Document:

EXHIBIT 4.2

                           CERTIFICATE OF DESIGNATION
                                       OF
                           SERIES B-3 PREFERRED STOCK
                                       OF
                          AMERICAN UNITED GLOBAL, INC.

                         Pursuant to Section 151 of the
                        Delaware General Corporation Law

     American United Global,  Inc., a Delaware  corporation (the "Corporation"),
hereby  certifies  that the following  resolutions  were adopted by the Board of
Directors of the  Corporation  (the "Board of  Directors" or the "Board") on May
21, 2003  pursuant to  authority  of the Board as required by Section 151 of the
Delaware General Corporation Law (the "DGCL"):

     Resolved, that pursuant to the authority granted to and vested in the Board
of  Directors  in  accordance   with  the  provisions  of  the   Certificate  of
Incorporation  of the Corporation,  the Board of Directors  hereby  authorizes a
series of the  Corporation's  previously  authorized  preferred stock, par value
$0.01 per share (the "Preferred  Stock"),  and hereby states the designation and
number of shares, and fixes the relative rights, preferences, privileges, powers
and restrictions thereof as follows:

                                    ARTICLE 1
                                   Definitions

The  terms  defined  in  this  Article  whenever  used in  this  Certificate  of
Designation have the following respective meanings:

     1.1 "Affiliate"  has the meaning  ascribed to such term in Rule 12b-2 under
the Securities Exchange Act of 1934, as amended.

     1.2 "Asset Sale" means a sale,  lease,  exchange or other  transfer (in one
transaction  or a series of  transactions)  of all or  substantially  all of the
property,  assets or  business  of the  Corporation  to a Person,  other than an
Affiliate,  in which such property,  assets or business of the  Corporation  are
exchanged for securities or other  consideration  issued, or caused to be issued
by  the  acquiring   Person  or  its  subsidiary  to  the   Corporation  or  its
stockholders.

     1.3 "Automatic Conversion Date" has the meaning set forth in Section 6.2.

     1.4 "Business  Day" means a day other than  Saturday,  Sunday or any day on
which  commercial  banks  located  in the  State of New York are  authorized  or
obligated to close.

     1.5 "Capital  Stock" means the Common Stock,  the  Preferred  Stock and any
other  shares of any other  class or series of  capital  stock,  whether  now or
hereafter authorized and however designated, which have the right to participate
in the  distribution  of earnings  and assets  (upon  dissolution,  liquidation,
winding-up or otherwise) of the Corporation.

     1.6 "Common Stock" means the common stock,  par value $ 0.01 per share,  of
the Corporation.

     1.7  "Conversion  Date"  means any day on which all or any  portion  of the
outstanding shares of Series B-3 Preferred Stock is converted in accordance with
the provisions hereof.

<PAGE>

     1.8 "Conversion Notice" means a written notice of conversion  substantially
in the form annexed hereto as Annex I.

     1.9 "Conversion Rate" has the meaning set forth in Section 6.1.

     1.10  "Corporation"   means  American  United  Global,   Inc.,  a  Delaware
corporation,  and any  successor  or  resulting  corporation  by way of  merger,
consolidation, sale or exchange of all or substantially all of the Corporation's
assets, or otherwise.

     1.11 "Exchange Act" means the Securities  Exchange Act of 1934, as amended,
and the rules and  regulations  of the SEC  thereunder,  all as in effect at the
time.

     1.12  "Fundamental  Corporate  Event"  means  an  Asset  Sale  or a Sale of
Control.

     1.13 "Holder"  means any Person to whom the Series B-3  Preferred  Stock is
issued by the Corporation,  or any Person to whom the Series B-3 Preferred Stock
is  subsequently  transferred  in accordance  with the provisions  hereof.  1.14
"Issue Date" means the date that the certificate of merger shall be accepted for
filing with the  Secretary of State of the State of Delaware,  pursuant to which
Lifetime  Acquisition  Corp., a Delaware  corporation,  shall be merged with and
into Lifetime Healthcare Services,  Inc., a Delaware  corporation  ("Lifetime"),
with  Lifetime as the  surviving  corporation  of such merger (the  "Merger") in
accordance  with the terms and  conditions  of the Amended and Restated  Plan of
Merger  executed by the  Corporation  and the  foregoing  parties as of June 16,
2003.

     1.15 "Liquidation Preference" means, with respect to each full share of the
Series B-3 Preferred  Stock,  an amount equal to the sum of (i) the Stated Value
thereof,  plus (ii) any amount in excess of the Stated Value  thereof  which the
Holder of such share of Series B-3 Preferred  Stock would have received had such
Holder  converted  such share of Series B-3  Preferred  Stock into Common  Stock
immediately  prior to the date of liquidation,  dissolution or winding up of the
Corporation.

     1.16  "Person"  means an  individual,  a  corporation,  a  partnership,  an
association,   a  limited  liability   company,   an   unincorporated   business
organization,  a trust or other entity or  organization,  and any  government or
political subdivision or any agency or instrumentality thereof.

     1.17 "Preferred Stock" means the 2,700,000 shares of preferred stock of the
Corporation   authorized   for   issuance   pursuant  to  its   certificate   of
incorporation,  as amended to date, consisting of (a) 1,200,000 shares of Series
A preferred stock, and (b) 1,500,000 shares of Series B Preferred Stock.

     1.18 "Sale of Control" means a transaction or series of transactions, other
than in  respect  of the  Merger  and the  issuance  of the shares of Series B-2
Preferred Stock pursuant to the Certificate of Designations  for such Series B-2
Preferred  Stock,  in which more than 50% of the voting power of the Corporation
is disposed of to Persons who are not  Affiliates,  or any other  transaction or
series of  transactions as a result of which the ability to control the Board of
Directors  shall be vested in any  Person  or  "group"  (as such term is used in
Section  13(d)(3)  of the  Exchange  Act) who is not an  Affiliate  of Robert M.
Rubin,  the Rubin Family Trust or the  Corporation,  whether such transaction is
effected  through  (a) a tender  offer or  exchange  offer made by any Person or
"group" (as such term is used in Section  13(d)(3) of the  Exchange  Act) who is
not an Affiliate of Robert M. Rubin,  the Rubin Family Trust or the Corporation,
(b) a sale or exchange of Capital Stock, or (c) a merger,  consolidation or like
combination.

     1.19 "SEC" means the United States Securities and Exchange Commission.

     1.20 "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations of the SEC thereunder, all as in effect at the time.

<PAGE>

     1.21 "Series B Preferred  Stock" means the shares of Preferred Stock of the
Corporation  consisting of the Series B-1 Preferred Stock,  Series B-2 Preferred
Stock and Series B-3 Preferred Stock

     1.22 "Series B-3 Preferred Stock" has the meaning set forth in Article 2.

     1.23  "Series B-1  Preferred  Stock" means the shares of Series B Preferred
Stock of the Corporation designated as Series B-1 Preferred Stock, or such other
series of Preferred Stock of the Corporation as may be exchanged therefor.

     1.24  "Series B-2  Preferred  Stock" means the shares of Series B Preferred
Stock of the Corporation  designated as Series B-2 Convertible  Preferred Stock,
or such other series of Preferred  Stock of the  Corporation as may be exchanged
therefor.

     1.25 "Stated Value" has the meaning set forth in Article 2.

     1.26  "Subsidiary"  means any entity of which securities or other ownership
interests  having  ordinary  voting  power to elect a  majority  of the Board of
Directors or other persons  performing  similar  functions are owned directly or
indirectly  by the  Corporation.  All  references  to "cash" or "$" herein  mean
currency of the United States of America.

                                    ARTICLE 2
                             Designation and Amount

     This series of Preferred  Stock shall consist of 232,500 shares of Series B
Preferred Stock and shall be designated  Series B-3 Convertible  Preferred Stock
(the "Series B-3 Preferred Stock"). The stated value of the Series B-3 Preferred
Stock shall be $20.00 per share (the "Stated Value").

                                    ARTICLE 3
                                      Rank

     In each case, as to dividends,  distributions  of assets upon  liquidation,
dissolution,  winding-up  or otherwise,  whether  voluntary or  involuntary,  or
otherwise, the Series B-3 Preferred Stock shall rank:

          (a) senior and prior to the Common Stock and any other class or series
     of Capital Stock of the Corporation now or hereafter issued, except for the
     Series B-1 Preferred Stock and the Series B-3 Preferred Stock, and

          (b) junior to the Series B-1 Preferred Stock; and

          (c) in parity with the Series B-2 Preferred  Stock, and on parity with
     any other  class or series of Capital  Stock of the  Corporation  hereafter
     issued,  specifically  ranking  by its terms in parity  with the Series B-3
     Convertible Preferred Stock.

                                    ARTICLE 4
                                    Dividends

     The Series B-3 Preferred Stock shall not pay any fixed or stated  dividend.
However,  if the  Corporation  shall at any time or from time to time  after the
Issue Date declare,  order,  pay or make a cash  dividend or other  distribution
(excluding,  however,  any distribution of stock or other securities or property
or rights or warrants or options to subscribe for securities of the  Corporation
or any of its  Subsidiaries  by way of  dividend or  spin-off)  on shares of its
Common  Stock  or any  other  securities,  then,  and in  each  such  case,  the
Corporation  shall  declare,  order,  pay and  make the same  cash  dividend  or
distribution  to each  Holder of Series B-3  Preferred  Stock as would have been
made with  respect to the number of shares of Common Stock the Holder would have
received  had it  converted  all of its  shares of Series  B-3  Preferred  Stock
immediately prior to such cash dividend or distribution.

<PAGE>

                                    ARTICLE 5
              Liquidation Preference; Mergers, Consolidations, etc.

     Section 5.1 If (i) the  Corporation  shall  commence a voluntary case under
the Federal bankruptcy laws or any other applicable Federal or state bankruptcy,
insolvency  or similar law, or consent to the entry of an order for relief in an
involuntary case under any law or to the appointment of a receiver,  liquidator,
assignee,  custodian, trustee or sequestrator (or other similar official) of the
Corporation or of any  substantial  part of its property,  or make an assignment
for the benefit of its  creditors,  or admit in writing its inability to pay its
debts  generally  as they  become  due,  or if a decree or order  for  relief in
respect of the  Corporation  shall be entered by a court having  jurisdiction in
the premises in an  involuntary  case under the Federal  bankruptcy  laws or any
other  applicable  Federal  or  state  bankruptcy,  insolvency  or  similar  law
resulting in the  appointment of a receiver,  liquidator,  assignee,  custodian,
trustee or sequestrator (or other similar official) of the Corporation or of any
substantial  part of its property,  or ordering the winding up or liquidation of
its affairs,  and any such decree or order shall be unstayed and in effect for a
period of 30  consecutive  days and,  on account of any such event  ("Insolvency
Proceeding") or (ii) if the Corporation shall otherwise  liquidate,  dissolve or
wind up, no  distribution  shall be made to the  holders of any shares of Common
Stock or other shares of Capital Stock of the Corporation  other than Series B-1
Preferred  Stock,  whether now or  hereafter  issued,  upon any such  Insolvency
Proceeding,  liquidation,  dissolution or winding-up,  unless prior thereto, the
Holders of shares of Series  B-2  Preferred  Stock and the Series B-3  Preferred
Stock, subject to this Article 5, shall have received the Liquidation Preference
with respect to each share, on an equal and pari-passu basis.

     Section 5.2 For purposes of this  Certificate of  Designations,  including,
without  limitation,  Article  5  hereof,  the  consummation  of  a  Fundamental
Corporate  Event shall not be deemed,  considered or construed as a liquidation,
dissolution or winding-up of the Corporation.

                                    ARTICLE 6
                    Conversion of Series B-3 Preferred Stock

     Section 6.1 Optional Conversion; Conversion Rate

     Commencing on a date which shall be six (6) months after the Issue Date, at
the  option of the  Holder,  each  share of Series  B-3  Preferred  Stock may be
converted,  at any time and from time to time on or after the Issue  Date,  into
twenty  (20)  shares of Common  Stock.  Such  initial  conversion  rate shall be
adjusted  from time to time as  provided  in  Section  6.5  hereof  (and,  as so
adjusted, is hereinafter referred to as the "Conversion Rate").

     Section 6.2 Automatic Conversion

          (a) Upon the earlier to occur of either (i) any date following six (6)
     months after the Issue Date,  as  determined  by resolution of the Board of
     Directors of the Corporation,  or (ii) immediately prior to consummation of
     any Fundamental  Corporate Event (each,  an "Automatic  Conversion  Date"),
     all,  and not less than all, of the then issued and  outstanding  shares of
     Series B-3  Preferred  Stock shall  automatically,  and without any further
     action on the part of the  Corporation  or the Holder,  be  converted  into
     shares of Common  Stock at the  Conversion  Rate then in effect;  provided,
     that on such Automatic  Conversion  Date all, and not less than all, of the
     then  issued and  outstanding  shares of Series B-2  Preferred  Stock shall
     automatically,   and  without  further  any  action  on  the  part  of  the
     Corporation or the holders of Series B-2 Preferred Stock, be converted into
     shares of Common Stock at the Conversion  Rate for the Series B-2 Preferred
     Stock then in effect .

<PAGE>

          (b) Upon the occurrence of such automatic conversion of the Series B-3
     Preferred  Stock, the Holders of Series B-3 Preferred Stock shall surrender
     the certificates representing such shares at the office of the Corporation.
     Thereupon,  there shall be issued and delivered to such Holder  promptly at
     such  office and in its name as shown on such  surrendered  certificate  or
     certificates,  a certificate  or  certificates  for the number of shares of
     Common  Stock  into  which  the  shares  of  Series  B-3  Preferred   Stock
     surrendered were convertible on the date on which such automatic conversion
     occurred.

     Section 6.3 Exercise of Conversion Privilege

          (a) The  conversion  of the  shares of Series B-3  Preferred  Stock in
     accordance with Section 6.1 above may be exercised, in whole or in part, by
     the Holder by faxing an executed  and  completed  Conversion  Notice to the
     Corporation.  Each  date on  which a  Conversion  Notice  is  faxed  to the
     Corporation  in  accordance  with the  provisions of this Section 6.3 shall
     constitute a Conversion Date. The Corporation  shall convert the Series B-3
     Preferred Stock and issue the appropriate  number of shares of Common Stock
     to be issued in connection  with such optional  conversion,  and all voting
     and other rights  associated  with the  beneficial  ownership of the Common
     Stock issued at conversion shall vest with the Holder,  effective as of the
     Conversion  Date  at the  time  specified  in the  Conversion  Notice.  The
     Conversion  Notice also shall state the name or names (with  addresses)  of
     the Persons who are to become the holders of the Common  Stock  issuable in
     connection  with such  conversion.  The Holder shall  deliver the shares of
     Series B-3 Preferred  Stock to the  Corporation  by express  courier within
     five  Business Days  following  the  Conversion  Date.  Upon  surrender for
     conversion, the Series B-3 Preferred Stock shall be accompanied by a proper
     assignment  thereof to the Corporation or be endorsed in blank. As promptly
     as practicable after the receipt of the Conversion Notice as aforesaid, but
     in any  event  not more than five  Business  Days  after the  Corporation's
     receipt of such  Conversion  Notice,  the  Corporation  shall (i) issue the
     Common Stock  issuable at conversion in accordance  with the  provisions of
     this  Article 6, and (ii) cause to be mailed for delivery to the Holder (x)
     a certificate or certificate(s) representing the number of shares of Common
     Stock to which the Holder is  entitled  by virtue of such  conversion,  (y)
     cash,  as provided in Section 6.4, in respect of any fraction of a share of
     Common Stock issuable at conversion and (z) if the  Corporation  chooses to
     pay accrued and unpaid dividends in cash, cash in the amount of accrued and
     unpaid dividends as of the Conversion Date. Such conversion shall be deemed
     to have been effected at the time at which the Conversion  Notice indicates
     so long as the Series B-3 Preferred  Stock shall have been  surrendered  as
     aforesaid  at such  time,  and at such time the rights of the Holder of the
     Series B-3 Preferred  Stock, as such, shall cease and the Person or Persons
     in whose name or names the Common  Stock shall be issuable  shall be deemed
     to have  become  the  holder or  holders  of record of the shares of Common
     Stock  represented  thereby and all voting and other rights associated with
     the beneficial  ownership of such shares of Common Stock shall at such time
     vest with such Person or Persons.  The Conversion Notice shall constitute a
     contract between the Holder and the  Corporation,  whereby the Holder shall
     be deemed to  subscribe  for the number of shares of Common  Stock which it
     will be  entitled  to receive  upon such  conversion  and,  in payment  and
     satisfaction of such  subscription (and for any cash adjustment to which it
     is entitled pursuant to Section 6.4), to surrender the Series B-3 Preferred
     Stock and to release the Corporation from all liability  thereon other than
     the obligation to deliver the  certificates  representing the Common Shares
     and pay cash in lieu of fractional shares as set forth in this Section 6.3.
     No cash payment  aggregating  less than $1.00 shall be required to be given
     unless specifically requested by the Holder.

          (b) The Holder shall be entitled to exercise its conversion  privilege
     notwithstanding the commencement of any case under 11 U.S.C. Section 101 et
     seq. (the  "Bankruptcy  Code").  In the event the  Corporation  is a debtor
     under the  Bankruptcy  Code, the  Corporation  hereby waives to the fullest
     extent  permitted any rights to relief it may have under 11 U.S.C.  Section
     362 in respect of the Holder's conversion privilege. The Corporation hereby
     waives to the  fullest  extent  permitted  any rights to relief it may have
     under 11 U.S.C.  Section 362 in respect of the conversion of the Series B-3
     Preferred  Stock.  The Corporation  agrees,  without cost or expense to the
     Holder,  to take or consent to any and all action  necessary to  effectuate
     relief under 11 U.S.C. Section 362.

<PAGE>

          (c) All shares of Series B-3 Preferred  Stock and all shares of Series
     B-2  Preferred  Stock shall be  converted  into  shares of Common  Stock as
     provided in Section 6.2 of this Article 6, with an  effective  date of such
     conversion  being  either  (i)  immediately  prior to  consummation  of any
     Fundamental  Corporate  Event,  or (ii) on the  Automatic  Conversion  Date
     corresponding  to the date that the Board of Directors  of the  Corporation
     shall execute  resolutions  effecting an automatic  conversion  pursuant to
     Section 6.2 above, as the case may be, and the record date for the issuance
     of such Common Stock shall be such effective date.

     Section 6.4 Fractional Shares

     No  fractional  shares of  Common  Stock or scrip  representing  fractional
shares of Common  Stock  shall be  issued  upon  conversion  of the  Series  B-3
Preferred  Stock.  Instead  of any  fractional  shares  of  Common  Stock  which
otherwise would be issuable upon  conversion of the Series B-3 Preferred  Stock,
the  Corporation  shall pay a cash  adjustment in respect of such fraction in an
amount  equal to the same  fraction  multiplied  by the closing bid price of the
Common Shares on the last trading day before the Conversion Date.

     Section 6.5 Adjustments to Conversion Rate

     If, prior to the date on which all shares of Series B-3 Preferred Stock are
converted, the Corporation shall (i) pay a dividend in shares of Common Stock or
Options of  Convertible  Securities or make a  distribution  in shares of Common
Stock or Options of  Convertible  Securities,  (ii)  subdivide  its  outstanding
Common Stock,  (iii) combine its outstanding  Common Stock into a smaller number
of shares of Common Stock or (iv) issue by  reclassification of its Common Stock
other  securities  of the  Corporation,  the  Conversion  Rate in  effect on the
opening of business on the record date for determining  stockholders entitled to
participate in such transaction  shall thereupon be adjusted,  or, if necessary,
the right to convert shall be amended,  such that the number of shares of Common
Stock  receivable  upon  conversion of the shares of Series B-3 Preferred  Stock
immediately prior thereto shall be adjusted so that the Holder shall be entitled
to receive,  upon the  conversion of such shares of Series B-3 Preferred  Stock,
the kind and  number  of  shares  of  Common  Stock or other  securities  of the
Corporation  which it would have owned or would  have been  entitled  to receive
after the  happening  of any of the  events  described  above had the Series B-3
Preferred Stock been converted  immediately prior to the happening of such event
or any record date with respect  thereto.  Any adjustment  made pursuant to this
Section 6.5 shall become effective  immediately after the effective date of such
event and such  adjustment  shall be retroactive to the record date, if any, for
such event.  No adjustment with respect to any ordinary cash dividends (made out
of current earnings) on shares of Common Stock shall be made.

     In each case of an  adjustment  of the  Conversion  Rate for the  number of
shares of Common Stock  issuable  upon  conversion  of the Series B-3  Preferred
Stock,  the  Corporation,  at its  expense,  shall  compute such  adjustment  or
readjustment in accordance with the provisions  hereof and prepare a certificate
showing such adjustment,  and shall mail such certificate,  by first class mail,
postage prepaid,  to each registered Holder of Series B-3 Preferred Stock at the
Holder's address as shown in the Corporation's  books. The certificate shall set
forth such  adjustment or  readjustment,  showing in detail the facts upon which
such adjustment or readjustment is based.

                                    ARTICLE 7
                                  Voting Rights

     Section 7.1 General Voting Rights

     Except as otherwise  provided  herein or as required by law, the Series B-3
Preferred  Stock shall be voted  equally with the shares of Common Stock and not
as a separate class, at any annual or special meeting of the stockholders of the
Corporation,  and may act by written  consent  in the same  manner as the Common
Stock, in either case upon the following basis:  each holder of shares of Series
B-3 Preferred  Stock shall be entitled to such number of votes as shall be equal
to the whole number of shares of Common Stock into which such holder's aggregate
number of shares of Series B-3  Preferred  Stock are  convertible  (pursuant  to
Article 6 hereof)  immediately  after the close of  business  on the record date
fixed for such meeting or the effective date of such written consent.

<PAGE>

     Section 7.2 Notice

     The  Corporation  shall provide each Holder of Series B-3  Preferred  Stock
with prior  notification of any meeting of the  stockholders  (and copies of all
proxy materials and other information sent to shareholders). In the event of any
taking by the  Corporation  of a record of its  stockholders  for the purpose of
determining  stockholders who are entitled to receive payment of any dividend or
other  distribution,  any right to subscribe for,  purchase or otherwise acquire
(including by way of merger, consolidation or recapitalization) any share of any
class or any other securities or property, or to receive any other right, or for
the purpose of determining  stockholders  who are entitled to vote in connection
with any  proposed  liquidation,  dissolution,  winding up or  otherwise  of the
Corporation, the Corporation shall mail a notice thereof to each Holder at least
30 days  prior to the  date on which  any  such  record  is to be taken  for the
purpose of such dividend,  distribution,  right or other event,  together with a
brief   statement   regarding  the  amount  and  character  of  such   dividend,
distribution, right or other event to the extent known at such time.

     Section 7.3 Separate Class Voting Rights

     To the extent that under the DGCL the vote of the Holders of the Series B-3
Preferred  Stock,  voting  separately as a class, is applicable,  is required to
authorize a given action of the Corporation,  the affirmative vote or consent of
the  Holders  of at least a  majority  of the  outstanding  shares of Series B-3
Preferred Stock  represented at a duly held meeting at which a quorum is present
or by  written  consent of a majority  of the  outstanding  shares of Series B-3
Preferred  Stock  (except as  otherwise  may be  required  under the DGCL) shall
constitute the approval of such action by the class.

                                    ARTICLE 8
                                  Miscellaneous

     Section 8.1 Loss, Theft, Destruction of Preferred Stock

     Upon  receipt of  evidence  satisfactory  to the  Corporation  of the loss,
theft, destruction or mutilation of shares of Series B-3 Preferred Stock and, in
the case of any such loss,  theft or  destruction,  upon  receipt  of  indemnity
reasonably  satisfactory  to the  Corporation,  or,  in  the  case  of any  such
mutilation,  upon surrender and  cancellation of the Series B-3 Preferred Stock,
the Corporation  shall make,  issue and deliver,  in lieu of such lost,  stolen,
destroyed  or  mutilated  shares of Series B-3  Preferred  Stock,  new shares of
Series B-3 Preferred  Stock of like tenor.  The Series B-3 Preferred Stock shall
be held and owned upon the express condition that the provisions of this Section
8.1 are exclusive with respect to the replacement of mutilated,  destroyed, lost
or stolen  shares of Series B-3 Preferred  Stock and shall  preclude any and all
other  rights  and  remedies  notwithstanding  any law or  statute  existing  or
hereafter  enacted to the contrary with respect to the replacement of negotiable
instruments or other securities without the surrender thereof.

     Section 8.2 Whom Deemed Absolute Owner

     The  Corporation may deem the Person in whose name the Series B-3 Preferred
Stock shall be registered  upon the registry books of the Corporation to be, and
may treat it as, the absolute  owner of the Series B-3  Preferred  Stock for the
purpose of receiving payment of dividends on the Series B-3 Preferred Stock, for
the conversion of the Series B-3 Preferred Stock and for all other purposes, and
the  Corporation  shall not be affected by any notice to the contrary.  All such
payments  and such  conversion  shall be valid  and  effectual  to  satisfy  and
discharge the liability upon the Series B-3 Preferred Stock to the extent of the
sum or sums so paid or the conversion so made.

<PAGE>

     Section 8.3 Register

     The Corporation  shall keep at its principal office a register in which the
Corporation  shall  provide  for the  registration  of the Series B-3  Preferred
Stock.  Upon any transfer of the Series B-3 Preferred  Stock in accordance  with
the  provisions  hereof,  the  Corporation  shall  register such transfer on the
register of Series B-3 Preferred Stock.

     Section 8.4 Withholding

     To the extent  required by  applicable  law, the  Corporation  may withhold
amounts for or on account of any taxes  imposed or levied by or on behalf of any
taxing authority in the United States having  jurisdiction  over the Corporation
from any payments made pursuant to the Series B-3 Preferred Stock.

     Section 8.5 Headings

     The  headings  of  the  Articles  and  Sections  of  this   Certificate  of
Designation  are inserted for  convenience  only and do not constitute a part of
this Certificate of Designation.

     Section 8.6 Severability

     If any provision of this  Certificate of  Designation,  or the  application
thereof   to  any  person  or  entity  or  any   circumstance,   is  invalid  or
unenforceable,  (i) a suitable  and  equitable  provision  shall be  substituted
therefor  in order to carry  out,  so far as may be valid and  enforceable,  the
intent and  purpose of such  invalid or  unenforceable  provision,  and (ii) the
remainder  of  this  Certificate  of  Designation  and the  application  of such
provision to other persons,  entities or circumstances  shall not be affected by
such   invalidity   or   unenforceability,   nor  shall   such   invalidity   or
unenforceability affect the validity or enforceability of such provision, or the
application thereof, in any other jurisdiction.

               [the balance of this page intentionally left blank]

<PAGE>

In Witness  Whereof,  the Corporation has caused this Certificate of Designation
to be signed by its duly authorized officers on May 21, 2003.

                                       AMERICAN UNITED GLOBAL, INC.

                                       By:       \s\ Robert M. Rubin
                                                 --------------------
                                       Name:    Robert M. Rubin,  President

<PAGE>

                                     ANNEX I

                            FORM OF CONVERSION NOTICE

To:      American United Global, Inc.

[ADDRESS]
[ADDRESS]

The  undersigned  owner of this  Series  B-3  Convertible  Preferred  Stock (the
"Series B-3  Preferred  Stock")  issued by American  United  Global,  Inc.  (the
"Corporation")  hereby  irrevocably  exercises its option to convert  __________
shares of the Series B-3 Preferred  Stock into shares of the common  stock,  par
value $0.01 per share ("Common  Stock"),  of the  Corporation in accordance with
the terms of the Certificate of Designation.  The undersigned  hereby  instructs
the  Corporation  to convert  the  number of shares of the Series B-3  Preferred
Stock  specified  above into  Shares of Common  Stock  Issued at  Conversion  in
accordance  with the provisions of Article 6 of the  Certificate of Designation.
The undersigned directs that the Common Stock issuable and certificates therefor
deliverable upon conversion and the  recertificated  Series B-3 Preferred Stock,
if any, not being surrendered for conversion hereby,  together with any check in
payment for fractional  Common Stock,  be issued in the name of and delivered to
the  undersigned   unless  a  different  name  has  been  indicated  below.  All
capitalized  terms used and not  defined  herein  have the  respective  meanings
assigned to them in the  Certificate of  Designation.  So long as the Series B-3
Preferred  Stock  shall  have  been  surrendered  for  conversion   hereby,  the
conversion pursuant hereto shall be deemed to have been effected at the date and
time specified below, and at such time the rights of the undersigned as a Holder
of the Series B-3 Preferred Stock shall cease and the Person or Persons in whose
name or names the Common Stock Issued at Conversion  shall be issuable  shall be
deemed to have  become the  holder or  holders  of record of the  Common  Shares
represented  thereby  and all  voting  and  other  rights  associated  with  the
beneficial  ownership  of such Common  Shares  shall at such time vest with such
Person or Persons.

Date and time:
              ----------------------------

------------------------------------------
Signature

Please print name and address (including zip code number):

------------------------------------------

------------------------------------------

------------------------------------------EXHIBIT 10.1

                                CLOSING AGREEMENT

     THIS CLOSING  AGREEMENT  ("Agreement") is dated as of June 16, 2003, by and
among LIFETIME HEALTHCARE SERVICES,  INC., a Delaware corporation  ("Lifetime"),
REDWOOD   INVESTMENTS   ASSOCIATES,   L.P.,  a  Delaware   limited   partnership
("Redwood"),  the  stockholders  of  Lifetime  listed on  Schedule A hereto (the
"Stockholders"),  DR. JONATHAN  LANDOW,  M.D., an individual with offices at Two
Jericho Plaza - Wing B, Jericho, New York 11753 ("Dr. Landow"),  AMERICAN UNITED
GLOBAL, INC., a Delaware corporation ("AUGI"),  TRACY LANDOW, an individual with
office at Two Jericho Plaza - Wing B, Jericho, New York 11753 ("T. Landow"), THE
RUBIN  FAMILY  IRREVOCABLE  STOCK  TRUST  (the  "Trust"),  and  ROBERT M.  RUBIN
("Rubin").

     WHEREAS, as of the date hereof,  Lifetime has acquired all of the shares of
capital stock of NEW YORK MEDICAL, INC., a Delaware corporation ("NYMI"),  owned
by Redwood (the "Acquisition") pursuant to that certain Stock Purchase Agreement
by and among Lifetime,  Redwood and NYMI, dated as of March 21, 2003, as amended
as of June 16, 2003 (the "Purchase Agreement");

     WHEREAS, the Stockholders own that number of shares of common stock, no par
value per share,  of Lifetime (the  "Lifetime  Common  Stock"),  as set forth on
Schedule A hereto;

     WHEREAS,  the  Trust  is  currently  the  record  and  beneficial  owner of
approximately 77.6% of the outstanding shares of the common stock of AUGI, $0.01
par value per share ("AUGI Common Stock"), and following consummation of a stock
dividend to current AUGI  stockholders  and the "AUGI Merger"  (defined  below),
will own of record and  beneficially  the  approximate  number and percentage of
outstanding AUGI Common Stock as set forth on Schedule B hereto;

     WHEREAS, Rubin is the President and Chief Executive Officer of AUGI;

     WHEREAS,  T.  Landow is the holder and payee under the Landow Note (as that
term is defined in the Purchase Agreement);

     WHEREAS,   immediately  following  the  consummation  of  the  transactions
contemplated by the Purchase Agreement, the Stockholders are causing Lifetime to
be  merged  with a  wholly-owned  acquisition  subsidiary  of  AUGI  (the  "AUGI
Merger");  as a result of which AUGI Merger,  (a) the Stockholders shall receive
shares of capital stock of AUGI  entitling  them to vote the equivalent of up to
an aggregate of 4,417,461 shares of AUGI Common Stock, and (b) Lifetime,  as the
surviving corporation of the AUGI Merger, will become a wholly-owned  subsidiary
of  AUGI  and  AUGI  shall  be  the  indirect  beneficial  owner  of  55% of the
outstanding capital stock of NYMI; and

     WHEREAS,  Lifetime,  the Stockholders,  AUGI, Redwood, the Trust, Rubin and
Dr.  Landow  deem it to be in their  respective  best  interests  to provide for
certain  provisions  governing the control and  operation of AUGI,  Lifetime and
NYMI for an interim period.

     NOW,  THEREFORE,  in  consideration  of the  foregoing  and intending to be
legally bound hereby, the parties hereto agree as follows:

     1. Defined Terms.  Capitalized  terms used herein and not otherwise defined
     herein shall have the meanings assigned thereto by the Purchase  Agreement.
     As used in this Agreement,  the term "Settlement  Date" shall mean the date
     on which  the last of the  following  events  (collectively,  the  "Payment
     Events") shall have taken place:

               (a) the  satisfaction of all obligations of NYMI under the Landow
          Note; and

               (b) the unpaid principal  amount of the original  $5,500,000 Note
          issued  pursuant  to Section  1.2 of the  Purchase  Agreement  (giving
          effect to all conversions of principal thereunder) shall be $3,500,000
          or less.

<PAGE>

     2. Boards of  Directors.  Commencing  on the Closing Date and ending on the
     Settlement Date:

               (a) Redwood  shall have the right to nominate and have elected to
          the board of directors  of each of Lifetime and NYMI (the  "Subsidiary
          Boards"), a total of two (2) directors (the "Redwood Directors");

               (b) The entire  Subsidiary  Boards shall  consist of no more than
          three  (3)  directors,  of  which  one  (1)  director  (the  "Minority
          Director")  shall be Rubin or such other person as shall be designated
          by a majority  of the  entire  board of  directors  of AUGI (the "AUGI
          Board");

               (c) The AUGI Board shall  consist of a total of five (5) persons,
          of which two (2)  directors  shall be the Redwood  Directors  (or such
          other persons acceptable to Redwood), two (2) directors shall be Rubin
          and one other person  acceptable  to Rubin,  and the remaining one (1)
          member of the AUGI  Board  shall  consist of an  independent  director
          (within the meaning of the  Sarbanes-Oxley  Act of 2002 (the "SOX") as
          applicable to the member of AUGI's audit committee pursuant to Section
          301 thereunder) who shall be a person mutually acceptable to Rubin and
          Redwood (the "Independent Director"); and

               (d) At any time at which (i) the Stockholders and the Trust shall
          have the right to vote in the  election  of members of the AUGI Board,
          and (ii) AUGI shall have the right to vote in the  election of members
          of the Subsidiary  Boards,  respectively,  each of AUGI, the Trust and
          the Stockholders agree to vote all of the capital stock of AUGI and/or
          Lifetime  it or they  own in  favor  of the  election  of the  Redwood
          Directors  to the  Subsidiary  Boards  and  the  AUGI  Board,  and the
          election  of  the   Independent   Director  to  the  AUGI  Board,   as
          contemplated hereby.

     3. Actions by the Subsidiary Boards and the AUGI Board.

               (a) The  Subsidiary  Boards.  Redwood agrees to, and to cause its
          affiliates  and the Redwood  Directors  to, only take those actions as
          members  of the  Subsidiary  Boards in  conducting  the  business  and
          operations of Lifetime and its  subsidiaries  (including  NYMI) as are
          provided for in this Agreement or in accordance  with their  fiduciary
          duties as directors, except that:

                    (i) payments to Redwood,  Dr. Landow,  Tracy Landow or their
               respective  affiliates,  associates or related parties shall only
               be made in  accordance  with this  Agreement  and the  respective
               terms of the Purchase  Agreement,  the Note,  the Landow Note and
               the  Employment   Agreement   (collectively,   the   "Transaction
               Documents"), as such terms may be expressly modified by the terms
               of this  Agreement,  and any amendments to any of the Transaction
               Documents shall require the approval of the Minority  Director of
               the  Subsidiary  Boards,  and any such  amendment not so approved
               shall be null and void ab initio;

                    (ii) except as otherwise  prohibited by applicable  law, the
               Minority  Director shall have the right to review and approve any
               amendments  or   modifications  to  the  terms  of  the  existing
               management   agreements   among  NYMI  and  any  or  all  of  the
               professional    corporations   being   managed   by   NYMI   (the
               "Professional   Corporations"),   and  any  such   amendment   or
               modification not so approved shall be null and void ab initio;

                    (iii)  neither  Lifetime nor NYMI shall make payments on the
               Landow  Note or any  other  notes or other  debt  instruments  of
               Lifetime,  NYMI or any of  their  subsidiaries  that  are held by
               Redwood,  Dr.  Landow,  Tracy  Landow or any of their  respective
               affiliates,  associates or related parties,  unless such payments
               (A) are made in  accordance  with the terms of such notes or debt
               instruments  and this  Agreement,  and (B) would not  violate the
               terms and  conditions  (with or without  notice or the passage of
               time) of any  other  debt  obligations  of  Lifetime,  NYMI,  the
               Professional    Corporations   or   any   of   their   respective
               subsidiaries,  including  Senior  Indebtedness (as defined in the
               Note); and

                    (iv) the Subsidiary Boards shall not, without the consent of
               the Minority  Director,  cause or permit NYMI to engage in any of
               the activities or consummate any of the transactions  which would
               otherwise be prohibited under Section 3(b)(ii) of this Agreement.

<PAGE>

               (b) The AUGI Board.

                    (i)  Affirmative  Covenants.  Until  such time as all of the
               Payment  Events  shall have  occurred,  AUGI hereby  agrees,  the
               Stockholders  and the Trust severally  agree, in their capacities
               as  stockholders  of AUGI,  and Rubin agrees,  in his capacity as
               Chief Executive Officer and a director of AUGI:

                         (A) to cause  the AUGI  Board  not to take any  actions
                    which,  in any  way,  would  contravene,  amend,  modify  or
                    overrule any of the actions taken by the  Subsidiary  Boards
                    in accordance with this Agreement,  or otherwise  contravene
                    or violate any of the provisions of this Agreement or any of
                    the Transaction Documents; and

                         (B) to cause the AUGI Board to concentrate  its primary
                    efforts toward securing, on or before the dates set forth in
                    clauses  (x) and  (y) of  Section  4(a)  of this  Agreement,
                    additional  debt and/or equity  financing for AUGI, and upon
                    securing such  financing to (A) first,  make payments  under
                    the  Landow  Note and then  under  the Note to  satisfy  the
                    Payment Events on a timely basis, as provided in clauses (x)
                    and (y) of Section 4(a) of this  Agreement , (B) second,  if
                    and to the extent required, to refinance Senior Indebtedness
                    (as  defined in the  Note),  and (C)  third,  to  consummate
                    additional  acquisitions acceptable to the Redwood Directors
                    on the AUGI Board; provided, that no additional acquisitions
                    shall be  consummated  unless and until either prior thereto
                    or simultaneous therewith,  all of the Payments Events shall
                    have occurred.

                    (ii)  Negative  Covenants.  Until  such time as the  Payment
               Events  shall  have  occurred,   AUGI  hereby  agrees,   and  the
               Stockholders  and the Trust severally  agree, in their capacities
               as  stockholders  of AUGI, that without the prior written consent
               of Dr.  Landow,  AUGI shall not, nor shall it permit or otherwise
               cause Lifetime or NYMI to, engage in or otherwise  consummate any
               of the following:

                         (A)  the  incurrence  of  any  indebtedness  for  money
                    borrowed or  mortgages,  liens or security  interests on the
                    assets and properties of NYMI or any of its  subsidiaries in
                    excess of the maximum amounts of  indebtedness  which may be
                    borrowed  under any  existing  credit or similar  agreements
                    evidencing  Senior  Indebtedness  of  NYMI  or  any  of  its
                    subsidiaries,  and secured by mortgages,  liens and security
                    interests  currently securing Senior Indebtedness of NYMI or
                    any of its subsidiaries;  provided,  however,  that prior to
                    the  full  satisfaction  of the  Payment  Events,  NYMI  may
                    refinance  its  outstanding   Senior   Indebtedness  to  DVI
                    Business Credit Corp. on terms and conditions  acceptable to
                    both the AUGI Board and the Subsidiary Boards;

                         (B) except as  otherwise  provided in Section 4 of this
                    Agreement, a sale of any assets or properties of NYMI or any
                    of its  subsidiaries  (other than the sale of inventories in
                    the ordinary course of their businesses), or the sale of any
                    of the outstanding shares of capital stock of NYMI or any of
                    its subsidiaries, to any person, firm or corporation;

                         (C) the  issuance of any  additional  shares of capital
                    stock of NYMI or any of its subsidiaries,  or any options or
                    warrants to purchase  shares of capital stock of NYMI or any
                    of its subsidiaries;

                         (D) except for its  acquisition of the remaining 45% of
                    the NYMI capital stock owned by The New York  Medical,  Inc.
                    Employee Stock  Ownership  Plan and Trust (the "ESOP"),  the
                    acquisition  by  AUGI,  Lifetime,   NYMI  or  any  of  their
                    subsidiaries,  whether by stock  purchase,  asset  purchase,
                    merger, joint venture,  consolidation or like combination of
                    the securities,  assets or businesses of any person, firm or
                    corporation (an "Acquisition");

                         (E) except for (x) the Senior Indebtedness  outstanding
                    as at the date of this Agreement (or the  refinancing of any
                    such  Senior  Indebtedness),   or  (y)  up  to  $250,000  of
                    indebtedness  in the  aggregate for the purchase or lease of
                    office  or  medical  equipment,  causing  NYMI or any of its
                    subsidiaries to incur any indebtedness for borrowed money or
                    capitalized lease transactions;

<PAGE>

                         (F) altering or terminating in any material respect the
                    basic  business  of  NYMI,  Lifetime,  AUGI  or  any  of its
                    subsidiaries;

                         (G) except for (x) the payment of  compensation  to Dr.
                    Landow  in  accordance  with  the  terms  of his  Employment
                    Agreement, and (y) the payment of compensation to (1) Robert
                    M. Rubin under the terms of the  existing  Rubin  employment
                    agreement  with AUGI,  (2)  Kenneth  Orr (or his  affiliate)
                    under  the  terms of the  amended  and  restated  consulting
                    agreement, dated of even date herewith between AUGI and such
                    affiliate  of Kenneth  Orr,  and (3)  Robert  DePalo (or his
                    affiliate)  under  the  terms of the  amended  and  restated
                    finders agreement,  dated of even date herewith between AUGI
                    and such affiliate of Robert DePalo (all of which agreements
                    have been fully  disclosed to and approved by Dr. Landow and
                    the  AUGI  Board of  Directors),  paying  any  compensation,
                    bonuses  or  other   remuneration  or  benefits  from  AUGI,
                    Lifetime,  NYMI or any of their  respective  subsidiaries to
                    any officer,  director or stockholder of AUGI, including the
                    Stockholders,   Rubin  and  the  Trust,   or  any  of  their
                    affiliates;

                         (H)  paying or  issuing  any  finders  fees'  brokerage
                    commissions,  placement fees, stock bonuses or stock options
                    (collectively, "Placement Compensation"), whether in AUGI or
                    any  subsidiary  of AUGI,  directly  or  indirectly  (to the
                    extent  known  by  AUGI  after  reasonable  inquiry)  to any
                    officer,  director or stockholder of AUGI,  including Rubin,
                    the Stockholders and the Trust, or any of their  affiliates,
                    in  connection  with any  debt  and/or  equity  financing(s)
                    obtained by AUGI; except that Placement  Compensation may be
                    paid to the  Stockholders or affiliates of the  Stockholders
                    (including  Robert  DePalo) to the extent (x)  permitted  by
                    applicable  securities  laws,  (y)  related  directly to the
                    raising of additional  capital for AUGI and its subsidiaries
                    for the purposes  contemplated by Section 3(b)(i)(B) of this
                    Agreement,  and (z) consistent  with  traditional  levels of
                    "underwriters'  or  placement  agent   compensation"  or  as
                    otherwise  permitted  by the NASD for  similar  debt  and/or
                    equity financings;

                         (I) entering into any related party  transactions  with
                    any of the  officers,  directors  or  stockholders  of AUGI,
                    Lifetime or NYMI,  including Rubin, the Stockholders and the
                    Trust,  or any of  their  affiliates,  which  would  require
                    disclosure  in a  prospectus  filed under Form S-1 under the
                    Securities Act of 1933, as amended,  other than transactions
                    pursuant  to  existing   management   agreements   with  the
                    Professional   Corporations  or  amounts   incurred  in  the
                    ordinary course of business except where prohibited by SOX;

                         (J)  except for the  purchase  of and  declaration  and
                    payment of dividends  on the capital  stock of NYMI owned by
                    the ESOP,  declaring,  setting  aside,  making or paying any
                    dividend  or other  distribution  in respect of the  capital
                    stock of NYMI, or consummating the repurchase, redemption or
                    other acquisition of any outstanding shares of capital stock
                    of NYMI or any of its subsidiaries;

                         (K) making any inter-company loan or other advance from
                    NYMI to  Lifetime,  AUGI  or any of  their  subsidiaries  or
                    affiliates,  other than  transactions  pursuant  to existing
                    management agreements with the Professional Corporations;

                         (L) effecting any  recapitalization,  reclassification,
                    equity split or like change in the current capitalization of
                    NYMI or any of its subsidiaries;

                         (M)  amending  the  certificate  of   incorporation  or
                    organizational  documents  of  NYMI,  AUGI  or  any  of  its
                    subsidiaries; or

                         (N) taking any other actions  which,  in any way, would
                    contravene,  amend,  modify or  overrule  any of the actions
                    taken  by  the  AUGI  Board  and/or   Subsidiary  Boards  in
                    accordance with the terms of this Agreement.

<PAGE>

     4. Right to Sale of NYMI.

               (a) If (x) by October 17, 2003,  the unpaid  principal  amount of
          the Landow Note is in excess of $1,000,000  (plus any amount  deferred
          in accordance with Section 8 hereof), or (y) by March 22, 2004, all of
          the Payment  Events shall not have  occurred,  then a "Default  Event"
          under this Agreement shall be deemed to have occurred.  Subject to the
          conditions  set  forth  below,  if either  Default  Event  shall  have
          occurred and is  continuing,  upon the written  request of Dr.  Landow
          given at any time within  thirty (30) days after the first  occurrence
          of such Default Event, the AUGI Board and the Subsidiary  Boards shall
          engage the services of an investment  banker  acceptable to Dr. Landow
          to  sell  either  (i) all of the  securities  of NYMI  then  owned  by
          Lifetime  or  AUGI,  or  (ii)  all  or a  portion  of the  assets  and
          liabilities of NYMI (either,  a "Sale of NYMI"),  at the highest price
          then  available  and on such other  terms and  conditions  as shall be
          acceptable  to  Dr.  Landow,  and  shall  take  all  steps  reasonably
          necessary to consummate the Sale of NYMI.

               (b)  Notwithstanding  the foregoing,  a Sale of NYMI shall not be
          consummated  unless all of the  following  conditions  shall have been
          satisfied:

                    (i) such Sale of NYMI is approved by the Subsidiary Boards;

                    (ii) the  Subsidiary  Boards and the AUGI  Board  shall have
               received  a  "fairness  opinion"  from an  independent  financial
               advisor  with  respect to the Sale of NYMI,  to the effect  that,
               based upon the then business,  financial  condition and prospects
               of NYMI and the  Transaction  Documents,  the price  and  payment
               terms of the Sale of NYMI is fair to Lifetime,  AUGI and the AUGI
               stockholders from a financial point of view; and

                    (iii) the Sale of NYMI does not require AUGI,  Lifetime,  or
               any of their  Subsidiaries  or  their  respective  affiliates  or
               successors  to  incur  any  contingent  liability  following  the
               Closing in connection with the Sale of NYMI;  provided,  however,
               if required by any  prospective  purchaser  as a condition to the
               Sale of  NYMI,  AUGI and  Lifetime  shall  make  representations,
               warranties,  covenants  or  agreements  for  the  benefit  of any
               prospective  purchaser in  connection  with the Sale of NYMI that
               are standard and customary for such a transaction  if and only if
               AUGI and  Lifetime  each  receive an  indemnity  from  Redwood or
               another  entity  deemed  creditworthy  by the AUGI  Board and the
               Subsidiary Boards in the exercise of their good faith judgment.

               (c) The  proceeds  from any Sale of NYMI  shall be applied in the
          following order of priority:

                    (i) first to pay all  out-of-pocket  costs  (other  than the
               fairness opinion  described in Section 4(b)(i) above)  associated
               with the Sale of NYMI, including  professional fees,  commissions
               and related expenses;

                    (ii) second,  to pay all accrued and unpaid  indebtedness of
               NYMI other than  $1,500,000 of existing  indebtedness to AUGI not
               assumed by the purchaser, if any;

                    (iii) third, to pay all then outstanding  indebtedness  owed
               to the holders of the Landow Note and the Note;

                    (iv)  fourth,  to pay  the  costs  of the  fairness  opinion
               described in Section 4(b)(i) above; and

                    (v) to the extent of any remaining  net  proceeds,  the same
               shall be remitted to AUGI.

     In the event  that the net  proceeds  from the Sale of NYMI  based upon the
above applications,  shall be insufficient to satisfy in full all of the Payment
Events,  any unpaid  amounts  then due to the holders of the Landow Note and the
Note shall remain  obligations  of Lifetime and AUGI and shall be payable to the
holders of the Landow  Note and the Note on a date which shall be the earlier to
occur of (i) six months from the date of  consummation  of the Sale of NYMI,  or
(ii) immediately upon  consummation of any debt or equity  financing(s) for AUGI
subsequent to the date of consummation of the Sale of NYMI.

<PAGE>

     5. Use of Proceeds.  All net proceeds which shall be obtained in connection
with  any  contemplated   debt  and/or  equity   financings  for  AUGI  and  its
subsidiaries  shall be used and applied in the following order of priority:  (i)
first, to make payments under the Landow Note and then under the Note to satisfy
the Payment Events,  (ii) second,  if and to the extent  required,  to refinance
Senior  Indebtedness  (as defined in the Note),  and (iii) third,  to consummate
additional  acquisitions  acceptable to the Redwood Directors on the AUGI Board;
provided,  that no additional acquisitions shall be consummated unless and until
either prior thereto or simultaneous therewith, all of the Payments Events shall
have occurred.

     6. Lock-Up.  In addition to and not in lieu of any other lock-up or related
agreements  contained in the Merger Agreement,  each of the Stockholders and the
Trust agree not to sell, transfer,  hypothecate or assign any shares of Lifetime
Common Stock or AUGI capital  stock  (including  any shares of AUGI Common Stock
into which such shares of AUGI capital stock may be converted) issued to them in
connection  with the AUGI  Merger  or  otherwise,  until the  earlier  until the
earlier  to  occur of (a) May 21,  2004  and (b)  date on which  the last of the
Payment Events occurs.

     7.  Termination.  This Agreement shall terminate and be of no further force
or effect upon the last of the Payment Events to occur.

     8.  Deferral  of Landow  Note.  Notwithstanding  anything  to the  contrary
contained herein, in the event that either (a) DVI Business Credit Corp. ("DVI")
does  not  extend  the due  date of its  existing  lending  facility  (the  "DVI
Facility")  for at least six (6) months from  September  24,  2003,  or (b) NYMI
finds a  replacement  lender  to  replace  DVI and there is a  shortfall  in the
borrowing  base  such  that  the  refinancing  is  for  less  than  the  balance
outstanding  at  September  24,  2003,  T.  Landow  hereby  agrees  to defer the
repayment of the amount of such shortfall up to $500,000 of the Landow Note owed
to T. Landow by AUGI for up to twelve (12) months from the date hereof.

There  shall  be no  deferral  if  DVI  extends  the  DVI  Facility  or  another
asset-based  lender  refinances 100% of the debt due under the DVI Facility.  In
the event of a deferral of a portion of the Landow Note,  such deferred  portion
shall accrue interest,  from the date of such deferral, at an annualized rate of
twelve percent (12%) until satisfied in full.

In consideration of the above deferral by T. Landow, the principal  stockholders
of AUGI shall pledge an amount of AUGI Common Stock equal in market value on the
date of such  deferral  determined by  multiplying  (x) the dollar amount of the
portion of the Landow Note that is deferred  pursuant hereto by (y) two (2). Any
and all decisions as to the choice of a replacement lender and the terms of such
replacement loan shall be made by the AUGI Board.

     9. Amendment.  This Agreement may be amended,  modified and supplemented in
any and all  respects,  but only by a  written  instrument  signed by all of the
parties  hereto  expressly  stating that such  instrument  is intended to amend,
modify or supplement this Agreement.

     10.  Assignment.  This  Agreement is not assignable by any party hereto and
any  purported  assignment  of this  Agreement  shall be null and void and of no
effect.  Notwithstanding  the  foregoing,  AUGI and/or  Lifetime may assign this
Agreement to any successor  entity of which NYMI is a direct or indirect  wholly
owned  subsidiary;  provided,  that such  assignment  will not  relieve  AUGI or
Lifetime from any of its obligations under this Agreement, and any such assignee
shall execute a counterpart  of this  Agreement  pursuant to which such assignee
shall guaranty the  performance of all obligations of all of the parties to this
Agreement.

     11. Governing Law. This Agreement and all rights and obligations  hereunder
shall be governed by and construed in  accordance  with the laws of the State of
New York  applicable to agreements  made and to be performed  wholly within such
State, without regard to such State's conflicts of laws principles.

     12. Guaranty.  Simultaneous  with the AUGI Merger,  AUGI and Lifetime shall
enter into a  guaranty  agreement,  reasonably  acceptable  to  Redwood  and Dr.
Landow,  dated as of the date hereof, with respect to the Transaction  Documents
(the "Guaranty").

     13.  AUGI  Capitalization.  Upon  consummation  of the  AUGI  Merger  and a
dividend of shares of convertible  preferred  stock to the  stockholders of AUGI
immediately  prior  to  consummation  of  such  AUGI  Merger,   the  issued  and
outstanding AUGI capitalization shall be substantially in the form of Schedule B
annexed hereto.

     14. Survival.  The respective rights and obligations of each of the parties
to  this  Agreement,  the  Purchase  Agreement,  the  Guaranty,  and  any  other
Transaction  Documents shall survive the AUGI Merger and any merger of AUGI with
any other entity.

     15. Conflicts.  In the event of any conflicts shall exist between the terms
and  conditions  contained  in  this  Agreement  or in any  of  the  Transaction
Documents, the terms and conditions of this Agreement shall govern.

            [The remainder of this page is left intentionally blank.]

<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement or caused this
Agreement to be executed by their respective  officers thereunto duly authorized
as of the date first written above.

                           LIFETIME HEALTHCARE SERVICES, INC.

                           By:           /s/Robert DePalo
                          ------------------------------
                                    Name:   Robert De Palo
                                    Title:  President and Secretary

                           REDWOOD INVESTMENTS ASSOCIATES, L.P.

                           By:____________________________________
                                    Name:
                                    Title:

                           NEW YORK MEDICAL, INC.

                           By:____________________________________
                                    Name:
                                    Title:

                           DR. JONATHAN LANDOW, M.D.

                           By: /s/ Jonathan Landow, M.D.
                           -----------------------------
                           Dr. Jonathan Landow, M.D.

                           AMERICAN UNITED GLOBAL, INC.

                           By:/s/ Robert M. Rubin
                           ---------------------------------
                                    Name:    Robert M. Rubin
                                    Title:   CEO

                           RUBIN FAMILY IRREVOCABLE STOCK TRUST

                           By:/s/ Robert Schulman
                           ----------------------------------
                                    Name:    Robert Schulman
                                    Title:   Trustee

            /s/ Tracy Landow                  /s/ Robert M. Rubin
            ----------------                  -------------------
            TRACY LANDOW                      ROBERT M. RUBIN

<PAGE>

                          SCHEDULE A
                                   The Stockholders

                             CORICO INC.

                             By:____________________________________
                                      Name:
                                      Title:
                                      Shares of Lifetime:  155

                             JD LAUREN INC.

                             By:____________________________________
                                      Name:
                                      Title:
                                      Shares of Lifetime: 99

                             OLD OAK FUND, INC.

                             By:____________________________________
                                      Name:
                                      Title:
                                      Shares of Lifetime: 13

                             ALLIED INTERNATIONAL FUND INC.

                             By:____________________________________
                                      Name:
                                      Title:
                                      Shares of Lifetime: 214

                             DEPALO FAMILY IRREVOCABLE STOCK TRUST

                             By:____________________________________
                                      Name:
                                      Title:
                                      Shares of Lifetime: 25

<TABLE>
<CAPTION>

                                                              Schedule B

                                         Lifetime      Merger            Dividend         Common          Percentage
Stockholder                               Shares   Preferred Stock   Preferred Stock      Stock           ownership (1)
-----------                               ------   ---------------   ---------------      -----           -------------

<S>                                        <C>        <C>                 <C>         <C>                <C>
Joshua Silverman                             11           4,802             - - -          96,032             0.6 %
Elizabeth Berman                             21           9,167             - - -         183,333            1.15 %
Leo T. Abbe                                  21           9,167             - - -         183,333            1.15 %
Nancy Abbe Trust                             64          27,937             - - -         558,730            3.49 %
Merav Abbe Irrevocable Trust                 43          18,770             - - -         375,397            2.35 %
Scott Cohen                                  54          23,571             - - -         471,429            2.95 %
Corico Inc                                  155          67,659             - - -       1,353,175            8.46 %
JD Lauren Inc.                               99          43,214             - - -         864,286             5.4 %
Saudry LLC                                   21           9,167             - - -         183,333            1.15 %
Old Oak Fund, Inc.                           13           5,675             - - -         113,492            0.71 %
Allied International Fund, Inc.             214          93,413             - - -       1,868,254           11.68 %
DePalo Family Irrevocable Trust              25          10,913             - - -         218,254            1.36 %
Bruce Meyers or designee (2)                321         140,119             - - -       2,802,381           17.52 %
Joseph Catania                                3           1,310             - - -          26,190            0.16 %
K-Krew and Company                            6           2,619             - - -          52,381            0.33 %
                                          -----           -----            -------      ---------           -------

          Lifetime stockholders           1,071         467,500             - - -       9,350,000           58.45 %
                                          -----         -------            -------      ---------           -------

Rubin Trust                               - - -           - - -           180,382       5,157,474 (3)       32.24 %

Public Stockholders                       - - -           - - -            52,118       1,490,153 (4)        9.31 %
                                                                           ------       ---------           -------

          Augi stockholders               - - -           - - -           232,500       6,647,624 (5)       41.56 %
                                                                          -------       ---------           -------

Post-Merger stockholders:                                                              15,997,624              100%
                                                                                       ==========           =======

</TABLE>

     (1)  Presumes  issuance  of common  stock  upon  conversion  of Series  B-2
Convertible  Preferred Stock (the "Merger  Preferred  Stock") and the Series B-3
Convertible  Preferred  Stock (the  "Dividend  Preferred  Stock").  Calculations
assume all the  preferred  converts  at once (not made in  accordance  with Rule
13d-3).

     (2) Subject to redemption for $2,802 in the event certain  financing events
do not occur.

     (3) Of which 1,549,831  currently  outstanding and 3,607,643  issuable upon
full conversion of Dividend Preferred Stock.

     (4) Of which 447,793 currently outstanding and 1,042,357 issuable upon full
conversion of Dividend Preferred Stock

     (5) Of which 1,997,624  currently  outstanding and 4,650,000  issuable upon
full conversion of Dividend Preferred Stock

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}]]