This might for example be the case if the first AGI is the outcome of some sort of evolutionary process in which it competed with a vast number of other AGI designs and thereby evolve some sort of altruism, which in turn caused it to have some limited amount of compassion for humans and provide us with a share of the universe.
There will probably be major selection pressures by humans for safe machines that can act as nannies, assistants, etc.
Our relationship with machines looks set to start out on the right foot, mostly. Of course there will probably be some who lose their jobs and fail to keep up along the way.
Humans won't get "a share of the universe", though. Our pitch should be for our bodies to survive in the history simulations and for our minds to get uploaded.
There are at least three objections to the risk of an unfriendly AI. One is that uFAI will be stupid - it is not possible to build a machine that is much smarter than humanity. Another is that AI would be powerful but uFAI is unlikely - the chances of someone building something that turn out malign, either deliberately or accidentally, is small. Another one that I haven't seen articulated, is the AI could be malign and potentially powerful, but effectively impotent due to its situation.
To use a chess analogy: I'm virtually certain that Deep Blue will beat me at a game of chess. I'm also pretty sure that a better chess program with vastly more computer power would beat Deep Blue. But, I'm also (almost) certain that I would beat them both at a rook and king vs king endgame.
If we try to separate out the axes of intelligence and starting position, where does your intuition tell you the danger area is ? To illustrate, what is the probability that humanity is screwed in each of the following ?
1) A lone human paperclip cultist resolves to convert the universe (but doesn't use AI).
2) One quarter of the world has converted to paperclip cultism and war ensues. No-one has AI.
3) A lone paperclip cultist sets the goal of a seed AI and uploads it to a botnet.
4) As for 2) but the cultists have a superintelligent AI to advise them.