ 
	 	 
	 	 
	 	 
	 	
              Purchase
                Price:   $75,000

            
	 	
              Shares:                
                240,000

            
	 	 
	 	
              Address:

            
	 	 
	 	 
	 	 
	 	 
	 	
              Facsimile
                No.:      (  
                ) 

            
	 	
              Telephone
                No.:   ( 
                 )

            
	 	
               

              Attn.: 

            
	 	 

    

     

    
      
         

      

      
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              _________________________________ 
	 	 
	 	 
	 	 
	 	
              Purchase
                Price:       $10,000

            
	 	
              Shares:                      
                32,000

            
	 	 
	 	
              Address:

            
	 	 
	 	 
	 	
              Facsimile
                No.:       ( 
                 ) 

            
	 	
              Telephone
                No.:    (  
                )

            
	 	
              Attn.: 

            

    

     

     

    
      
         

      

      
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              _________________________________
	 	 
	 	 
	 	 
	 	 
	 	
              Purchase
                Price:      $50,000

            
	 	
              Shares:                   
                160,000

            
	 	 
	 	
              Address:

            
	 	 
	 	 
	 	 
	 	
              Facsimile
                No.:        ( 
                 ) 

            
	 	
              Telephone
                No.:     ( 
                 )

            
	 	
               

              Attn.: 

            

    

     

     

    
      
         

      

      
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              _________________________________
	 	 
	 	 
	 	 
	 	
              Purchase
                Price:       $141,000

            
	 	
              Shares:                      
                451,200

            
	 	 
	 	
              Address:

            
	 	 
	 	 
	 	 
	 	
              Facsimile
                No.:         ( 
                 ) 

            
	 	
              Telephone
                No.:      ( 
                 )

            
	 	
               

              Attn.: 

            

    

     

     

    
      
         

      

      
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              _________________________________
	 	 
	 	 
	 	 
	 	
              Purchase
                Price:          $10,000

            
	 	
              Shares:                         
                32,000

            
	 	 
	 	
              Address:

            
	 	 
	 	 
	 	 
	 	
              Facsimile
                No.:          ( 
                 ) 

            
	 	
              Telephone
                No.:       ( 
                 )

            
	 	
               

              Attn.: 

            

    

     

     

    
      
         

      

      
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              _____________________________ 
	 	
              Name:

            
	 	
              Title:

            
	 	 
	 	 
	 	
              Purchase
                Price:    $10,000

            
	 	
              Shares:                   
                32,000

            
	 	 
	 	
              Address:

            
	 	 
	 	 
	 	 
	 	
              Facsimile
                No.:         ( 
                 ) 

            
	 	
              Telephone
                No.:       ( 
                 )

            
	 	
               

              Attn.: 

            

    

    

    
      
         

      

      
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