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FORM 4 OMB APPROVAL
UNITED STATES SECURITIES AND EXCHANGE COMMISSION -------------------------
[ ] Check this box if no longer WASHINGTON D.C. 20549 OMB Number: 3235-0104
subject to Section 16. Form Expires: September 30, 1998
4 or Form 5 obligations may STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Estimated average burden
continue. See Instruction 1(b). hours per response....0.5
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the
Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
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1. Name and Address of Reporting Person*| 2. Issuer name and Ticker or Trading Symbol | 6. Relationship of Reporting Person(s)
| Universal Automotive Industries, Inc. | to Issuer (Check all applicable)
Scott, Arvin | (CHX - UVS; Nasdaq Small Cap - UVSL) | __X__ Director __X__ 10% Owner
- -------------------------------------------------------------------------------------------| __X__ Officer (give title below)
(Last) (First) (Middle) | 3. I.R.S. | 4. Statement for | _____ Other (specify below)
| Identification | Month/Year | President and Chief Executive Officer
5415 North Sheridan Road, #2111 | Number of Reporting | 12/98 | -------------------------------------
- ----------------------------------------| Person, if an |-------------------------|---------------------------------------
(Street) | entity (voluntary) | 5. If Amendment, |7. Individual or Joint/Group Filing
| | Date of Original | (Check Applicable Line)
| | (Month/Year) | ___ Form filed by One Reporting Person
| | | ___ Form filed by More than One
Chicago IL 60640 | | | Reporting Person
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(City) (State) (Zip) | Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title of Security |2. Transaction| 3. Transaction| 4. Securities Acquired(A)| 5. Amount of|6. Owner |7. Nature
(Instr. 3) | Date | Code | or Disposed of (D) | Securities | -ship | of
| (Month/Day/| (Instr. 8) | (Instr. 3, 4 and 5) | Beneficially| Form: | Indirect
| Year) | | | Owned at End| Direct | Bene-
| | --------------|--------------------------| of Month | (D) or | ficial
| | | | Amount | (A) | Price | (Instr. 3 | Indirect| Owner-
| | Code | V | | or | | and 4) | (I) | ship
| | | | | (D) | | |(Instr.4)|(Instr.4)
- ----------------------------------------|--------------|-------|-------|--------|------|----------|-------------|---------|---------
Common Stock, par value $0.01 per shar e| 12/14/98 | P | | 6,250 | A | | 1,154,050 | D |
- ----------------------------------------|--------------|-------|-------|--------|------|----------|-------------|---------|---------
Stock Purchase Warrant | | | | | | | 2,000 | D |
- ----------------------------------------|--------------|-------|-------|--------|------|----------|-------------|---------|---------
| | | | | | | | |
- ----------------------------------------|--------------|-------|-------|--------|------|----------|-------------|---------|---------
| | | | | | | | |
- ----------------------------------------|--------------|-------|-------|--------|------|----------|-------------|---------|---------
| | | | | | | | |
- ----------------------------------------|--------------|-------|-------|--------|------|----------|-------------|---------|---------
| | | | | | | | |
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*Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 5(b)(v).
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FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative | 2. Conver- |3. Trans- |4. Trans- |5. Number of |6. Date Exer- |7. Title and Amount |8. Price
Security | sion or | action | action | Derivative | cisable and | of Underlying | of
(Instr. 3) | Exercise | Date | Code | Securities Ac- | Expiration | Securities | Deriv-
| Price of | (Month/| (Instr. 8)| quired (A) or | Date | (Instr. 3 and 4) | ative
| Deriv- | Day/ | | Disposed of (D)| (Month/Day/ | | Secur-
| ative | Year) | | (Instr. 3, 4, | Year) | | ity
| Security | | | and 5) | | | (Instr. 5)
| | | | |-------------------------------------|
| | | | |Date |Expira- | | Amount or |
| | |-------------------------------|Exer- |tion | Title | Number of |
| | | Code | V | (A) |(D) |cisable |Date | | Shares |
<S> | <C> | <C> | <C> | | <C> | <C> | <C> |<C> | <C> | <C> | <C>
- ------------------------|-------------|----------|-------|----|--------|---------|--------|--------|--------|-----------|-----------
Option to Purchase | | | | | | | | |Common | |
Common Stock | $5,000 | 9/1/96 | p(1) | V | 25,000 | |12/31/96|9/1/07 | Stock | 25,000 |
- ------------------------|-------------|----------|-------|----|--------|---------|--------|--------|--------|-----------|-----------
| | | | | | | | | | |
- ------------------------|-------------|----------|-------|----|--------|---------|--------|--------|--------|-----------|-----------
| | | | | | | | | | |
- ------------------------|-------------|----------|-------|----|--------|---------|--------|--------|--------|-----------|-----------
| | | | | | | | | | |
- ------------------------|-------------|----------|-------|----|--------|---------|--------|--------|--------|-----------|-----------
| | | | | | | | | | |
- ------------------------|-------------|----------|-------|----|--------|---------|--------|--------|--------|-----------|-----------
| | | | | | | | | | |
- ------------------------|-------------|----------|-------|----|--------|---------|--------|--------|--------|-----------|-----------
| | | | | | | | | | |
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<CAPTION>
9. Number of | 10. Ownership | 11. Nature of
Derivative | Form of | Indirect
Securities | Derivative | Beneficial
Beneficially | Security: | Ownership
Owned at End | Direct (D) | (Instr. 4)
of Month | or Indirect (I) |
(Instr. 4) | (Instr. 4) |
<S> | <C> | <C>
- ------------------|------------------------|------------------------------
25,000 | D |
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| |
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| |
- ------------------|------------------------|------------------------------
| |
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| |
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| |
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Explanation of Responses:
(1) The Company granted Reporting Person an option to purchase up to 25,000 shares of the Company's Common Stock at $5.00 per share
pursuant to the Company's Share Option Plan dated October 13, 1994. This option may be exercised (i) as to 5,000 shares, any time
after 12/31/96, and (ii) for additional 5,000 share amounts any time after two, three, four and five years from the time of grant
(9/1/96)
** Intentional misstatements or omissions of facts constitute /s/ Arvin Scott 01/08/98
Federal Criminal Violations. ---------------------------------- -----------------
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a) **Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6
for procedure.
Potential persons who are to respond to the collection of information contained in this form are not required to respond unless
the form displays a currently valid OMB Number.
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