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    <div>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
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            <td width="7%"><u><font size="2">Number</font></u></td>
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            <td width="7%"><font size="2">10.1</font></td>
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            <td width="88%"><font size="2">Stock Option Award Agreement between
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                Capital Management, Inc.</font></div>
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                19, 2006</font></div>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Joseph
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:&#160;Joseph
                Drennan<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></font></div>
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                Chief Financial
                Officer</font></font></font></div>
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{"company-data": {"conformed-name": "Universal Capital Management, Inc.", "cik": "0001308569", "irs-number": "201568059", "state-of-incorporation": "DE", "fiscal-year-end": "0430"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51132", "film-number": "06855433"}, "business-address": {"street1": "2601 ANNAND DRIVE", "street2": "SUITE 16", "city": "WILMINGTON", "state": "DE", "zip": "19808", "phone": "302-998-8824"}, "mail-address": {"street1": "2601 ANNAND DRIVE", "street2": "SUITE 16", "city": "WILMINGTON", "state": "DE", "zip": "19808"}}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
WASHINGTON,
      DC 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):
May
      16, 2006
UNIVERSAL
      CAPITAL MANAGEMENT, INC.
(Exact
      name of Registrant as specified in its charter)
Delaware
000-51132
20-1568059
(State
                or other jurisdiction of incorporation or
                organization)
(Commission
                File Number)
(I.R.S.
                Employer Identification
                No.)
2601
                Annand Drive, Suite 16, Wilmington, DE
19808
(Address
                of principal executive offices)
(Zip
                Code)
Registrant's
                telephone number, including area code:
(302)
                998-8824
(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 (see General Instruction A.2.
      below):
◘
      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))
Item
      1.01 Entry into a Material Definitive Agreement
On
      May
      16, 2006, David Bovi was granted options to purchase 400,000 shares of the
      Registrant's common stock at an exercise price of $2.00 per share. Such options
      vest immediately and expire on May 16, 2016. The Stock Option Award Agreement
      between the Registrant and David Bovi is filed as an exhibit to this Current
      Report on Form 8-K.
Item
      9.01. Financial Statements and Exhibits
(d)
Exhibits
Number
Description of Document
10.1
Stock Option Award Agreement between
              the
              Registrant and David Bovi.
2
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, thereunto
      duly authorized.
Universal
                Capital Management, Inc.
(Registrant)
May
                19, 2006
By:
/s/ Joseph
              Drennan
Name: Joseph
                Drennan
Title:
Chief Financial
                Officer
3