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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	August 25, 2006
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  	UGS Corp.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	333-123664
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  	75-2728894
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	5800 Granite Parkway, Suite 600, Plano, Texas
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  	75024
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	972-987-3000
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
  </P>
  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  <B>
  	Item 1.01 Entry into a Material Definitive Agreement.
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  On August 25, 2006, UGS Capital Corp. ("UGS") granted deferred stock to one of the executives of its subsidiary, UGS Corp.  Charles C. Grindstaff received an award of 184,502 shares of deferred stock.  The deferred stock award was made pursuant to the 2004 Management Incentive Plan (the "Plan").  Under the terms of the award, an equal amount of shares will be issued on each anniversary date of the award over the course of 3 years, subject to the terms and conditions of the agreement, including, but not limited to, Mr. Grindstaff's continued employment.  If Mr. Grindstaff's employment is terminated by UGS without "Cause" (as defined in the Plan) or by Mr. Grindstaff with "Good Reason" (as defined in his Personal Services Agreement, dated July 15, 2000, as amended), then Mr. Grindstaff will receive a pro rata portion of the shares that would have been issued on the next anniversary date immediately following the termination.  In all other circumstances, upon termination of employment, all unissued shares will be forfeited.  <br><br>The form of the Deferred Stock Award Agreement is filed as an exhibit to this Form 8-K and is incorporated herein by reference.
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  	Item 9.01 Financial Statements and Exhibits.
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  Exhibit 10.1 	Form of Deferred Stock Award Agreement
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	UGS Corp.
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  	&nbsp;&nbsp;
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  <I>
  	August 28, 2006
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  <I>
  	By:
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  <I>
  	/s/ Douglas E. Barnett
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  	&nbsp;
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  <I>
  	Name: Douglas E. Barnett
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  <I>
  	Title: Senior Vice President and Chief Financial Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	10.1
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  	&nbsp;
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  Form of Deferred Stock Award Agreement
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_14654.htm", "description": "LIVE FILING", "secsgml_size_bytes": 10855}]
metadata_filer: {"company-data": {"conformed-name": "UGS Corp.", "cik": "0001321033", "assigned-sic": "7373", "irs-number": "752728894", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-123664", "film-number": "061057724"}, "business-address": {"street1": "5800 GRANITE PARKWAY", "street2": "SUITE 600", "city": "PLANO", "state": "TX", "zip": "75024", "phone": "(972) 987-3000"}, "mail-address": {"street1": "5800 GRANITE PARKWAY", "street2": "SUITE 600", "city": "PLANO", "state": "TX", "zip": "75024"}}
text: UGS Corp. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  August 25, 2006
  UGS Corp.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  333-123664
  75-2728894
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  5800 Granite Parkway, Suite 600, Plano, Texas
  75024
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  972-987-3000
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  On August 25, 2006, UGS Capital Corp. ("UGS") granted deferred stock to one of the executives of its subsidiary, UGS Corp.  Charles C. Grindstaff received an award of 184,502 shares of deferred stock.  The deferred stock award was made pursuant to the 2004 Management Incentive Plan (the "Plan").  Under the terms of the award, an equal amount of shares will be issued on each anniversary date of the award over the course of 3 years, subject to the terms and conditions of the agreement, including, but not limited to, Mr. Grindstaff's continued employment.  If Mr. Grindstaff's employment is terminated by UGS without "Cause" (as defined in the Plan) or by Mr. Grindstaff with "Good Reason" (as defined in his Personal Services Agreement, dated July 15, 2000, as amended), then Mr. Grindstaff will receive a pro rata portion of the shares that would have been issued on the next anniversary date immediately following the termination.  In all other circumstances, upon termination of employment, all unissued shares will be forfeited.
  The form of the Deferred Stock Award Agreement is filed as an exhibit to this Form 8-K and is incorporated herein by reference.
  Item 9.01 Financial Statements and Exhibits.
  Exhibit 10.1 	Form of Deferred Stock Award Agreement
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  UGS Corp.
  August 28, 2006
  By:
  /s/ Douglas E. Barnett
  Name: Douglas E. Barnett
  Title: Senior Vice President and Chief Financial Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Form of Deferred Stock Award Agreement