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      TO SECTION 13 OR 15(d) OF THE </strong></font></div>
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      15, 2006</u></strong></font></div>
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                organization)</strong></font></div>
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                Employer Identification
                No.)</strong></font></div>
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                Annand Drive, Suite 16, Wilmington, DE</u></strong></font></div>
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                998-8824</u></strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Former
      name or former address, if changed since last report.)
</strong></font><br></div>
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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"><strong>Check
      the appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>under
      any of the following provisions (see General Instruction A.2.
      below):</strong></font></div>
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      Written communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</strong></font></div>
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      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</strong></font></div>
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      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))</strong></font></div>
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      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <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"><strong>Item
      1.01 Entry into a Material Definitive Agreement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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">On
      June
      15, 2006, David M. Bovi exercised previously granted options to purchase 400,000
      shares of the Registrant&#8217;s common stock at an exercise price of $2.00 per share.
      The exercise price was paid by delivery of a promissory note made by Mr. Bovi
      as
      permitted in the Company&#8217;s 2006 Equity Incentive Plan (the &#8220;Plan&#8221;). The shares
      were issued on June 30, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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">As
      provided in the Plan, the promissory note is recourse to Mr. Bovi and (i) has
      a
      term of one year; (ii) bears interest at 4.8% per year, which is no less than
      the prevailing rate applicable to 90-day United States Treasury bills at the
      time the loan was made; and (iii) is collateralized by the 400,000 shares
      purchased by Mr. Bovi. The acceptance of the promissory note as payment for
      the
      shares and the forms of promissory note and security agreement were unanimously
      approved by the directors of the Registrant (and therefore, by a majority of
      such directors who have no financial interest in such transaction and a majority
      of such directors who are not interested persons of the Registrant as defined
      in
      Section 2(a)(19) of the Investment Company Act of 1940, as amended), on the
      basis that the loan is in the best interests of the Registrant and its
      stockholders.</font></div>
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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"><strong>Item
      3.02 Unregistered Sales of Equity Securities</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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">See
      Item
      1.01 &#8220;Entry into a Material Definitive Agreement,&#8221; which is incorporated herein
      by reference. Section 4(2) of the Securities Act of 1933 was relied upon in
      providing an exemption from registration for this transaction, because the
      shares are being issued to a limited number of persons and will not involve
      a
      public offering.</font></div>
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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"><strong>Item
      9.01. Financial Statements and Exhibits</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Number</u></font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description
                of Document</u></font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Promissory
                Note dated June 15, 2006 made by David M.
                Bovi.</font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Security
                Agreement dated June 15, 2006 by and between David M. Bovi and the
                Registrant.</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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. </font></div>
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                Joseph Drennan</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": "06937050"}, "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):
June
      15, 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
      June
      15, 2006, David M. Bovi exercised previously granted options to purchase 400,000
      shares of the Registrant's common stock at an exercise price of $2.00 per share.
      The exercise price was paid by delivery of a promissory note made by Mr. Bovi
      as
      permitted in the Company's 2006 Equity Incentive Plan (the "Plan"). The shares
      were issued on June 30, 2006.
As
      provided in the Plan, the promissory note is recourse to Mr. Bovi and (i) has
      a
      term of one year; (ii) bears interest at 4.8% per year, which is no less than
      the prevailing rate applicable to 90-day United States Treasury bills at the
      time the loan was made; and (iii) is collateralized by the 400,000 shares
      purchased by Mr. Bovi. The acceptance of the promissory note as payment for
      the
      shares and the forms of promissory note and security agreement were unanimously
      approved by the directors of the Registrant (and therefore, by a majority of
      such directors who have no financial interest in such transaction and a majority
      of such directors who are not interested persons of the Registrant as defined
      in
      Section 2(a)(19) of the Investment Company Act of 1940, as amended), on the
      basis that the loan is in the best interests of the Registrant and its
      stockholders.
Item
      3.02 Unregistered Sales of Equity Securities
See
      Item
      1.01 "Entry into a Material Definitive Agreement," which is incorporated herein
      by reference. Section 4(2) of the Securities Act of 1933 was relied upon in
      providing an exemption from registration for this transaction, because the
      shares are being issued to a limited number of persons and will not involve
      a
      public offering.
Item
      9.01. Financial Statements and Exhibits
(d)
Exhibits
Number
Description
                of Document
10.1
Promissory
                Note dated June 15, 2006 made by David M.
                Bovi.
10.2
Security
                Agreement dated June 15, 2006 by and between David M. Bovi and the
                Registrant.
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)
June
                30, 2006
By:
/s/ 
                Joseph Drennan
Name:
Joseph
                Drennan
Title:
Chief
                Financial Officer
3