Document:

EXHIBIT 10.4

                              EMPLOYMENT AGREEMENT

     THIS AGREEMENT (the  "Agreement")  is made effective this 16th day of June,
2003, by and between Lifetime Healthcare Services,  Inc., a Delaware corporation
(together  with its  successor and assigns,  the  "Company"),  and Dr.  Jonathan
Landow, M.D. (the "Executive").

                                    RECITALS

     WHEREAS,  on the date hereof,  the Company has  purchased  the stock of New
York  Medical,  Inc.,  a Delaware  corporation  ("New York  Medical"),  owned by
Redwood  Investment  Associates,  L.P., a Delaware  limited  partnership  and an
affiliate of the Executive ("Redwood"),  pursuant to that certain Stock Purchase
Agreement, dated as of March 21, 2003, as amended pursuant to an amendment dated
of even date herewith (the "Purchase Agreement"),  by and among the Company, New
York Medical, Inc., and Redwood; and

     WHEREAS, the Company, the Executive, American United Global, Inc. ("AUGI"),
certain  stockholders of the Company,  the Rubin Family  Irrevocable Stock Trust
(the "Trust") and Robert M. Rubin ("Rubin") have entered into an agreement dated
of even date herewith (the "Closing Agreement"); and

     WHEREAS,  in  consideration  of the aforesaid  sale of stock of the Company
owned by Redwood pursuant to the Purchase Agreement, Redwood received $5,500,000
in the form of a convertible promissory note; and

     WHEREAS, the Executive was the President and Chief Executive Officer of New
York Medical; and

     WHEREAS,  AUGI and the Company  have  entered  into an Amended and Restated
Agreement  and Plan of Merger  whereby AUGI pursuant to which shall acquire 100%
of the capital stock of the Company contemporaneously with the execution of this
Agreement; and

     WHEREAS, AUGI has agreed to guaranty the performance of all the obligations
of the Company under this Agreement; and

     WHEREAS,  the Company  and AUGI desire to continue to employ the  Executive
and to utilize his services as indicated  herein and the Executive has agreed to
provide  such  management  services to the Company and the other  members of the
AUGI Group (as hereinafter defined); and

     WHEREAS,  as a  material  inducement  for the  Company  to  enter  into the
Purchase  Agreement,  the Executive has agreed to execute this  Agreement and be
bound by the provisions herein; and

     WHEREAS,  capitalized terms used but not defined in this Agreement are used
herein as defined in the Purchase Agreement.

     NOW, THEREFORE,  in consideration of the mutual covenants contained herein,
the parties agree as follows:

                                        1

<PAGE>

                                   PROVISIONS

     1. Term and Duties.  The Company  hereby  agrees to employ the Executive as
the Chief Executive  Officer of the Company and its subsidiary NYMI,  commencing
on the date hereof and  continuing for a period of three (3) years from the date
hereof or until earlier  terminated in accordance with this Section 1 or Section
4 (the  "Term").  Subject to the  provisions  of this  Agreement and the Closing
Agreement,  during the Term,  the  Executive  shall  devote his best efforts and
abilities to the  performance  of the  Executive's  duties on behalf of the AUGI
Group and to the promotion of its interests, consistent with and subject to, the
direction and control of the Board of Directors of AUGI (the "AUGI Board").  The
Executive shall devote  substantially all of his business and professional time,
energies, attention and abilities to the operation of the AUGI Group.

     2. Compensation.

          (a) Salary.  In  consideration  of the  services to be rendered by the
     Executive  during the Term of this  Agreement,  the  Company  shall pay the
     Executive  an annual  salary  at a rate of  $314,000  per year  ("Salary"),
     payable in accordance  with the normal payroll  practices of the Company as
     are in effect from time to time;  provided,  that as of December  16, 2003,
     the Salary shall be increased to $348,000 per year for the remainder of the
     Term; and provided  further,  that the Salary shall be increased by $25,000
     per year,  retroactive to the first day of any fiscal year  commencing with
     the fiscal year  beginning on January 1, 2004,  if the Company's net income
     (before any  extraordinary  gains or losses) as reflected in the  Company's
     audited consolidated  statement of net income for the immediately preceding
     fiscal year is greater than or equal to $1.00.

          (b) Stock Options. The Company shall,  pursuant to a stock option plan
     and agreement containing standard and customary terms and conditions, grant
     to  Executive  promptly,  and in any event not later  than 5 days after the
     date of  this  Agreement,  options  (the  "Granted  Options")  to  purchase
     1,500,000  shares of Common Stock,  par value $0.01 per share, of AUGI (the
     "Common  Stock").  The  Granted  Options  shall  vest forty  percent  (40%)
     immediately,  and an additional  twenty percent (20%) shall vest on each of
     the next three (3)  anniversaries  of the Closing  Date  provided  that the
     Executive is still employed by the Company, AUGI, or New York Medical, Inc.
     (collectively,  the "AUGI  Group") on such dates.  All the Granted  Options
     shall (i) be  exercisable  for an exercise price per share equal to 100% of
     the fair  market  price of the Common  Stock on the date of  execution  and
     delivery of the Purchase  Agreement,  or in the case of any Incentive Stock
     Options (as defined in the Code),  at an exercise  price per share equal to
     110% of the fair market  price of the Common Stock on the date of execution
     and  delivery of the  Purchase  Agreement,  and (ii) be  exercisable  for a
     period of five (5)  years  from the date of grant,  which  exercise  period
     shall not be shortened by reason of the  expiration or  termination of this
     Agreement or the termination of the Executive's  employment at any time (it
     being understood that, as a result of such continued  exercise period,  any
     options that are intended to qualify as ISO's may fail to do so).

     3. Benefits.

          (a) Benefit  Programs.  The Executive shall be eligible to participate
     in such  benefit  programs  offered  by the  AUGI  Group  such  as  health,
     disability,  life  insurance,  any employee  stock purchase or option plan,
     vacations and 401(k) plan, as are offered to  similarly-situated  employees
     (except  in the case of  equity-based  incentive  plans  where  awards  are
     subject to the  discretion  and  approval  of the AUGI Board (or  committee
     thereof)  and in each case no less  favorable  than the  terms of  benefits
     generally  available to the  employees  of the AUGI Group,  subject in each
     case to the generally  applicable terms and conditions of the plan, benefit
     or program in question.  Notwithstanding anything to the contrary contained
     herein, Executive shall be entitled to the additional benefits set forth on
     Schedule A hereto.

                                       2
<PAGE>

          (b)  Business  Expenses.  During  the  Term,  the  Executive  shall be
     authorized to incur  necessary and  reasonable  travel,  entertainment  and
     other  business  expenses  in  connection  with  carrying  out  his  duties
     hereunder. The Company shall reimburse the Executive for such expenses upon
     presentation   of  an   itemized   account   and   appropriate   supporting
     documentation,  all in accordance with the generally applicable policies of
     the Company.

     4. Termination.

          (a) Death or Disability.  This Agreement shall terminate automatically
     upon the Executive's death or termination due to "Disability." For purposes
     of this  Agreement,  Disability  shall mean the  Executive's  inability  to
     perform the duties of his position for three (3) consecutive  months, or 90
     days in any 365-day period.

          (b) Voluntary Termination.  Notwithstanding anything in this Agreement
     to the  contrary,  the  Executive  may,  upon not less than 30 days written
     notice to the Company, voluntarily terminate his employment for any reason.

          (c) Cause.  The Company may terminate the  Executive's  employment for
     Cause.  For purposes of this Agreement,  "Cause" shall mean the Executive's
     (i) commission of an act which constitutes  common law fraud,  embezzlement
     or a felony, an act of moral turpitude,  or of any tortious or unlawful act
     causing  material  harm  to  the  AUGI  Group  's  business,   standing  or
     reputation,  (ii)  gross  negligence  on the part of the  Executive  in the
     performance of his duties hereunder, (iii) breach of his duty of loyalty or
     care  to  the  AUGI  Group,   (iv)  other  misconduct  that  is  materially
     detrimental to the AUGI Group,  (v) subject to the Closing  Agreement,  the
     ongoing  refusal  or  failure  to  perform  the  Executive's  duties or the
     deliberate  and  consistent  refusal to conform to or follow any reasonable
     policy adopted by the AUGI Board or lawful  instructions of the AUGI Board,
     in each case after receiving written notice  describing his  non-compliance
     and being given a ten (10) business day  opportunity to cure (to the extent
     curable) such  non-compliance,  or (vi) material breach by the Executive of
     this Agreement or the Closing  Agreement,  including without limitation the
     non-competition and non-solicitation provisions of Section 8 hereof, or any
     other  agreement  with or for the  benefit  of the AUGI  Group to which the
     Executive is a party or by which the Executive is bound, which is not cured
     (to the extent  curable)  within ten (10) business days  following  written
     notice from the AUGI Group.  The  allegation  by the AUGI Group of a fraud,
     embezzlement,  felony,  tortious or  unlawful  act of the  Executive  shall
     constitute  "Cause" only if same is  subsequently  determined by a court of
     law or equity to be such an act or is agreed to by the  Executive;  pending
     such  determination,  the AUGI Group may withhold payment of any Salary and
     may relieve the Executive of his duties as described herein, provided that,
     if the relevant act or omission is not ultimately  determined to constitute
     a tortious or unlawful act of the  Executive as provided  above,  then such
     Salary  withholding and the Executive being relieved of his duties shall be
     deemed to have been a dismissal or  termination  of the  Executive  without
     Cause.

          (d) Notice of  Termination.  Any  termination by the Company for Cause
     shall be  communicated  by Notice of Termination to the Executive  given in
     accordance  with Section 12. For purposes of this  Agreement,  a "Notice of
     Termination"  means a written  notice given within a reasonable  time after
     the event or action believed to constitute the reason for giving notice.

          (e) Date of Termination.  For the purpose of this Agreement,  the term
     "Date of  Termination"  means  (i) in the case of  termination  for which a
     Notice of  Termination  is required,  the date of receipt of such Notice of
     Termination or, if later, the date specified therein up to thirty (30) days
     after receipt,  as the case may be, and (ii) in all other cases, the actual
     date on which the Executive's employment terminated during the Term.

                                       3
<PAGE>

     5. Termination Payments.

          (a) Voluntary  Termination;  Death or Disability.  If the  Executive's
     employment is voluntarily  terminated  during the Term of this Agreement or
     by reason of the  Executive's  death or Disability,  this  Agreement  shall
     terminate  without further  obligations to the Executive or the Executive's
     legal  representatives  under this Agreement  other than those  obligations
     accrued  hereunder through the Date of Termination and the AUGI Group shall
     pay to the Executive  (or his  beneficiary  of estate) (i) the  Executive's
     accrued but unpaid Salary, if any (the "Earned Salary") in cash in a single
     lump sum as soon as practicable following the Date of Termination, provided
     that the Company may obtain and utilize the life insurance proceeds of term
     life  insurance to make such  payments,  (ii) any vested  amounts or vested
     benefits owed to the Executive under the AUGI Group 's otherwise applicable
     employee  benefit  plans and  programs,  and not yet paid by the AUGI Group
     (the  "Accrued  Obligations"),  (iii)  provided  that the  Executive or the
     Executive's legal representative  executes and delivers to the AUGI Group a
     general  release  in  favor  of the  AUGI  Group  (that  will  exclude  any
     obligations  to be  performed  by any member of the AUGI  Group  under this
     Agreement,  the  Purchase  Agreement  or any  agreements  entered  into  in
     connection therewith) (a "Release"),  for a three month period beginning on
     the Date of  Termination,  (x) the  Salary  amount  then in effect  and not
     subject to further  increases,  prorated  for such three  month  period and
     payable in accordance  with the normal payroll  practices of the AUGI Group
     as are in  effect  from time to time,  and (y) the  health  and  disability
     benefits as well as any car allowance,  and (iv) any other benefits payable
     due to the Executive's  death or Disability  under the AUGI Group 's plans,
     policies or programs.

          (b)  Termination  without  Cause.  If the  Executive's  employment  is
     terminated  during the Term of this Agreement  without Cause and not due to
     the death or Disability of the Executive,  this Agreement  shall  terminate
     without  further  obligations to the Executive  under this Agreement  other
     than those  obligations  accrued  hereunder through the Date of Termination
     and the AUGI Group shall pay to the Executive (i) the Earned Salary in cash
     in a  single  lump  sum as  soon  as  practicable  following  the  Date  of
     Termination,  (ii) the Accrued  Obligations in accordance with the terms of
     the  applicable  plan,  program  or  arrangement,  and (iii)  provided  the
     Executive executes and delivers to the AUGI Group a Release, for the period
     which is the greater of one (1) year or the remainder of the Term,  (x) the
     Salary amount then in effect and not subject to further increases, prorated
     for such period and payable in accordance with the normal payroll practices
     of the AUGI  Group as are in effect  from time to time,  and (y) the health
     and disability benefits as well as any car allowance. In addition upon such
     termination, provided the Executive executes and delivers to the AUGI Group
     a Release,  all options granted pursuant to Section 2(b) shall  immediately
     become vested.

          (c)  Termination for Cause.  If the  Executive's  employment  shall be
     terminated  for Cause,  this  Agreement  shall  terminate  without  further
     obligations  to  the  Executive  under  this  Agreement  other  than  those
     obligations  accrued  hereunder  through  the Date of  Termination  and the
     Company  shall  pay to the  Executive  (i) the  Earned  Salary in cash in a
     single lump sum as soon as practicable  following the Date of  Termination,
     and  (ii) the  Accrued  Obligations  in  accordance  with the  terms of the
     applicable  plan,  program or arrangement.  The aforesaid  amounts shall be
     subject to offset to the extent of any liability incurred by the AUGI Group
     as a result of any acts or omissions by the  Executive  constituting  Cause
     for  termination   hereunder,   as  determined  by  a  court  of  competent
     jurisdiction.

                                       4
<PAGE>

     6. Confidentiality.

          (a) The Executive  realizes that during this Agreement,  the Executive
     will  produce  and/or will have access to  confidential  memoranda,  notes,
     information,   records,  maps,  research  results,   business  projections,
     business and research  notebooks,  data,  formulae,  specifications,  trade
     secrets,  customer lists,  inventions and processes of the AUGI Group,  and
     other  information of a confidential  nature  (collectively,  "Confidential
     Information").  Confidential  Information shall not include any information
     that (i) has become publicly known through no wrongful act or breach of any
     obligation of  confidentiality  on the part of the  Executive;  or (ii) was
     rightfully  received by the  Executive on a  non-confidential  basis from a
     third party  (provided  that such third party is not known to the Executive
     after reasonable  inquiry to be bound by a  confidentiality  agreement with
     the AUGI Group or another party).

          (b) Both  during  the term of this  Agreement  and  subsequent  to its
     termination,  the Executive agrees to hold all Confidential  Information in
     confidence  and not to  disclose,  and not directly or  indirectly  to use,
     copy, digest or summarize, any Confidential Information, except as required
     by law and to the extent the Executive  reasonably believes is necessary to
     carry out the Executive's responsibilities as directed or authorized by the
     AUGI Group and, after termination of the Executive's  employment hereunder,
     as specifically authorized in writing by the AUGI Group.

          (c) All records in whatsoever form and in whatsoever  medium recorded,
     and any and all copies thereof (including  volatile  electronic or magnetic
     signals),  relating to the AUGI Group 's business that the Executive  shall
     prepare,  or use, or come into contact with in the course of his  executing
     his duties under this  Agreement,  shall be and remain the sole property of
     the AUGI  Group and shall not be removed  from the AUGI  Group 's  premises
     except as the Executive  reasonably  believes is necessary to carry out the
     Executive's  responsibilities as directed and authorized by the AUGI Group;
     and the same shall be returned  promptly to the AUGI Group upon termination
     of the Executive's employment  relationship with the AUGI Group or upon the
     AUGI Group's request.

          (d) The provisions of this Section 6 shall survive the  termination of
     this Agreement.

     7. Inventions. The Executive shall promptly, and in any event no later than
one (1) year after  termination  of his  employment  with the AUGI  Group,  with
respect to Inventions made or conceived by the Executive  during his employment,
either  solely or jointly  with  others,  if based on or related to or connected
with the  business  of the  AUGI  Group  or the  AUGI  Group or time,  material,
facilities or other employees of the AUGI Group contributed thereto:

          (a)  promptly  and fully  inform  the AUGI  Group in  writing  of such
     Inventions;

          (b) assign,  and the Executive does hereby  assign,  to the AUGI Group
     all  of  the  Executive's  rights  to  such  Inventions,  if  any,  and  to
     applications  for Letters  Patent and to Letters  Patent  granted upon such
     Inventions (all as designated by AUGI); and

          (c) acknowledge and deliver promptly to the AUGI Group (without charge
     to the  Executive  but at the  expense  of the  AUGI  Group)  such  written
     instruments and do such other acts as may be reasonably necessary to obtain
     and maintain  Letters Patent and to vest the entire right and title thereto
     in the AUGI Group.

All  Inventions,  regardless  of whether or not they are  considered  "works for
hire," shall for all purposes be regarded as acquired and held by the  Executive
for the  benefit,  and  shall be the sole and  exclusive  property,  of the AUGI
Group.  For  purposes  of  this  Agreement   "Inventions"   means   discoveries,
developments, improvements, or inventions (whether patentable or not) related to
the business conducted by the AUGI Group.

The  provisions  of  this  Section  7  shall  survive  the  termination  of this
Agreement.

                                       5
<PAGE>

     8. Non-Compete; Non-Solicitation.

          (a) The Executive agrees that he possesses or will possess  knowledge,
     skills and  reputation  in the  industry  in which the AUGI Group  operates
     which are of material  importance to the AUGI Group, and which are special,
     unique and extraordinary.  The Executive  acknowledges that the loss of his
     services, or the use of his services by a competitor, may cause irreparable
     harm to the AUGI  Group.  Therefore,  during  the term  hereof  and  during
     periods set forth in Subsection  (b) hereof,  following  termination of the
     Executive's employment hereunder for any reason, with or without Cause, the
     Executive,  individually and personally,  shall not do any of the following
     unless specifically authorized in writing by the AUGI Board:

               (i)  Canvass,  solicit,  or accept  any  business  in any line of
          business that the AUGI Group has conducted at any time during the Term
          (the  "Industry")  from any present or past customer of the AUGI Group
          or any  related  company,  if the  customer  is  located in the United
          States  (the  "Territory").  It is  agreed  and  understood  that  the
          Industry  shall not be deemed to include the management of any medical
          specialties that the AUGI Group has not been engaged in the management
          of at any time during the Term.

               (ii) Aid or assist  any other  person,  entity,  partnership,  or
          corporation in any effort to canvass,  solicit, or accept any business
          in the Industry  from any past or present  customers of the AUGI Group
          or of any  related  company,  if the  customer  is located  within the
          Territory.

               (iii)  Directly  or  indirectly  request  or  advise  any past or
          present customer of the AUGI Group, or any past,  present, or possible
          future customer of any related companies to withdraw, curtail, cancel,
          or not undertake business in the Industry with any related company, if
          the customer is located within the Territory.

               (iv) Directly or indirectly disclose to any other person, entity,
          partnership,  or corporation the names of past or present customers of
          the AUGI Group, or of any related company.  The parties agree that the
          names  of  these  customers  are   confidential  and  proprietary  and
          constitute  trade  secrets  of the AUGI Group  within  the  meaning of
          C.R.S. Section 8-2-113(2)(b) and C.R.S. Section 7-74-102(4).

               (v) Suggest, solicit, or encourage any employee of the AUGI Group
          or any  related  company  to leave the  employment  of such  entity or
          disparage the AUGI Group or any related company or their conditions of
          employment, or disclose to any other person, entity,  partnership,  or
          corporation  the names of  employees  of the AUGI Group or any related
          company.

               (vi) Directly or indirectly  establish,  as manager,  employee or
          owner of greater than 1% of the  outstanding  ownership  interest,  or
          participate  in an enterprise  competitive  with any business which is
          conducted  at any time during the term of this  Agreement  by the AUGI
          Group or any related  company,  and which  business is in the Industry
          and in the Territory.

               (vii) Provide any product, service, financing, aid, or assistance
          of any kind  for any  person,  entity,  partnership,  association,  or
          corporation  which is competitive with any business which is conducted
          at any time during the term of this Agreement by the AUGI Group or any
          related  company,  and which  business is in the  Industry  and in the
          Territory.

                                       6
<PAGE>

               (viii) Compete in any manner with any business which is conducted
          at any time during the term of this Agreement by the AUGI Group or any
          related  company,  and which  business is in the  Industry  and in the
          Territory.

          (b) The  non-competition  provisions  set forth in Section  8(a) shall
     apply for a period of two (2) years from the end of the Term.

          (c) Nothing  herein shall  preclude the Executive from engaging in the
     practice of medicine following the end of the Term.

"Restrictive Covenants" means the covenants set forth in Sections 6, 7 and 8 and
the related provisions
thereafter.

     9. Consideration, Severability, Reasonableness of Restrictive Covenants and
Maximum Enforceable Restrictions.

          (a)  Consideration.  The  Executive  acknowledges  and agrees that the
     consideration  set forth in the recitals to this  Agreement  and in Section
     1.2 of the  Purchase  Agreement  and  rights  and  benefits  hereunder  and
     thereunder  are  all  and  singularly  valuable   consideration  which  are
     sufficient  for any or all of the  Executive's  covenants set forth herein,
     but specifically with respect to the Restrictive Covenants.

          (b)  Severability.  Each of the Restrictive  Covenants is distinct and
     severable,  notwithstanding that some of such covenants may be set forth in
     one Section hereof for convenience.

          (c)  Reasonableness  of  Restrictive  Covenants.  It is recognized and
     understood by the Executive that the AUGI Group's Confidential  Information
     is the  result of large  amounts of time,  effort  and  expense of the AUGI
     Group in acquiring  and/or  developing such information and is essential to
     the success of the AUGI Group.

          (d) Maximum Enforceable  Restriction.  In the event that any or all of
     the  Restrictive  Covenants  shall be  determined  by a court of  competent
     jurisdiction to be  unenforceable by reason of their geographic or temporal
     restrictions  being too great,  or by reason  that the range of  activities
     covered are too great, or for any other reason,  they should be interpreted
     to extend  over the  maximum  geographic  area,  period  of time,  range of
     activities or other  restrictions  as to which they may be  enforceable  by
     such court under applicable law.

     10. Injunctive  Relief.  The parties agree that a breach of the Restrictive
Covenants may cause  irreparable  damage to the AUGI Group,  the extent of which
may be  difficult  to  ascertain,  and the award of damages  may not be adequate
relief, and consequently, the Executive agrees that, in the event of a breach or
a  threatened  breach of any of the  Restrictive  Covenants,  the Company or any
other  member of the AUGI Group may  institute  an action to compel the specific
performance  of the  Restrictive  Covenants,  and  that  such  remedy  shall  be
cumulative,  not  exclusive,  and shall be in  addition  to any other  available
remedies.

     11. No Prior  Agreements.  The Executive  represents  and warrants that his
performance of all the terms of this Agreement does not and shall not breach any
fiduciary or other duty or any covenant,  agreement or understanding (including,
without  limitation,  any  agreement  relating to any  proprietary  information,
knowledge or data acquired in  confidence,  trust or otherwise) to which he is a
party or by the terms of which he may be bound. The Executive  further covenants
and agrees not to enter into any agreement or  understanding,  either written or
oral, in conflict with the provisions of this Agreement.

                                       7
<PAGE>

     12.  Notices.  All notices,  requests,  consents and demands by the parties
hereunder shall be delivered by hand, by confirmed  facsimile  transmission,  by
recognized national overnight courier service or by deposit in the United States
mail,  postage  prepaid,   by  registered  or  certified  mail,  return  receipt
requested,  addressed  to the party to be  notified at the  addresses  set forth
below:

if to the Executive to:

                           Dr. Jonathan Landow, M.D.
                           c/o New York Medical, Inc.
                           Two Jericho Plaza
                           Jericho, New York 11753
                           Facsimile No.: 516-938-9679

with copy to:

                           Snow Becker Krauss, P.C.
                           605 Third Avenue, 25th Floor
                           New York, New York  10158
                           Attention:  Elliot Lutzker, Esq.
                           Facsimile No.:  (212) 949-7052

If to the Company:

                           Lifetime Healthcare Services, Inc.
                           125 Michael Drive
                           Syosset, New York 11791
                           Facsimile No.:  (516) 837-7000
                           Attention:  Robert DePalo

                           with copies to:

                           Morrison Cohen Singer & Weinstein, LLP
                           750 Lexington Avenue
                           New York, NY 10022
                           Fax: (212) 735-8708
                           Attn:  Robert H. Cohen, Esq.

                           American United Global, Inc.
                           C/o 25 Highland Boulevard
                           Dix Hills, NY  11746
                           Facsimile No. (631) 254-2136
                           Attn. Robert M. Rubin

                           Gersten, Savage, Kaplowitz, Wolf & Marcus, LLP
                           101 East 52nd Street
                           New York, NY 10022
                           Facsimile: (212) 980-5192
                           Attn.: Stephen A. Weiss, Esq.

                                       8
<PAGE>

Notices  shall be  effective  immediately  upon  personal  delivery or facsimile
transmission,  one business day after deposit with an overnight  courier service
or three (3)  business  days after the date of mailing  thereof.  Other  notices
shall be deemed  given on the date of receipt.  Any party  hereto may change the
address specified herein by written notice to the other parties hereto.

     13. Entire  Agreement.  This  Agreement  cancels and supersedes any and all
prior  agreements  and  understandings,  written or verbal,  between the parties
hereto with respect to the  Executive's  employment,  and cancels and supercedes
any and all agreements and  understandings,  written or verbal,  between Company
and the Executive, with respect to the Executive's Employment, including without
limitation,  that certain  Compensation and Non-Compete  Agreement,  dated as of
November 30, 2000,  by and among New York  Medical,  the Executive and HSBC Bank
USA,  as Trustee  for the ESOP (as the same may have been  amended  or  modified
subsequent thereto.  This Agreement constitutes the entire agreement between the
parties with respect to the matters herein  provided,  and no  modifications  or
waiver of any provision  hereof shall be effective  unless in writing and signed
by the AUGI Group and the Executive.

     14. Binding Effect. All of the terms and provisions of this Agreement shall
be  binding  upon  the  parties   hereto  and  its  or  his  heirs,   executors,
administrators, legal representatives,  successors and assigns, and inure to the
benefit of and be  enforceable by the AUGI Group and its successors and assigns,
except that the duties and  responsibilities of the Executive hereunder are of a
personal nature and shall not be assignable or delegable in whole or in part.

     15.  Severability  In the event that any  provision  of this  Agreement  or
application  thereof to anyone or under any  circumstance is found to be invalid
or  unenforceable  in any  jurisdiction  to any  extent  for  any  reason,  such
invalidity  or  unenforceability   shall  not  affect  any  other  provision  or
application of this  Agreement  which can be given effect without the invalid or
unenforceable  provision  or  application  and  shall not  invalidate  or render
unenforceable such provision or application in any other jurisdiction.

     16.  Remedies;  Waiver.  No remedy  conferred  upon the AUGI  Group by this
Agreement is intended to be exclusive  of any other  remedy,  and each and every
such remedy  shall be  cumulative  and shall be in addition to any other  remedy
given  hereunder or now or hereafter  existing at law or in equity.  No delay or
omission by the AUGI Group in exercising any right, remedy or power hereunder or
existing at law or in equity  shall be construed  as a waiver  thereof,  and any
such right,  remedy or power may be exercised by the party  possessing  the same
from time to time and as often as may be deemed  expedient  or necessary by such
party in its sole discretion.

     17. Counterparts.  This Agreement may be executed in several  counterparts,
each of which is an original and all of which shall  constitute one  instrument.
It shall not be necessary in making proof of this  Agreement or any  counterpart
hereof to produce or account for any of the other counterparts.

     18. Governing Law; Jurisdiction.

          (a)  The  provisions  of  this  Agreement,  and  all  the  rights  and
     obligations of the parties  hereunder,  shall be governed by, and construed
     and  enforced  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 law principles.

          (b) Each of the parties hereto hereby consents to the  jurisdiction of
     any state or federal  court located  within the County of Nassau,  State of
     New York and irrevocably agrees that, subject to the AUGI Group's election,
     all actions or  proceedings  arising  out of or relating to this  Agreement
     shall be litigated in such  courts.  Each party hereto  accepts for each of
     itself and herself and in connection with its and her properties, generally
     and unconditionally, the exclusive jurisdiction of the aforesaid courts and
     waives any defense of forum non conveniens,  and  irrevocably  agrees to be
     bound by any judgment rendered thereby in connection with this Agreement.

     19. Headings. The captions and headings contained in this Agreement are for
convenience only and shall not be construed as a part of the Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       9
<PAGE>

     IN WITNESS HEREOF,  the parties have executed this Agreement as of the date
and year first above written.

COMPANY:

LIFETIME HEALTHCARE SERVICES, INC.

By /s/ Robert DePalo
--------------------
Name: ROBERT DEPALO
Title:   PRESIDENT

EXECUTIVE:

/s/Jonathan Landow, M.D.
------------------------
DR. JONATHAN LANDOW, M.D.

         ACCEPTED AND APPROVED

         AMERICAN UNITED GLOBAL, INC.

         /s/ Robert M. Rubin
         --------------------
         ROBERT M. RUBIN, CEO

<PAGE>

                                   Schedule A

1    Car allowance of $1,200 per month.

2    Term life insurance policy of $1,000,000  payable to Executive's  designee,
     or in the  absence  of such  designation,  Executive's  estate,  which  the
     Company agrees to pay the premiums on and maintain in force  throughout the
     term of this Agreement.

3    In addition, subject to cost, the Company shall have the right (but not the
     obligation)  to purchase an additional  term life  insurance  policy on the
     life of the  Executive  in the face amount of up to  $5,500,000;  the death
     benefits of which shall payable to the Company.  Upon the occurrence of the
     Payment  Events  (as that term is  defined in the  Closing  Agreement)  the
     Company  shall have the right to cancel or maintain in force such term life
     insurance policy.

The Executive  agrees to submit to all physical  examinations as may be required
by the  applicable  insurer  to obtain  either  or both of the  above  term life
insurance policies.EXHIBIT 10.5

THIS CONVERTIBLE  SUBORDINATED PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES  ACT OF 1933,  AS  AMENDED.  NO SALE OR  DISPOSITION  MAY BE EFFECTED
EXCEPT IN COMPLIANCE  WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE  REGISTRATION
STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER,  SATISFACTORY
TO THE COMPANY,  THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT
OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

                        Lifetime Healthcare Services Inc.

                    Convertible Subordinated Promissory Note

Dated: June 16, 2003                              Principal Amount:  $5,500,000
New York, New York

     For Value Received,  the  undersigned,  Lifetime  Healthcare  Services Inc.
(together  with  its  successors  and  assigns,   the  "Company"),   a  Delaware
corporation,  hereby promises to pay to Redwood Investments Associates,  L.P., a
Delaware limited partnership (the "Holder"),  the principal sum of Five Million,
Five Hundred Thousand Dollars ($5,500,000) ("Principal"), together with interest
as set forth below.

     This note (the "Note") is issued in connection with the consummation of the
transactions  described,  and is the " Note"  referred to, in that certain Stock
Purchase  Agreement  dated as of March 21, 2003,  as amended on the date of this
Note,  by and among the  Company,  the Holder and New York  Medical,  Inc.  (the
"Purchase  Agreement"),  and is made subject to the terms and  conditions of the
Purchase  Agreement as if set forth herein below in full. Any  capitalized  term
used herein not otherwise defined shall have the definition  ascribed thereto in
the Purchase Agreement.

     It is hereby  understood and acknowledged  that  immediately  following the
execution  and  delivery  of  this  Note  and   consummation   of   transactions
contemplated  by the Purchase  Agreement;  (i) American  United Global,  Inc., a
Delaware  corporation  ("AUGI"),  will acquire 100% of the capital  stock of the
Company in accordance  with the terms of an agreement and plan of merger,  dated
June  16,  2003  among  AUGI,  the  stockholders  of the  Company  and a  merger
subsidiary  of  AUGI  (the  "AUGI  Merger   Agreement"),   and  (ii)  AUGI  will
unconditionally and irrevocably  guarantee all of the obligations of the Company
under this Note.  All references in this Note to common stock and all rights and
obligations of the Holder to convert all or any portion of this Note into shares
of common stock,  shall mean the  authorized  shares of common stock,  $0.01 par
value per share, of AUGI (the "AUGI Common Stock").

          1. Interest Rate.  Until the  occurrence of an Event of Default,  this
     Note  shall  bear  interest  at the rate of six  percent  (6%)  per  annum,
     computed  on the  basis of a  360-day  year for the  actual  number of days
     elapsed  ("Applicable  Interest Rate").  Upon the occurrence and during the
     continuation  of any Event of  Default,  the unpaid  Principal  due and any
     accrued but unpaid  interest  thereon  under this Note shall bear  interest
     until paid at the Applicable  Interest Rate plus an additional 2% per annum
     (the "Default Interest Rate").

          2. Principal Installment Payments; Payment Method; Prepayment.

               (a) Installment  Payments.  Unless,  and to the extent subject to
          the  mandatory  prepayment  provisions of Section 2(e) of this Note or
          converted  into AUGI Common Stock,  the Principal  amount of this Note
          (and any accrued but unpaid interest  hereon) shall be due and payable
          in eight (8)  consecutive  quarterly  installments of Principal in the
          amounts set forth below, which Principal installments shall be due and
          payable on the first  Business  Day of each fiscal  quarter  (each,  a
          "Payment  Date"),  commencing on March 22, 2004 and ending  January 2,
          2006 (the "Final Maturity Date"):

<PAGE>

                         Payment Date     Principal Amount Due
                         ------------     --------------------

                        March 22, 2004       $ 2,000,000
                          July 1, 2004       $   500,000
                       October 1, 2004       $   500,000
                       January 3, 2005       $   500,000
                          April 3, 2005      $   500,000
                           July 1, 2005      $   500,000
                        October 3, 2005      $   500,000
                        January 2, 2006      $   500,000

     The foregoing Principal  installments shall be deemed reduced to the extent
provided  in  Section  3(c) of this Note or in the event  that the  entire  then
outstanding  Principal amount of this Note shall be  automatically  converted in
accordance  with the  mandatory  conversion  provisions  of Section 3(b) of this
Note.

               (b) Return of Note. Upon payment and/or  reduction (in accordance
          with  Section  3(c)  hereof)  in full of the  Principal  due  (and any
          accrued but unpaid interest thereon),  the Holder shall mark this Note
          "CANCELLED"  and return same to the Company within five (5) days after
          payment is confirmed.  "Business  Day" means any day (other than a day
          which is a Saturday, Sunday or legal holiday in the State of New York)
          on which banks are open for business in New York City.

               (c) Method of Payment.  Payment of Principal due (and any accrued
          but unpaid  interest  thereon) on a Payment  Date shall be made at the
          Holder's  election (except as set forth in Section 3(b) hereof) either
          (i) by check or wire  transfer of  immediately  available  funds to an
          account  designated  by the Holder,  and/or (ii) by conversion of such
          Principal  due (and any  accrued  but unpaid  interest  thereon)  on a
          Payment Date into shares of AUGI Common Stock in  accordance  with the
          terms of Section  3(a)  hereof.  Payment by check  shall be subject to
          collection.  The Holder shall notify AUGI of such election by delivery
          of a written notice, in accordance with Section 3(d), to AUGI at least
          one (1)  Business  Day prior to a Payment  Date and failure to deliver
          such  notice to AUGI  shall  result in a cash  payment  being  made in
          accordance with clause (i) of this Section 2(c).

               (d)  Voluntary  Prepayment.  The  Company or AUGI may pay without
          penalty  or  premium  the  Principal  due and any  accrued  but unpaid
          interest thereon under this Note.

               (e) Mandatory  Prepayment.  Without  limiting the foregoing,  the
          Company and AUGI shall be required to prepay the $2,000,000  Principal
          installment  of this Note due on March 22,  2004 (the  "March 22, 2004
          Principal  Installment")  out of the initial cash proceeds received by
          either the Company or AUGI (net of all applicable  transactions  costs
          and expenses,  including,  without limitation,  brokerage commissions,
          attorneys'  fees and expenses) from the sale of any debt and/or equity
          securities of either the Company or AUGI;  provided,  that the Company
          and/or AUGI shall cause the payment in full of all the  obligations of
          New York  Medical,  Inc.,  under the  Landow  Note prior to making any
          prepayment of the March 22, 2004  Principal  Installment  of this Note
          pursuant to this Section 2.

          3. Conversion into Common Stock.

               (a) Voluntary Conversion. Subject to and upon compliance with the
          provisions  of Sections  3(d) through  3(f) of this Note,  at any time
          commencing thirty (30) consecutive trading days (defined as any day in
          which  shares  of AUGI  Common  Stock  shall be quoted on the NASD OTC
          Bulletin  Board,  Pink Sheets,  Nasdaq Stock Market or on any national
          securities exchange) prior to each Payment Date, the Holder shall have
          the right, at its option,  to convert all or a part of the outstanding
          Principal  (and any accrued but unpaid  interest  thereon) due on such
          Payment  Date into that number of shares of AUGI Common Stock equal to
          the  result  of  dividing  the  Principal  amount  of this  Note to be
          converted (and any accrued but unpaid  interest  thereon) by $4.00 (as
          may be adjusted for stock splits,  stock  dividends,  subdivisions  or
          combinations  of, or similar  transactions  in, the AUGI Common Stock,
          the "Conversion Price").

                                       2
<PAGE>
               (b)  Mandatory  Conversion.  The  Principal  (and any accrued but
          unpaid  interest  thereon)  payable  on  any  Payment  Date  shall  be
          automatically  converted  into that  number  of shares of AUGI  Common
          Stock  calculated  by  dividing  the  Principal  installment  (and any
          accrued but unpaid  interest  thereon)  then  payable on such  Payment
          Date,  by the  Conversion  Price,  if (i) the Common  Stock  Price (as
          defined  below) is equal to or greater  than $4.80 (as may be adjusted
          for stock splits, stock dividends, subdivisions or combinations of, or
          similar  transactions  in,  the  Common  Stock)  for the  thirty  (30)
          consecutive  trading day period  ending on the last trading day before
          such Payment Date,  and (ii) the shares of Common Stock  issuable upon
          such mandatory  conversion have been registered for resale pursuant to
          an effective  registration statement under the Securities Act of 1933,
          as amended, and may be resold by Holder thereunder.

The "Common  Stock Price" shall mean for any day,  with respect to each share in
question,  (i) the last  reported  sale price in the  regular way or, in case no
such sale takes  place on such day,  the  average of the  closing  bid and asked
prices  regular  way,  in either  case as  reported  on the  principal  national
securities  exchange on which such shares are listed or admitted for trading, or
(ii) if the  shares of AUGI  Common  Stock are then not listed or  admitted  for
trading on any such securities  market, the last reported sale price or, in case
no such sale takes place on such day,  the average of the highest  reported  bid
and the lowest  reported  asked  quotation  for the  shares,  in either  case as
reported on the NASDAQ, the OTC Bulletin Board or similar service.

               (c) Reduction of Principal. The Principal due on any Payment Date
          shall  automatically  be reduced by the amount of  Principal  (and any
          accrued  but  unpaid  interest   thereon)  that  has  previously  been
          converted  pursuant to Section 3(a) hereof  during the fiscal  quarter
          ended  on such  Payment  Date.  For  purposes  of the  calculation  of
          interest  payable on this Note,  such reduction of principal  shall be
          deemed to have occurred as of the date of such conversion.

               (d)  Conversion  Mechanics.  In order to exercise  its  voluntary
          conversion rights pursuant to Section 2(c)(ii) or Section 3(a) of this
          Note, the Holder shall deliver a written notice of election to convert
          (the  "Conversion  Notice") setting forth the amount of Principal (and
          any accrued  but unpaid  interest  thereon)  the Holder is electing to
          convert,  duly  completed  and signed,  to AUGI.  Notwithstanding  the
          foregoing,  in the event of mandatory  conversion  pursuant to Section
          3(b) hereof,  regardless  of whether the Holder  delivers a Conversion
          Notice in accordance  with the foregoing  provisions,  each conversion
          shall be deemed to have been effected  immediately  prior to the close
          of business on the  applicable  Payment Date,  and the Holder shall be
          deemed to have  become  the  holder  of  record of the  shares of AUGI
          Common Stock at such time and on such date and such  conversion  shall
          be at the  Conversion  Price in effect at such time,  unless the stock
          transfer books of AUGI shall be closed on the date, in which event the
          Holder  shall be deemed to have  become  such  holder of record at the
          close of  business  on the next  succeeding  day on which  such  stock
          transfer  books  are  open,  and  such  conversion  shall  be  at  the
          Conversion Price in effect on the date such transfer books are open.

               (e) Delivery of Certificate(s).  As promptly as practicable after
          delivery  by the  Holder  of the  Conversion  Notice  and in any event
          within two (2) Business Days after such delivery, AUGI shall issue and
          deliver to the Holder a certificate or certificates  for the number of
          full  shares of AUGI  Common  Stock  and any  fractional  interest  in
          respect of a share of AUGI Common  Stock.  In the event that less than
          the total  Principal  together  with any accrued  but unpaid  interest
          thereon  remaining  under  this  Note is  converted  pursuant  to this
          Section  3,  AUGI   shall,   simultaneously   with  the   issuance  of
          certificates  for  the  shares  of AUGI  Common  Stock  issuable  upon
          conversion of all or part of this Note, cause the Company to issue and
          deliver to the Holder (or in accordance  with the  instructions of the
          Holder) a new Note for the balance of the  Principal not so converted.
          All shares of AUGI Common Stock  delivered  upon  conversion of all or
          part of this Note will upon delivery in accordance with the provisions
          hereof be duly and  validly  issued and fully paid and  nonassessable,
          free of all  liens  and  charges  and not  subject  to any  preemptive
          rights.

               (f)  Fractional   Shares.  No  fractional  shares  or  securities
          representing  fractional  shares of AUGI Common  Stock shall be issued
          upon  conversion of all or part of this Note. Any fractional  interest
          in a share of AUGI Common Stock  resulting  from  conversion of all or
          part of this Note shall be paid in cash (computed to the nearest cent)
          equal to such fraction  multiplied by the Conversion Price on the date
          of such conversion.

               (g) Registration  Rights.  AUGI and the Holder shall enter into a
          mutually  acceptable  "registration  rights" agreement with respect to
          the  right of the  Holder to demand  registration  of the AUGI  Common
          Stock issuable pursuant to this Note in the event such Common Stock is
          then registered pursuant to Section 12 (or have the obligation to file
          reports pursuant to Section 15(d)) of the Exchange Act.

                                       3
<PAGE>

          4. Default; Acceleration.

               (a) Any of the  following  events  shall  constitute  an Event of
          Default under this Note:

                    (i) The failure by the  Company to pay any amounts  required
               to be paid under this Note (less offsets and  suspensions  to the
               extent  permitted under the Purchase  Agreement) on or before the
               applicable  Payment Date or sooner,  if the mandatory  prepayment
               provisions of Section 2(e) shall be applicable;

                    (ii) The  Company  (A)  shall  apply for or  consent  to the
               appointment of a receiver or trustee of the Company's assets; (B)
               shall make a general assignment for the benefit of creditors; (C)
               shall file a petition or other request no matter how  denominated
               ("Petition")  seeking  relief under Title 11 of the United States
               Code  or  under   any   other   federal   or  state   bankruptcy,
               reorganization,  insolvency, readjustment of debt, dissolution or
               liquidation law or statute ("Bankruptcy  Statute"),  or (D) shall
               file an answer  admitting the material  allegations of a Petition
               filed against it in any proceeding under such Bankruptcy Statute;

                    (iii) The Company shall have entered  against the Company an
               order for relief under any Bankruptcy Statute, or

                    (iv) A  Petition  seeking  an order  for  relief  under  any
               Bankruptcy Statute is filed by any one other than the Company and
               without the Company's consent or agreement which is not dismissed
               or stayed  within 60 days after the date of such filing,  or such
               Petition  is not  dismissed  upon  the  expiration  of  any  stay
               thereof.

               (b) Upon the occurrence and during the  continuation of any Event
          of Default, this Note shall be immediately due and payable.

               (c) Until an Event of Default,  this Note shall bear  interest at
          the  Applicable  Interest  Rate and upon an Event of  Default,  unpaid
          Principal due and any accrued but unpaid  interest  thereon under this
          Note shall bear interest until paid at the Default Interest Rate.

          5.  Subordination.  This Note shall at all times be wholly subordinate
     and junior in right of payment to all Senior Indebtedness to the extent and
     in the manner provided in this Section 5.

               (a)  Definitions.  As used in this Section 5, the following terms
          shall have the following meanings:

                    "Corporations"  shall mean any or all of AUGI  and/or any of
               its Subsidiaries (including the Company).

                    "Equity Securities" shall mean (i) any shares of AUGI Common
               Stock or common stock of any other of the Corporations,  (ii) any
               shares of preferred stock of any of the Corporations,  whether or
               not subject to redemption  at the option of the holder,  but only
               to the extent of any such  rights of  mandatory  redemption  that
               occur  following the Final  Maturity Date of this Note, and (iii)
               all secured or unsecured Indebtedness of any of the Corporations,
               but only to the  extent  of any  principal  installments  of such
               Indebtedness  shall be payable  after the Final  Maturity Date of
               this Note.

                    "Indebtedness"  shall have the meaning assigned to that term
               in the Purchase Agreement.

                    "Liens" shall mean any and all mortgages,  pledges, security
               interests, liens, charges or encumbrances on the assets of any of
               the Corporations.

                    "Senior Covenant Default" shall mean any event of default as
               defined  under any agreement  pertaining to Senior  Indebtedness,
               other than a Senior Payment Default.

                                       4
<PAGE>

                    "Senior  Indebtedness"  means all Indebtedness of any of the
               Corporations  up to a maximum  amount  which shall not at any one
               time exceed  $20,000,000 in aggregate  principal amount,  whether
               currently  outstanding or incurred in the future  pursuant to any
               borrowing  by any of the  Corporations  from  one or more  banks,
               commercial financing companies,  insurance companies,  investment
               funds,  similar types of  "mezzanine"  lenders or other  persons,
               firms   or   corporations;   provided,   however,   that   Senior
               Indebtedness   shall  not  be  deemed  to   include   any  Equity
               Securities, even though evidenced by Indebtedness.

                    "Senior  Default" shall mean a Senior  Payment  Default or a
               Senior Covenant Default.

                    "Senior  Payment  Default"  shall  mean any  default  in the
               payment of any Senior Indebtedness.

                    "Subordinated  Indebtedness" shall mean the Principal of and
               interest  on this Note and any other  obligations  of the Company
               and AUGI arising out of this Note,  other than the March 22, 2004
               Principal   Installment   which  is  subject  to  the   mandatory
               prepayment  provisions  of Section  2(e) above,  and shall not be
               deemed Subordinated Indebtedness hereunder.

               (b) General. Except for the March 22, 2004 Principal Installment,
          the  payment  of all  Principal  installments  of  this  Note  and all
          interest  accrued  thereon is subject  and  subordinated  to the prior
          payment  in  full  of all  Senior  Indebtedness  of the  Corporations,
          subject to and in accordance  with the provisions of Section 5 of this
          Note.

     Upon  the   maturity  of  any  Senior   Indebtedness   by  lapse  of  time,
acceleration,  required prepayment or otherwise,  such Senior Indebtedness shall
first be paid in full in cash or in a manner  satisfactory to the payees of such
Senior  Indebtedness,  or such payment duly  provided for in cash or in a manner
satisfactory  to the payees of such Senior  Indebtedness,  before any payment is
made  on  account  of the  Subordinated  Indebtedness  or by  the  Corporations.
Notwithstanding  any provision in Section 5 of this Note to the contrary (i) for
so long as no Senior Default has occurred and is continuing, or would occur as a
result of such a payment,  the  Corporations  may pay and the Holder may receive
and retain all regularly  scheduled  payments of Principal  and interest  (other
than  default  interest)  under  this  Note,  and (ii) for so long as no  Senior
Default has  occurred and is  continuing  or would occur as a result of any such
prepayment,  the  Corporations  may  prepay  this  Note in  accordance  with the
provisions of Section 2 hereof, and the Holder may receive such prepayments.

               (c) Limitation on Payment.

                    (i) Upon  receipt  by the  Corporations  and the Holder of a
               Blockage Notice (as defined below), then unless and until (A) all
               Senior  Defaults that gave rise to the Blockage Notice shall have
               been  remedied  or  effectively  waived or shall  have  ceased to
               exist,  or (B) the Senior  Indebtedness  in respect of which such
               Senior  Defaults shall have occurred shall have been paid in full
               in cash or in a manner  satisfactory to the payees of such Senior
               Indebtedness,  no direct or indirect payment (in cash,  property,
               securities  or by set-off or  otherwise)  of or on account of the
               Principal  of or interest  on this Note or as a sinking  fund for
               this Note or in respect of any redemption,  retirement,  purchase
               or other acquisition of this Note shall be made.  Notwithstanding
               the foregoing, in the case of a Blockage Notice that relates to a
               Senior  Covenant  Default,   the  foregoing   restrictions  shall
               commence upon the  Corporations'  receipt of such Blockage Notice
               and shall expire 270 days thereafter.  Any Principal and interest
               paid  with  respect  to this  Note  prior to the  receipt  of the
               Blockage  Notice in question by the Holder  hereof may be kept by
               such Holder; and

                    (ii) For purposes of this Section 5, a "Blockage  Notice" is
               a notice of a Senior  Default  that in fact has  occurred  and is
               continuing,  given  to the  Corporations  and the  Holder  by the
               payees  of  a  majority  in   principal   amount  of  the  Senior
               Indebtedness then outstanding (or their authorized agent).

     Notwithstanding  any provision  contained herein to the contrary,  once all
Senior  Defaults  which gave rise to the Blockage  Notice in question shall have
been remedied or effectively waived or shall have ceased to exist, or the Senior
Indebtedness  in respect of which such Senior Defaults shall have occurred shall
have been paid in full in cash or in a manner satisfactory to the payees of such
Senior Indebtedness, thereafter (unless another Blockage Period shall then be in
effect)  all  amounts  which  would  have  been  payable  hereunder  but for the
existence of the Blockage Notice delivered with respect to the Senior Default in
question shall be payable in their entirety.

                                       5
<PAGE>

               (d)  Limitation on Remedies.  As long as any Senior  Indebtedness
          remains outstanding,  upon the occurrence of an Event of Default under
          this  Note,  the  Holder  shall  not,  unless the payees of any Senior
          Indebtedness shall have caused such Senior  Indebtedness to become due
          prior to its  stated  maturity  or any Event of  Default  pursuant  to
          Section  4(a)(ii)  through  (iv) of this Note  shall  have  commenced,
          declare or join in any  declaration of this Note to be due and payable
          by  reason of such  Event of  Default  or  otherwise  take any  action
          against the Corporations  (including,  without limitation,  commencing
          any legal action against the  Corporations or filing or joining in the
          filing  of  any  insolvency  petition  against  the  Corporations)  or
          exercise  or  cause  to be  exercised  any  other  contractual  rights
          available to it prior to the  expiration of thirty (30) days after the
          written notice of the Holder's ability to accelerate on account of the
          occurrence  of such Event of Default  (a "Remedy  Notice")  shall have
          been given by the Holder to the Corporations  and, to the extent known
          by the  Holder,  the  payees of the  Senior  Indebtedness  (a  "Remedy
          Standstill Period").

     Notwithstanding  the  foregoing,  the  Remedy  Standstill  Period  shall be
inapplicable  or cease to be effective if the payees of any Senior  Indebtedness
shall have  caused such  Senior  Indebtedness  to become due prior to its stated
maturity or an Event of Default  pursuant to Section 4(a)(ii) through (iv) shall
have occurred.

     Upon the  expiration or termination of any Remedy  Standstill  Period,  the
Holder shall be entitled to exercise any of its rights with respect to this Note
other than any right to accelerate the maturity date of this Note based upon the
occurrence  of any Event of Default in respect  thereto  which has been cured or
otherwise remedied during the Remedy Standstill Period.

               (e) Subordination Upon Certain Events. Upon the occurrence of any
          Event of  Default  with  respect  to the  Corporations  under  Section
          4(a)(ii) through (iv) of this Note:

                    (i)  Upon any  payment  or  distribution  of  assets  of the
               Corporations to creditors of the  Corporations,  payees of Senior
               Indebtedness shall be entitled to receive indefeasible payment in
               full of all obligations  with respect to the Senior  Indebtedness
               before the Holder  shall be  entitled  to receive  any payment in
               respect of the Subordinated Indebtedness.

                    (ii) Until all Senior  Indebtedness  is paid in full in cash
               or  in a  manner  satisfactory  to  the  payees  of  such  Senior
               Indebtedness,  any  distribution  to which  the  Holder  would be
               entitled  but for this  Section 5 shall be made to the  payees of
               Senior Indebtedness,  as their interests may appear,  except that
               the  Holder  may,  pursuant  to a plan  of  reorganization  under
               Chapter 11 of the  Bankruptcy  Code of 1978,  as amended,  or any
               similar provision of any successor  legislation thereto,  receive
               securities that are subordinate to the Senior  Indebtedness to at
               least the same  extent as this Note if  pursuant to such plan the
               distributions  to the  payees of the Senior  Indebtedness  in the
               form of  cash,  securities  or  other  property,  by  set-off  or
               otherwise,  provide for payment of the full amount of the allowed
               claim of the payees of the Senior Indebtedness.

                    (iii) For  purposes of this  Section 5, a  distribution  may
               consist  of cash,  securities  or other  property,  by set-off or
               otherwise.

                    (iv)  Notwithstanding  the  foregoing  provisions of Section
               5(b), (c) or (e), if payment or delivery by the  Corporations  of
               cash, securities or other property to the Holder is authorized by
               an order or decree  giving  effect,  and stating in such order or
               decree that effect is given, to the subordination of this Note to
               the  Senior  Indebtedness,  and  made  by a  court  of  competent
               jurisdiction in a proceeding  under any applicable  bankruptcy or
               reorganization  law, payment or delivery by such the Corporations
               of such cash,  securities or other  property shall be made to the
               Holder in accordance with such order or decree.

               (f) Payments and Distributions Received. If the Holder shall have
          received   any  payment  from  or   distribution   of  assets  of  the
          Corporations   in  respect  of  the   Subordinated   Indebtedness   in
          contravention  of the  terms  of this  Section  5  before  all  Senior
          Indebtedness  is paid in full in cash or in a manner  satisfactory  to
          the payees of such  Senior  Indebtedness,  then and in such event such
          payment or  distribution  shall be received  and held in trust for and
          shall be  promptly  paid  over or  delivered  to the  payees of Senior
          Indebtedness   to  the  extent   necessary  to  pay  all  such  Senior
          Indebtedness in full in cash or in a manner satisfactory to the payees
          of such Senior Indebtedness.

                                       6
<PAGE>

               (g)  Proofs  of  Claim.  If,  while any  Senior  Indebtedness  is
          outstanding,  any Event of Default under Section 4(a)(ii) through (iv)
          of this Note occurs with respect to the Corporations, the Holder shall
          duly and promptly take such action as any payee of Senior Indebtedness
          may  reasonably  request to collect any payment  with  respect to this
          Note for the account of the payees of the Senior  Indebtedness  and to
          file  appropriate  claims or proofs of claim in  respect of this Note.
          Upon the failure of the Holder to take any such action,  each payee of
          Senior Indebtedness is hereby irrevocably authorized and empowered (in
          its own name or otherwise),  but shall have no obligation,  to demand,
          sue for, collect and receive every payment or distribution referred to
          in  respect  of this Note and to file  claims  and proofs of claim and
          take such other action as it may deem  necessary or advisable  for the
          exercise  or  enforcement  of any of the  rights or  interests  of the
          Holder with respect to this Note.

               (h) Subrogation. After all amounts payable under or in respect of
          Senior  Indebtedness  are  paid  in  full  in  cash  or  in  a  manner
          satisfactory  to the payees of such  Senior  Indebtedness,  the Holder
          shall be subrogated to the rights of payees of Senior  Indebtedness to
          receive payments or distributions applicable to Senior Indebtedness to
          the extent  that  distributions  otherwise  payable to the Holder have
          been  applied to the payment of Senior  Indebtedness.  A  distribution
          made  under  this  Section 5 to a payee of Senior  Indebtedness  which
          otherwise  would have been made to the Holder is not,  as between  the
          Corporations  and the Holder,  a payment by the Corporations on Senior
          Indebtedness.

               (i) Relative  Rights.  This Section 5 defines the relative rights
          of the Holder and the payees of Senior  Indebtedness.  Nothing in this
          Section shall: (1) impair, as between the Corporations and the Holder,
          the   obligations  of  the   Corporations,   which  are  absolute  and
          unconditional,  to pay  Principal of and interest  (including  default
          interest) on this Note in  accordance  with its terms;  (2) affect the
          relative rights of the Holder and creditors of the Corporations  other
          than  payees of Senior  Indebtedness  or (3)  prevent  the Holder from
          exercising its available remedies upon an Event of Default, subject to
          the  rights,  if  any,  under  this  Section  5 of  payees  of  Senior
          Indebtedness.

               (j)  Subordination  May Not Be Impaired by the  Corporations.  No
          right  of  any  payee  of  any  Senior  Indebtedness  to  enforce  the
          subordination  of the  Indebtedness  evidenced  by this Note  shall be
          impaired  by any failure to act by the  Corporations  or such payee of
          Senior  Indebtedness  or by the  failure of the  Corporations  or such
          payee to comply with this Note. The provisions of this Section 5 shall
          continue to be effective or be  reinstated,  as the case may be, if at
          any time any payment of any of the Senior Indebtedness is rescinded or
          must  otherwise be returned by any payee of Senior  Indebtedness  as a
          result  of  the  insolvency,   bankruptcy  or  reorganization  of  the
          Corporations or any of its  Subsidiaries  or otherwise,  all as though
          such payment had not been made.

               (k) Payments.  A payment with respect to principal of or interest
          on the Subordinated  Indebtedness shall include,  without  limitation,
          payment of Principal of, and interest on this Note,  any depositing of
          funds for the defeasance of the Subordinated Indebtedness, any sinking
          fund and any payment on account of  mandatory  prepayment  or optional
          prepayment provisions.

               (l) Section Not to Prevent Events of Default. The failure to make
          a payment on account of principal  of or interest on or other  amounts
          constituting  Subordinated  Indebtedness by reason of any provision of
          this Section 5 shall not be construed as preventing  the occurrence of
          an Event of Default under Section 4.

               (m)  Subordination Not Impaired;  Benefit of  Subordination.  The
          Holder  agrees and consents  that without  notice to or assent by such
          Holder,  and without  affecting the liabilities and obligations of the
          Corporations  and the rights and  benefits of the payees of the Senior
          Indebtedness set forth in this Section 5:

                    (i) The obligations and liabilities of the  Corporations and
               any other  party or parties  for or upon the Senior  Indebtedness
               may,  from  time to  time,  be  increased,  renewed,  refinanced,
               extended, modified, amended, restated, compromised, supplemented,
               terminated, waived or released;

                                       7
<PAGE>

                    (ii)   The   payees   of   Senior   Indebtedness,   and  any
               representative or representatives  acting on behalf thereof,  may
               exercise or refrain from  exercising  any right,  remedy or power
               granted by or in connection  with any agreements  relating to the
               Senior Indebtedness; and

                    (iii) Any  balance  or  balances  of funds with any payee of
               Senior  Indebtedness at any time outstanding to the credit of the
               Corporations  may,  from  time to time,  in whole or in part,  be
               surrendered or released;

all  as the  payees  of the  Senior  Indebtedness,  and  any  representative  or
representatives  acting on behalf thereof,  may deem advisable,  and all without
impairing, abridging,  diminishing,  releasing or affecting the subordination of
the Subordinated Indebtedness to the Senior Indebtedness provided for herein.

               (n)  Modification  of Section 5. The provisions of this Section 5
          are  for the  benefit  of the  payees  from  time  to  time of  Senior
          Indebtedness and, so long as any Senior  Indebtedness  remains unpaid,
          may not be modified, rescinded or canceled in whole or in part without
          the  prior   written   consent   thereto   of  all  payees  of  Senior
          Indebtedness.

               (o) Covenants of Holder. Until all of the Senior Indebtedness has
          been fully paid:

                    (i) The Holder shall not hereafter give any subordination in
               respect of this Note.

                    (ii) The Holder shall not release, exchange, extend the time
               of payment of,  compromise,  set off or otherwise  discharge  any
               part of this Note or modify or amend this Note.

                    (iii)  The  Holder  hereby  undertakes  and  agrees  for the
               benefit  of the  payees of  Senior  Indebtedness  that,  upon the
               occurrence  and during the  continuance of a Senior  Default,  it
               shall  take any  actions  reasonably  requested  by any  payee of
               Senior  Indebtedness  to  effectuate  the  full  benefit  of  the
               subordination contained herein.

                    (p) Miscellaneous.

                         (i) To the extent  permitted  by  applicable  law,  the
                    Holder  and the  Corporations  hereby  waive  (1)  notice of
                    acceptance hereof by the payees of the Senior  Indebtedness,
                    and (2) all diligence in the  collection or protection of or
                    realization upon the Senior Indebtedness.

                         (ii) The  Corporations  and the Holder hereby expressly
                    agree that the payees of Senior Indebtedness may enforce any
                    and all rights derived  herein by suit,  either in equity or
                    law, for specific  performance of any agreement contained in
                    this  Section 5 or for  judgment at law and any other relief
                    whatsoever appropriate to such action or procedure.

                         (iii)  The  Holder  acknowledges  and  agrees  that the
                    foregoing subordination  provisions are, and are intended to
                    be,  an  inducement  and a  consideration  to each  payee of
                    Senior  Indebtedness,  whether such Senior  Indebtedness was
                    created or  acquired  before or after the  issuance  of this
                    Note, and each payee of Senior  Indebtedness shall be deemed
                    conclusively   to  have  relied   upon  such   subordination
                    provisions in acquiring  and  continuing to hold such Senior
                    Indebtedness.

          6. Offsets.  All offsets and  suspensions  of payments under this Note
     shall be governed by and made in  accordance  with the Purchase  Agreement;
     provided, however, that the Company shall only be entitled to any offset or
     suspension of payment  under this Note with respect to the last  $2,500,000
     of Principal  due under this Note.  Holder shall not be entitled to convert
     such last  $2,500,000  of Principal due under this Note during the pendency
     of any offset right that has been  exercised  by the Company in  accordance
     with the Purchase Agreement.

          7. Enforcement. All disputes regarding the enforcement or construction
     of this Note shall be resolved in  accordance  with the Purchase  Agreement
     and may not be resolved independently of the enforcement or construction of
     the Purchase Agreement which has been made a part hereof.

                                       8
<PAGE>

          8.  Assignment.  This  Note is not  assignable  by the  Holder  or the
     Company,  and any purported  assignment of this Note shall be null and void
     and of no effect.  Notwithstanding  the  foregoing,  the Company may assign
     this  Note to AUGI or any  other  entity  that is a  parent  or  direct  or
     indirect wholly owned  Subsidiary of the Company  provided that the Company
     remains fully liable for the performance of its obligations hereunder.

          9. Governing Law. This Note 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 be performed  wholly within
     such State, without regard to such State's conflicts of laws principles.

          10.  Notices.  All  notices,  requests,  demands,  consents  and other
     communications  hereunder ("Notices") shall be in writing, and if addressed
     to the  Company  shall be deemed  to have  been  duly  given on the date of
     delivery,  if  a  Business  Day  and  if  either  personally  delivered  or
     telefaxed, and on the next Business day, if delivered by Federal Express or
     personally  delivered or  telefaxed on a day not a Business  day, or on the
     third  day  after  mailing  if  given  by mail.  Such  mailing  shall be by
     certified or registered mail, return receipt requested.  Such Notices shall
     be addressed to the Company as follows:

          If to the Company:

                            Lifetime Healthcare Services Inc.
                            125 Michael Drive, Suite 104
                            Syosset, New York  11791
                            Facsimile: (516) 837-7036
                            Attn: Robert DePalo

                            with a copy to:

                            Morrison Cohen Singer & Weinstein, LP
                            750 Lexington Avenue
                            New York, NY 10022
                            Facsimile: (212) 735-7808
                            Attn: Robert H. Cohen, Esq.

          If to AUGI:

                            American United Global, Inc.
                            125 Michael Drive, Suite 104
                            Syosset, New York  11791
                            Facsimile: (516) 837-7036
                            Attn: Robert M. Rubin, CEO

                            with a copy to:

                            Gersten, Savage, Kaplowitz, Wolf & Marcus, LLP
                            101 East 52nd Street
                            New York, NY 10022
                            Facsimile: (212) 980-5192
                            Attn: Stephen A. Weiss, Esq.

                  [Remainder of Page Left Intentionally Blank.]

                                       9
<PAGE>

IN WITNESS  WHEREOF,  the  undersigned  has executed this Note on the date first
above written.

                                  LIFETIME HEALTHCARE SERVICES INC.

                                  By    /s/ Robert DePalo
                                        ------------------------
                                        Name:  Robert DePalo
                                        Title:  President

ACCEPTED AND AGREED TO:

AMERICAN UNITED GLOBAL, INC.

By:      Robert M. Rubin
         ---------------------
         Robert M. Rubin, CEO

                [SIGNATURE PAGE TO SUBORDINATED PROMISSORY NOTE]

                                       10

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