Document:

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                                                                    EXHIBIT 10.4

         THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
         AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF
         WITHOUT AN EFFECTIVE REGISTRATION STATEMENT COVERING THIS SECURITY OR
         AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY
         THAT SUCH REGISTRATION IS NOT REQUIRED.

                             STOCK PURCHASE WARRANT
                            (Second Company Warrant)

Date of Issuance:  August 28, 2001                               Warrant No. W-2

         For value received, Universal Automotive Industries, Inc., a Delaware
corporation ("Company"), hereby grants to Venture Equities Management, Inc., a
Delaware corporation, or its assigns ("Registered Holder") the right to purchase
from the Company an aggregate of 800,000 shares of Common Stock ("Warrant
Stock"), at a price per share equal to the greater of: (1) $2.00; and (2) ninety
percent (90%) of the average Market Price of the Common Stock for the sixty (60)
consecutive trading days immediately prior to the Exercise Date (as may be
adjusted from time to time hereunder) ("Exercise Price"). The amount and kind of
securities purchasable pursuant to the rights granted hereunder are subject to
adjustment pursuant to the provisions contained in this Warrant. Unless
otherwise defined herein, all capitalized terms shall have the meanings set
forth in that certain Purchase Agreement, of even date herewith, by and between
Company and the Venture Equities Management, Inc.

         This Warrant is subject to the following provisions:

         Section 1. Exercise of Warrant.

         1.1 Exercise Period. This Warrant shall expire on the first anniversary
of the Date of Issuance. The Registered Holder may exercise, in its sole and
absolute direction, in whole or in part (but not as to a fractional share of
Warrant Stock), the purchase rights represented by this Warrant at any time and
from time to time prior to the expiration hereof.

         1.2 Exercise Procedure.

             (a) This Warrant may be exercised by delivering all of the
         following items to the Company at its principal office (the date on
         which the Company shall receive all of such items shall be referred to
         as the "Exercise Date"):

                 (i)   a completed Exercise Agreement, as described in Section
             1.3, executed by the Person exercising all or part of the purchase
             rights represented by this Warrant ("Purchaser");

                 (ii)  if this Warrant is not registered in the name of the
             Purchaser, an Assignment or Assignments, in the form attached
             hereto as Exhibit I, evidencing

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             the assignment of this Warrant to the Purchaser (in which case the
             Registered Holder will be deemed to have complied with Section 4);
             and

                 (iii) a wire transfer or cashier's check payable to the Company
             in an amount equal to the product of the Exercise Price multiplied
             by the number of shares of Warrant Stock being purchased upon such
             exercise.

             (b) The Company shall use its best efforts to cause the transfer
         agent of its securities to issue and deliver to the Purchaser
         certificates for shares of Warrant Stock issuable upon exercise of this
         Warrant within 10 business days after the Exercise Date, but in no
         event shall such certificates be issued and delivered later than 15
         business days after the Exercise Date.

             (c) In the event that this Warrant shall be exercised for less than
         all of the Warrant Stock, the Company shall, within 10 business days
         after the Exercise Date, execute and deliver to the Purchaser a
         replacement Warrant of like tenor for the balance of the Warrant Stock
         that may be purchased hereunder.

             (d) The Warrant Stock issuable upon the exercise of this Warrant
         shall be deemed to have been issued to the Purchaser at 5:00 p.m.
         (Chicago time) on the Exercise Date, and the Purchaser shall be deemed
         for all purposes to have become the record holder of such Warrant Stock
         at such time on the Exercise Date.

             (e) The issuance of certificates for shares of Warrant Stock upon
         exercise of this Warrant shall be made without charge to the Registered
         Holder or the Purchaser for any issuance tax with respect thereto or
         other cost incurred by the Company in connection with such exercise and
         the related issuance of shares of Warrant Stock; provided, however,
         that the Company shall not be required to pay any income tax to which
         the Registered Holder or the Purchaser may be subject in connection
         with the issuance of this Warrant or any Warrant Stock. Each share of
         Warrant Stock issuable upon exercise of this Warrant shall be, upon
         payment of the Exercise Price, duly authorized, validly issued, fully
         paid and nonassessable and free from all liens, restrictions,
         encumbrances, and charges.

             (f) Each party shall assist and cooperate with each other party
         with respect to any required governmental filings or governmental
         approvals prior to, or in connection with, any exercise of this
         Warrant.

         1.3 Exercise Agreement. To exercise this Warrant, each Purchaser shall
execute and deliver the Exercise Agreement, the form of which is attached hereto
as Exhibit II, except that if the shares of Warrant Stock are not to be issued
in the name of the Registered Holder, the Exercise Agreement shall also state
the name of the Person to whom the certificates for the shares of Warrant Stock
are to be issued, and if the number of shares of Warrant Stock to be issued does
not include all the shares of Warrant Stock purchasable hereunder, it shall also
state the name of the Person to whom a new Warrant for the unexercised portion
of the rights

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hereunder is to be delivered. Such Exercise Agreement shall be dated the date of
execution thereof.

         1.4 Fractional Shares. The Company shall not be required to issue any
fractional shares upon exercise of the rights represented by this Warrant. In
lieu of any fractional share to which the Purchaser would otherwise have been
entitled in the absence of this section, the Company shall, within 10 business
days after the Exercise Date, deliver to the Purchaser by wire transfer or a
cashier's check payable to the Registered Holder an amount equal to the
difference between the Market Price of such fractional share and the Exercise
Price of such fractional share.

         1.5 Reservation of Common Stock. The Company shall at all times reserve
and keep available out of its authorized but unissued shares of Common Stock
solely for the purpose of issuance upon the exercise of this Warrant, such
number of shares of Common Stock issuable upon the exercise of this Warrant. If,
at any time, the number of authorized but unissued shares of Common Stock shall
not be sufficient to effect the full exercise of this Warrant, the Company shall
immediately take such corporate action as may, in the opinion of its counsel, be
necessary to increase its authorized but unissued shares of Common Stock to such
number of shares as shall be sufficient for such purpose. All Warrant Stock,
when issued, shall be duly authorized and validly issued, fully paid and
nonassessable, and free from all taxes, liens, encumbrances, and restrictions.
The Company shall take all actions that may be necessary to assure that such
shares of Warrant Stock may be so issued without violation of any applicable law
or governmental regulation, or any requirement of any domestic securities
exchange.

         1.6 Cashless Exercise. In lieu of exercising this Warrant or any
portion hereof and paying the Exercise Price as otherwise provided herein, the
Purchaser shall have the right to convert this Warrant or any portion hereof
into a number of shares to be computed using the following formula:

                                  (P)(Y)(A-B)
                          X   =  --------------
                                       A

X=       the number of shares of Common Stock to be issued to the Purchaser for
         the portion of this Warrant being converted.

P=       the portion of this Warrant being converted.

Y=       the total number of shares of Common Stock issuable upon exercise of
         this Warrant in full.

A=       the Market Price of one share of Common Stock determined as of the date
         of exercise of this Warrant.

B=       the Exercise Price.

         Upon any such conversion, the portion of this Warrant represented by
the variable "P" above shall be cancelled as provided herein.

         Section 2. Adjustment of Number of Shares.

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         2.1 Subdivision or Combination of Common Stock. If the Company at any
time subdivides (by any stock split, stock dividend, recapitalization, or
otherwise) one or more classes of its outstanding shares of Common Stock into a
greater number of shares, the Exercise Price in effect immediately prior to such
subdivision shall be proportionately reduced and the number of shares of Warrant
Stock obtainable upon exercise of this Warrant shall be proportionately
increased. If the Company at any time combines (by reverse stock split or
otherwise) one or more classes of its outstanding shares of Common Stock into a
smaller number of shares, the Exercise Price in effect immediately prior to such
combination shall be proportionately increased and the number of shares of
Warrant Stock obtainable upon exercise of this Warrant shall be proportionately
decreased.

         2.2 Reorganization, Reclassification, Consolidation, Merger, or Sale.
Prior to the consummation of any Organic Change, the Company shall make
appropriate provision to ensure that each Purchaser shall thereafter have the
right to acquire and receive in lieu of, or addition to (as the case may be),
the shares of Warrant Stock immediately theretofore acquirable and receivable
upon the exercise of such holder's Warrant, such shares of stock, securities,
cash, or assets as may be issued or payable with respect to, or in exchange for,
the number of shares of Warrant Stock immediately theretofore acquirable and
receivable upon exercise of such holder's Warrant had such Organic Change not
taken place. The Company shall not effect any such Organic Change, unless prior
to the consummation thereof, the successor entity (if other than the Company)
resulting from such Organic Change or the entity purchasing such assets assumes
by written instrument the obligation to deliver to each such Registered Holder
such shares of stock, securities, cash, or assets as, in accordance with the
foregoing provisions, such holder may be entitled to acquire.

         2.3 Notices.

             (a) Immediately upon any adjustment set forth in Section 2, the
         Company shall give written notice thereof to the Registered Holder,
         setting forth in reasonable detail such adjustment and certifying the
         calculation thereof.

             (b) The Company shall give written notice to the Registered Holder
         at least 5 business days prior to the date on which any Organic Change
         shall be consummated, unless such notice would otherwise be prohibited
         by applicable law or would adversely affect an Organic Change.

         Section 3. No Stockholder Rights. Prior to the exercise hereof, this
Warrant shall not, with respect to the shares of Warrant Stock, entitle the
Registered Holder or any other Person (as a holder of this Warrant) to any
rights as a stockholder of the Company, including the right to vote (or give
written consent) or to receive dividends or other distributions.

         Section 4. Transfer and Exchange of Warrant.

         4.1 Transfer. Subject to the transfer restrictions set forth in the
legend endorsed hereon, this Warrant and all rights hereunder are transferable,
in whole or in part (without charge by the Company to the Registered Holder),
only upon surrender of this Warrant with a properly

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executed Assignment (in the form attached hereto as Exhibit I) at the principal
office of the Company.

         4.2 Exchange. This Warrant is exchangeable, upon the surrender hereof
by the Registered Holder at the principal office of the Company, for one or more
replacement Warrants of like tenor representing in the aggregate the purchase
rights hereunder, and each such replacement Warrant shall represent such portion
of such rights as is designated by the Registered Holder at the time of such
surrender. The date the Company initially issues this Warrant shall be deemed to
be the "Date of Issuance" for each such replacement Warrant irrespective of the
number of times one or more replacement Warrants representing the unexpired and
unexercised rights formerly represented by this Warrant shall be issued.

         4.3 Conditions. If, at the time of any transfer or exchange of this
Warrant, the Warrant Stock or this Warrant shall not be registered under the
Securities Act, the Company may require, as a condition to allowing such
transfer or exchange, that the Registered Holder furnish to the Company a
written statement that any replacement Warrant is being acquired for investment
purposes only, and not with a view to the distribution thereof.

         Section 5. Replacement. Upon receipt of evidence reasonably
satisfactory to the Company of the ownership and the loss, theft, destruction,
or mutilation of this Warrant, and in the case of any such loss, theft, or
destruction, upon receipt of indemnity reasonably satisfactory to the Company,
or, in the case of any such mutilation, upon surrender of this Warrant, the
Company shall (at the expense of the Company) execute and deliver in lieu of
this Warrant, a new Warrant of like tenor representing the same rights
represented by such lost, stolen, destroyed, or mutilated Warrant and dated the
Date of Issuance.

         Section 6. Definitions. Unless otherwise set forth in this Warrant, all
capitalized terms have the meanings set forth below:

         "Common Stock" means the Company's common stock, $0.01 par value per
share.

         "Market Price" means the average of the closing prices of such
security's sales on all securities exchanges on which such security may at the
time be listed, or, if there has been no sales on any such exchange on any day,
the average of the highest bid and lowest asked prices on all such exchanges at
the end of such day, or, if on any day such security is not so listed, the
average of the representative bid and asked prices quoted by the Nasdaq Stock
Market as of 4:00 P.M., New York time, or, if on any day such security is not
quoted by the Nasdaq Stock Market, the average of the highest bid and lowest
asked prices on such day in the domestic over-the-counter market as reported by
Pink Sheets LLC, or any similar successor organization, in each such case
averaged over a period of 21 days consisting of the day as of which "Market
Price" is being determined and the 20 consecutive business days prior to such
day. If at any time such security is not listed on any securities exchange or
quoted by the Nasdaq Stock Market or the over-the-counter market, the "Market
Price" will be the fair value thereof determined in good faith by the Board of
Directors.

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         "Organic Change" means any recapitalization, reorganization,
reclassification, consolidation, merger, share acquisition or exchange, or sale
of all or substantially all of the Company's assets to another Person, or other
transaction that is effected in such a way that holders of Common Stock are
entitled to receive (either directly or upon subsequent liquidation) stock,
securities, cash, or assets with respect to, or in exchange for, Common Stock.

         "Securities Act" means the Securities Act of 1933, as amended.

         Section 7. Miscellaneous.

         7.1 Limitation of Liability. No provision hereof, in the absence of
affirmative action by the Registered Holder or the Purchaser to purchase Warrant
Stock, and no enumeration herein of the rights or privileges of the Registered
Holder or the Purchaser, shall give rise to any liability of such Registered
Holder or Purchaser for the purchase price of any Warrant Stock or as a
stockholder of the Company.

         7.2 Remedies. The Registered Holder and the Purchaser shall have all
rights and remedies set forth in this Warrant, the Certificate of Incorporation,
and all of the rights that the Registered Holder and the Purchaser has under any
law. Any Person having any rights under any provision of this Warrant shall be
entitled to enforce such rights specifically, without posting a bond or other
security, to recover damages by reason of any breach of any provision of this
Warrant and to exercise all other rights granted by law.

         7.3 Amendment and Waiver. Except as otherwise provided herein, the
provisions of this Warrant may be amended only by a written instrument signed by
the Company and the Registered Holder. No other course of dealing between the
Company and the Registered Holder or the Purchaser or any delay in exercising
any rights hereunder, under the Company's Certificate of Incorporation, or
otherwise shall operate as a waiver of any rights of the Registered Holder or
the Purchaser. The failure of any party to enforce any of the provisions of this
Warrant shall not be construed as a waiver of such provisions and will not
affect the right of such party thereafter to enforce each and every provision of
this Warrant in accordance with its terms.

         7.4 Descriptive Headings. The descriptive headings of the several
sections and paragraphs of this Warrant are inserted for convenience only and do
not constitute a part of this Warrant.

         7.5 Payments. All payments required or permitted hereunder shall be
made in immediately available funds in the lawful currency of the United States
of America.

         7.6 Governing Law. This Warrant shall be governed by, and construed and
enforced in accordance with, the substantive laws of the State of Illinois,
without regard to the conflicts of laws principles thereof.

                                    * * * * *

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         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed
and attested by its duly authorized officers under its corporate seal and to be
dated the Date of Issuance hereof.

                                  UNIVERSAL AUTOMOTIVE INDUSTRIES, INC.

                                  By:
                                       ------------------------------
                                  Its:
                                       ------------------------------

Attest:

--------------------------
       Secretary

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                                                                       EXHIBIT I

                                   ASSIGNMENT

         FOR VALUE RECEIVED, _____________________________________ hereby sells,
assigns, and transfers all of the rights of the undersigned under the attached
Warrant (Certificate No. W-____ ) with respect to the number of shares of the
Warrant Stock covered thereby set forth below, unto:

Names of Assignee                   Address                       No. of Shares
-----------------                   -------                       -------------

Dated:   _____________ __, 20__

                                          Signature:
                                                     ---------------------------

                                                     ---------------------------
                                          Witness:
                                                     ---------------------------

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                                                                      EXHIBIT II

                               EXERCISE AGREEMENT

To:      Universal Automotive Industries, Inc.    Dated: ______________ __, 20__

         The undersigned, pursuant to the provisions set forth in the attached
Warrant (Certificate No. W-____ ), hereby agrees to subscribe for the purchase
of ____ shares of the Warrant Stock covered by such Warrant and makes payment
herewith in full therefor at the price per share provided by such Warrant.

                                          Signature:
                                                    ----------------------------

                                          Address:
                                                  ------------------------------<PAGE>   1
                                                                    EXHIBIT 10.5

                      UNIVERSAL AUTOMOTIVE INDUSTRIES, INC.

                             REGISTRATION AGREEMENT

                                   DATED AS OF

                                 AUGUST 28, 2001

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                                TABLE OF CONTENTS

                                                                            PAGE

Section 1.  Definitions.......................................................1

Section 2.  Demand Registration...............................................2
         2.1.       Request for Registration..................................2
         2.2.       Demand Registrations......................................2
         2.3.       Priority on Demand Registrations..........................2
         2.4.       Selection of Underwriters.................................3
         2.5.       Other Registration Rights.................................3

Section 3.  Piggyback Registrations...........................................3
         3.1.       Right to Piggyback........................................3
         3.2.       Priority on Piggyback Registrations.......................3
         3.3.       Selection of Underwriters.................................3

Section 4.  Limitations.......................................................3
         4.1.       Holdback..................................................3
         4.2.       Cessation of Sales........................................4
         4.3.       Other Registrations.......................................4

Section 5.  Registration Procedures...........................................4
         5.1.       Company Procedures........................................4
         5.2.       Seller Procedures.........................................7
         5.3.       Inclusion of Information..................................7

Section 6.  Registration Expenses.............................................7
         6.1.       Registration Expenses.....................................7
         6.2.       Legal Expenses............................................8
         6.3.       Other Expenses............................................8

Section 7.  Indemnification...................................................8
         7.1.       Company Indemnification...................................8
         7.2.       Holder Indemnification....................................8
         7.3.       Resolution of Claims......................................9
         7.4.       Survival; Contribution....................................9

Section 8.  Participation in Underwritten Registrations.......................9

Section 9.  Transfer of Registration Rights..................................10

Section 10.  Current Public Information; Rule 144A...........................10

Section 11.  No Conflict.....................................................10

Section 12.  Miscellaneous...................................................10

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         12.1.      Adjustments Affecting Registrable Securities.............10
         12.2.      Remedies.................................................10
         12.3.      Consent to Amendments; Waiver............................11
         12.4.      Successors and Assigns...................................11
         12.5.      Severability.............................................11
         12.6.      Counterparts.............................................11
         12.7.      Descriptive Headings.....................................11
         12.8.      Notices..................................................11
         12.9.      No Third-Party Beneficiaries.............................12
         12.10.     Entire Agreement.........................................12
         12.11.     Construction.............................................12
         12.12.     Governing Law............................................13
         12.13.     Submission to Jurisdiction...............................13
         12.14.     Attorneys' Fees..........................................13
         12.15.     Waiver of Jury Trial.....................................13

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                             REGISTRATION AGREEMENT

         This REGISTRATION AGREEMENT ("Agreement") is dated as of August 28,
2001, by and between Universal Automotive Industries, Inc., a Delaware
corporation ("Company"), and Venture Equities Management, Inc., an Illinois
corporation ("Purchaser").

         The parties hereto agree as follows:

         Section 1. Definitions. All capitalized terms used, but not defined,
herein shall have the meanings set forth in the Purchase Agreement. For purposes
of this Agreement, the following terms have the meanings set forth below:

         "Agreement" has the meaning set forth in the preamble.

         "Common Stock" means the Common Stock, $0.01 par value per share, of
the Company.

         "Company" has the meaning set forth in the preamble.

         "Person" means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization, and a governmental entity or any
department, agency, or political subdivision thereof.

         "Preferred Stock" means the Series A Preferred Stock, $0.01 par value
per share, of the Company.

         "Purchase Agreement" means that certain Purchase Agreement, of even
date herewith, by and between the Purchaser and the Company.

         "Purchaser" has the meaning set forth in the preamble.

         "Registrable Securities" means: (a) any Common Stock issued or issuable
upon the conversion of any Preferred Stock; (b) any other shares of Common Stock
held at any time and from time to time by the Purchaser; and (c) any Common
Stock issued or issuable with respect to the securities referred to in clause
(a) or (b) by way of a stock dividend or stock split or in connection with a
combination of shares, recapitalization, merger, consolidation, or other
reorganization. As to any particular Registrable Securities, such securities
shall cease to be Registrable Securities when a registration statement with
respect to the distribution of such securities shall have become effective under
the Securities Act or such securities may be distributed to the public in
compliance with Rule 144 under the Securities Act (or any similar rule then in
force); provided, however, that if any such securities cease to be eligible for
distribution to the public in compliance with Rule 144, then such securities
shall again be deemed to be Registrable Securities. For purposes of this
Agreement, a Person shall be deemed to be a holder of Registrable Securities
whenever such Person has the right to acquire directly or indirectly such
Registrable Securities (upon conversion or exercise in connection with a
transfer of securities or otherwise, but disregarding any restrictions or
limitations upon the exercise of such right), irrespective of whether such
acquisition has actually been consummated.

         "Registration Expenses" has the meaning set forth in Section 6.1.

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         "Securities Act" means the Securities Act of 1933, as amended from time
to time.

         "Securities Exchange Act" means the Securities Exchange Act of 1934, as
amended from time to time.

         Section 2. Demand Registration.

         2.1. Request for Registration. Subject to the terms and conditions of
this Agreement, at any time after the Closing Date, the holders of a majority of
the Registrable Securities may request registration by the Company under the
Securities Act of all or part of their Registrable Securities on Form S-1 or any
similar long-form registration ("Long-Form Registrations") or on Form S-3 or any
similar short-form registration ("Short-Form Registrations"), if available. Each
request for a Demand Registration (as defined below) shall specify the
approximate number of Registrable Securities requested to be registered, the
intended method of distribution thereof, and the anticipated per share price
range for such offering. Within 15 days after receipt of any such request, the
Company shall give written notice of such requested registration to all other
holders of the Registrable Securities, and shall include as soon as practicable
(but in any event, within 30 days of the receipt of such request) in such
registration all Registrable Securities that such other holders have requested
to be registered and included therein. Long-Form Registrations and Short-Form
Registrations are collectively referred to in this Agreement as "Demand
Registrations."

         2.2. Demand Registrations. The holders of a majority of the Registrable
Securities shall be entitled to request two Long-Form Registrations or two
Short-Form Registrations. Demand Registrations shall be Short-Form Registrations
whenever the Company is permitted to use any applicable short form. The Company
shall use best efforts to make Short-Form Registrations available for the sale
of Registrable Securities. A registration shall not count as a permitted Demand
Registration until it has become effective, and no registration shall count as a
permitted Demand Registration unless the Persons holding Registrable Securities
covered by such registration are able to register and sell 100% of the
Registrable Securities requested to be included in such registration.

         2.3. Priority on Demand Registrations. The Company shall not include in
any Demand Registration any securities that are not Registrable Securities
without the prior written consent of the holders of a majority of the
Registrable Securities. If a Demand Registration is an underwritten offering and
the managing underwriter or underwriters advise the Company in writing that, in
its or their opinion, the number of Registrable Securities and, if permitted
hereunder, other securities requested to be included in such offering, exceeds
the number of Registrable Securities and other securities, if any, that can be
sold without having an adverse effect on the price, timing, or distribution of
such offering, the Company shall include in such registration, prior to the
inclusion of any securities that are not Registrable Securities, the number of
Registrable Securities requested to be included, which, in the opinion of such
underwriter or underwriters, can be sold without having an adverse effect on the
price, timing, or distribution of such offering, pro rata among the respective
holders thereof on the basis of the number of Registrable Securities owned by
each such holder, and only such lesser number of other securities as shall not,
in the opinion of the managing underwriter or underwriters, be likely to have
such an adverse effect.

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         2.4. Selection of Underwriters. If any offering pursuant to a Demand
Registration is in the form of an underwritten offering, then the holders of a
majority of the Registrable Securities shall have the right to select the
managing underwriter or underwriters to administer the offering, and such
managing underwriter or underwriters shall be of nationally-recognized standing.

         2.5. Other Registration Rights. Except as provided in this Agreement,
the Company shall not impair any right of any holder of the Registrable
Securities under Section 2 without the prior written consent of the holders of a
majority of the Registrable Securities, which shall not be unreasonably
withheld.

         Section 3. Piggyback Registrations.

         3.1. Right to Piggyback. Whenever the Company proposes to register any
of its securities under the Securities Act for its own account or for the
account of other Persons (other than a registration on Form S-4 or Form S-8 or
successor form) and the registration form to be used may be used for the
registration of Registrable Securities ("Piggyback Registration"), the Company
shall give prompt written notice (in any event within 20 business days after its
receipt of notice of any exercise of demand registration rights other than under
this Agreement) to the holders of the Registrable Securities of its intention to
effect such a registration, and shall include in such registration all
Registrable Securities (subject to Section 3.2) that the holders of the
Registrable Securities have requested to be included.

         3.2. Priority on Piggyback Registrations. If a Piggyback Registration
is an underwritten registration on behalf of the Company, and the managing
underwriter or underwriters advise the Company in writing that, in its or their
opinion, the number of securities requested to be included in such registration
exceeds the number that can be sold without having an adverse effect on the
price, timing, or distribution of such offering, then Company shall include in
such registration its securities in the following order of priority: (a) first,
one hundred percent (100%) of the securities that the Company proposes to sell
for its own account or for the account of other Persons; and (b) second, the
Registrable Securities requested to be included in such registration pursuant to
Section 3.1 together with all other securities eligible for inclusion in such
registration pro rata among the respective holders thereof on the basis of the
number of Registrable Securities and other securities, as applicable, owned by
the holders thereof; provided, however, that all of the securities referenced in
clause (a) have been included.

         3.3. Selection of Underwriters. If any offering pursuant to a Piggyback
Registration is in the form of an underwritten offering, then the Company shall
have the right to select the managing underwriter or underwriters to administer
the offering, and such managing underwriter or underwriters shall be of
nationally-recognized standing.

         Section 4. Limitations.

         4.1. Holdback. Each holder of Registrable Securities agrees not to
effect any public sale or distribution (including sales pursuant to Rule 144
under the Securities Act) of equity securities of the Company, or any securities
convertible into, or exchangeable or exercisable for, such securities, during
the period beginning on the effective date of any underwritten Demand

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Registration or any underwritten Piggyback Registration in which Registrable
Securities are included (except as part of such underwritten registration or
pursuant to registrations on Form S-4 or Form S-8 or any successor form) and
ending on the date that is 180 days thereafter, unless the underwriter or
underwriters managing the registered public offering otherwise agree.

         4.2. Cessation of Sales.

              (a) Upon receipt of written notice from the Company pursuant to
         Section 5.1(e), each holder of Registrable Securities hereby agrees to
         discontinue the disposition of the Registrable Securities covered by a
         registration statement or prospectus until such order set forth in
         Section 5.1(e) has been withdrawn or lifted.

              (b) Upon receipt of written notice from the Company pursuant to
         Section 5.1(f), each holder of Registrable Securities hereby agrees to
         discontinue the disposition of the Registrable Securities covered by a
         registration statement or prospectus until such holders: (i) receive
         copies of a supplemented or amended prospectus and have been advised in
         writing by the Company that such supplemented or amended prospectus may
         be used; or (ii) are advised in writing by the Company that the
         applicable prospectus may be used. If so directed by the Company, the
         holders of Registrable Securities shall deliver to the Company all
         copies then in such holder's possession of the prospectus covering such
         Registrable Securities current at the time of receipt of notice by the
         Company.

         4.3. Other Registrations. The Company agrees not to effect any public
sale or distribution of its equity securities, or any securities convertible
into, or exchangeable or exercisable for, such securities, during the period
beginning on the effective date of any underwritten Demand Registration or any
underwritten Piggyback Registration (except as part of such underwritten
registration or pursuant to registrations on Form S-4 or Form S-8 or any
successor form) and ending on the date that is 180 days thereafter, unless the
underwriter or underwriters managing the registered public offering otherwise
agree.

         Section 5. Registration Procedures.

         5.1. Company Procedures. Whenever the holders of the Registrable
Securities have requested that any Registrable Securities be registered pursuant
to this Agreement, the Company shall use its best efforts to effect the
registration and the sale of such Registrable Securities in accordance with the
intended method of disposition thereof, and pursuant thereto the Company shall
as expeditiously as possible:

              (a) prepare and file with the Securities and Exchange Commission a
         registration statement with respect to such Registrable Securities and
         use best efforts to cause such registration statement to become
         effective (provided that before filing a registration statement or
         prospectus or any amendments or supplements thereto, the Company shall
         furnish to the counsel selected by the holders of a majority of the

                                       4

<PAGE>   8

         Registrable Securities being registered copies of all such documents
         proposed to be filed);

              (b) prepare and file with the Securities and Exchange Commission
         such amendments and supplements to such registration statement and the
         prospectus used in connection therewith as may be necessary to keep
         such registration statement effective for a period of not less than 180
         days (or, if such registration statement is pursuant to a Short-Form
         Registration, then for a period that shall be necessary to keep such
         registration statement effective for the period that shall be adequate
         to sell all Registrable Securities covered thereby) and comply with the
         provisions of the Securities Act with respect to the disposition of all
         securities covered by such registration statement during such period in
         accordance with the intended methods of disposition by the sellers
         thereof set forth in such registration statement;

              (c) furnish to the holders of the Registrable Securities being
         registered such number of copies of such registration statement, each
         amendment and supplement thereto, the prospectus included in such
         registration statement (including each preliminary prospectus), and
         such other documents as the holders of the Registrable Securities being
         registered may reasonably request to facilitate the disposition of the
         Registrable Securities owned by such holders;

              (d) use best efforts to register or qualify, if necessary, such
         Registrable Securities being registered under such other securities or
         blue sky laws of such jurisdictions as the holders of a majority of the
         Registrable Securities being registered reasonably request and do any
         and all other acts and things that may be reasonably necessary or
         advisable to enable the holders of the Registrable Securities being
         registered to consummate the disposition in such jurisdictions of such
         Registrable Securities owned by such holders (provided that the Company
         shall not be required to: (i) qualify generally to do business in any
         jurisdiction where it would not otherwise be required to qualify; (ii)
         subject itself to taxation in any such jurisdiction; or (iii) consent
         to general service of process in any such jurisdiction);

              (e) in the event of the issuance of any stop order suspending the
         effectiveness of a registration statement, or of any order suspending
         or preventing the use of any related prospectus or suspending the
         qualification of any securities included in such registration statement
         for sale in any jurisdiction, use best efforts promptly to obtain the
         withdrawal of such order;

              (f) notify the holders of the Registrable Securities being
         registered, at any time when a prospectus relating thereto is required
         to be delivered under the Securities Act, of the happening of any event
         as a result of which the prospectus included in such registration
         statement contains an untrue statement of a material fact or omits any
         fact necessary to make the statements therein not misleading, and, at
         the request of the holders of a majority of the Registrable Securities
         being registered, the Company shall prepare a supplement or amendment
         to such prospectus so that, as thereafter delivered to the holders of
         Registrable Securities being registered, such prospectus shall not
         contain an

                                       5

<PAGE>   9

         untrue statement of a material fact or omit to state any fact necessary
         to make the statements therein not misleading;

              (g) cause all such Registrable Securities included in an offering
         hereunder to be listed on any national stock exchange or market on
         which any Registrable Securities are listed, or, if the Registrable
         Securities are not listed on any national stock exchange or market, the
         Company shall use best efforts to qualify the Registrable Securities
         for inclusion on the Nasdaq SmallCap Market;

              (h) provide a transfer agent and registrar for all such
         Registrable Securities being registered not later than the effective
         date of such registration statement;

              (i) enter into such customary agreements (including underwriting
         agreements in customary form) and take all such other reasonable
         actions as the holders of a majority of the Registrable Securities
         being registered or the underwriter or underwriters, if any, reasonably
         request to expedite or facilitate the disposition of such Registrable
         Securities being registered;

              (j) make available for inspection at the Company's principal
         office (during normal business hours and upon reasonable notice) by any
         holder of the Registrable Securities being registered, any underwriter
         participating in any disposition pursuant to such registration
         statement, and any attorney, accountant, or other agent retained by any
         holder of the Registrable Securities being registered or underwriter,
         all financial and other records, pertinent corporate documents and
         properties of the Company, and cause the Company's officers, directors,
         employees, and independent accountants to supply all information
         reasonably requested by any holder of the Registrable Securities being
         registered, underwriter, attorney, accountant, or agent in connection
         with such registration statement;

              (k) comply with all applicable rules and regulations of the
         Securities and Exchange Commission;

              (l) permit the holders of a majority of the Registrable Securities
         being registered to participate in the preparation of such registration
         or comparable statement and to require the insertion therein of
         material, furnished to the Company in writing, which in the reasonable
         judgment of the Company and its counsel should be included;

              (m) obtain from its counsel an opinion or opinions in customary
         form and substance;

              (n) obtain a cold comfort letter from the Company's independent
         public accountants in customary form and covering such matters of the
         type customarily covered by cold comfort letters as the holders of a
         majority of the Registrable Securities being registered reasonably
         request; provided that such a comfort letter shall not be required in
         connection with a Short-Form Registration unless the underwriter or
         underwriters otherwise require; and

                                        6

<PAGE>   10

              (o) take all other actions reasonably necessary to effect the
         registration of the Registrable Securities contemplated hereby.

         5.2. Seller Procedures. Each holder of the Registrable Securities
agrees as follows:

              (a) Each holder of the Registrable Securities shall cooperate with
         the Company as reasonably requested by the Company in connection with
         the preparation of the registration statement covering such holder's
         Registrable Securities, and for so long as the Company is obligated to
         file and keep effective such registration statement, shall provide to
         the Company, in writing, for use in such registration statement, all
         such information regarding such holder and its plan of distribution of
         the Registrable Securities being included in such registration
         statement as may be reasonably necessary to enable the Company to
         prepare the registration statement and prospectus covering the
         Registrable Securities, to maintain the currency and effectiveness
         thereof, and otherwise to comply with all applicable requirements of
         law in connection therewith.

              (b) Each holder of the Registrable Securities shall, with respect
         to a registration under this Agreement, advise the Company immediately
         if such holder knows or becomes aware of any matter regarding such
         holder that such holder believes may result in the inclusion in a
         prospectus or registration statement of an untrue statement of a
         material fact or the omission of a material fact required to be stated
         therein or necessary to make the statements therein not misleading, and
         shall assist the Company in preparing and filing with the Securities
         and Exchange Commission any amendments or supplements to such
         prospectus or registration statement that may be necessary or
         appropriate to permit the prospectus and registration statement to be
         used under the Securities Act in connection with the offer and sale of
         Registrable Securities.

         5.3. Inclusion of Information. If any registration or comparable
statement refers to any holder of Registrable Securities by name or otherwise as
the holder of any securities of the Company and, if in its sole and exclusive
judgment, such holder is or might be deemed to be a controlling person of the
Company, such holder shall have the right to require the insertion therein of
language, in form and substance satisfactory to such holder and presented to the
Company in writing, to the effect that the holding by such holder of such
securities is not to be construed as a recommendation by such holder of the
investment quality of the Company's securities covered thereby and that such
holding does not imply that such holder shall assist in meeting any future
financial requirements of the Company.

         Section 6. Registration Expenses.

         6.1. Registration Expenses. All expenses incident to the Company's
performance of, or compliance with, this Agreement, including, all registration
and filing fees, fees and expenses of compliance with securities or blue sky
laws, printing expenses, messenger and delivery expenses, and fees and
disbursements of counsel for the Company and all independent certified public
accountants, underwriters (excluding discounts and commissions) and other
Persons retained by the Company (all such expenses being herein called
"Registration Expenses"), shall be borne by the Company. In addition to the
foregoing, the Company shall pay its internal expenses (including all salaries
and expenses of its officers and employees performing legal or

                                       7

<PAGE>   11

accounting duties), the expense of any annual audit or quarterly review, the
expense of any liability insurance obtained by the Company, and the expenses and
fees for listing the securities to be registered on each securities exchange on
which similar securities issued by the Company are then listed or on the Nasdaq
National Market. Notwithstanding anything to the contrary herein, the holders of
the Registrable Securities shall bear all underwriting discounts and
commissions, and any stock transfer taxes payable upon the sale of any
Registrable Securities to the purchaser thereof.

         6.2. Legal Expenses. In connection with each Demand Registration and
each Piggyback Registration, the Company shall reimburse the holders of
Registrable Securities for the reasonable fees and disbursements of one special
counsel.

         6.3. Other Expenses. To the extent Registration Expenses are not
required to be paid by the Company, each holder of securities included in any
registration pursuant to this Agreement shall pay those Registration Expenses
allocable to the registration of such holder's securities so included, and any
Registration Expenses not so allocable shall be borne by all sellers of
securities included in such registration in proportion to the aggregate selling
price of the securities to be so registered.

         Section 7. Indemnification.

         7.1. Company Indemnification. The Company agrees to indemnify and hold
harmless, to the maximum extent permitted by law, each holder of the Registrable
Securities, its officers, directors, employees, agents, and each Person who
controls each holder of the Registrable Securities (within the meaning of the
Securities Act) from and against all losses, claims, damages, liabilities and
expenses caused by any untrue or alleged untrue statement of material fact
contained in any registration statement, prospectus, preliminary prospectus, or
any amendment thereof or supplement thereto or any omission or alleged omission
of a material fact required to be stated therein or necessary to make the
statements therein not misleading, except insofar as the same are caused by, or
contained in any information furnished in writing to the Company or any
underwriter by, such holder expressly for use therein or by such holder's
failure to deliver a copy of the registration statement or prospectus or any
amendments or supplements thereto after the Company has furnished such holder
with a sufficient number of copies of the same. In connection with an
underwritten offering, the Company shall indemnify such underwriters, their
officers and directors, and each Person who controls such underwriters (within
the meaning of the Securities Act) to the same extent as provided above with
respect to the indemnification of the holders of Registrable Securities. The
reimbursement required by this Section 7.1 shall be made by periodic payments
within five days of the date on which the Company shall receive bills or
invoices therefor.

         7.2. Holder Indemnification. In connection with any registration
statement in which any holder of Registrable Securities is participating, such
holder shall furnish to the Company in writing such information and affidavits
as the Company reasonably requests for use in connection with any such
registration statement or prospectus and, to the extent permitted by law, shall
indemnify and hold harmless the Company, its officers, directors, employees,
agents, and each Person who controls the Company (within the meaning of the
Securities Act) from and against any losses, claims, damages, liabilities, and
expenses resulting from any untrue or alleged

                                       8

<PAGE>   12

untrue statement of material fact contained in the registration statement,
prospectus, preliminary prospectus, or any amendment thereof, or supplement
thereto or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading, but
only to the extent that such untrue statement or omission is contained in any
information or affidavit so furnished in writing by such holder; provided that
the obligation to indemnify shall be individual to such holder and shall be
limited to the net amount of proceeds received by such holder from the sale of
Registrable Securities pursuant to such registration statement. The
reimbursement required by this Section 7.2 shall be made by periodic payments
within five days of the date on which such holder shall receive bills or
invoices therefor.

         7.3. Resolution of Claims. Any Person entitled to indemnification
hereunder shall: (a) give prompt written notice to the indemnifying party of any
claim with respect to which it seeks indemnification; and (b) unless in such
indemnified party's reasonable judgment a conflict of interest between such
indemnified and indemnifying parties may exist with respect to such claim,
permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. If such defense is assumed,
the indemnifying party shall not be subject to any liability for any settlement
made by the indemnified party without its consent, which shall not be
unreasonably delayed, withheld, or conditioned. An indemnifying party who is not
entitled to, or elects not to, assume the defense of a claim shall not be
obligated to pay the fees and expenses of more than one counsel for all parties
indemnified by such indemnifying party with respect to such claim, unless in the
reasonable judgment (with written advice of counsel) of any indemnified party a
conflict of interest may exist between such indemnified party and any other of
such indemnified parties with respect to such claim.

         7.4. Survival; Contribution. The indemnification provided shall be a
continuing right to indemnification with respect to sales of Registrable
Securities and shall survive the registration and sale of any securities by any
Person and the expiration or termination of this Agreement. The indemnification
provided under this Agreement shall remain in full force and effect regardless
of any investigation made by, or on behalf of, the indemnified party or any
officer, director, or controlling Person of such indemnified party. Each
indemnifying party also agrees to make such provisions, as are reasonably
requested by any indemnified party, for contribution to such party in the event
indemnification is unavailable for any reason; provided, however, that the
amount of such contribution shall reflect the relative fault of the indemnifying
party and the indemnified party. The relative fault of the indemnifying party
and the indemnified party shall be determined with reference to, among other
things, whether information was supplied by the indemnifying party or
indemnified party, and the parties' relative intent, knowledge, access to
information, and opportunity to correct or prevent any event giving rise to a
claim for indemnification or contribution. No Person guilty of fraudulent
misrepresentation (with the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

         Section 8. Participation in Underwritten Registrations. No holder of
the Registrable Securities may participate in any registration hereunder that is
underwritten unless such holder: (a) agrees to sell such holder's securities on
the basis provided in any underwriting arrangements approved by the Person or
Persons entitled hereunder to approve such arrangements; and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting

                                       9

<PAGE>   13

agreements, and other documents required under the terms of such underwriting
arrangements; provided that no holder shall be required to make any
representations or warranties to the Company or the underwriters other than
representations and warranties regarding such holder and such holder's intended
method of distribution.

         Section 9. Transfer of Registration Rights. The rights granted
hereunder to cause the Company to register Registrable Securities may be
transferred or assigned either: (a) in connection with a transfer or assignment
of Registrable Securities; or (b) to an Affiliate of the holder of Registrable
Securities. For purposes of determining the number of shares of Registrable
Securities held by a partnership or limited liability company, the holdings of
the partnership or limited liability company shall be aggregated together and
with the holdings of its partners or members or retired partners or retired
members, and each of their respective transferees and assignees (including
spouses, siblings, lineal descendants, and ancestors who acquire Registrable
Securities by gift, will, or intestate succession).

         Section 10. Current Public Information; Rule 144A. At all times, the
Company shall file, on a timely basis, all reports required to be filed by it
under the Securities Act, the Securities Exchange Act, and the rules and
regulations adopted by the Securities and Exchange Commission thereunder, and
shall take such further action as a majority of the holders of the Registrable
Securities may reasonably request, to the extent required to enable such holders
to sell Preferred Stock or Registrable Securities pursuant to: (a) Rule 144 and
144A adopted by the Securities and Exchange Commission under the Securities Act
(as such rules may be amended from time to time) or any similar rules or
regulations hereafter adopted by the Securities and Exchange Commission; or (b)
a registration statement on Form S-2 or S-3 (if the Company is then able to use
such form) or any similar registration form hereafter adopted by the Securities
and Exchange Commission. Upon the request of the majority of the holders of the
Registrable Securities, the Company shall promptly supply such holders or its
respective prospective transferees with all information regarding the Company
required to be delivered in connection with a transfer pursuant to Rule 144A
under the Securities Act (or any similar provision then in force).

         Section 11. No Conflict. The Company hereby represents and warrants to
the Purchaser that the rights granted to the holders of the Registrable
Securities under this Agreement do not conflict with any other rights granted by
the Company.

         Section 12. Miscellaneous.

         12.1. Adjustments Affecting Registrable Securities. The Company shall
not take any action, or permit any change to occur, with respect to its
securities that would adversely affect the ability of the holders of the
Registrable Securities to include such Registrable Securities in a registration
undertaken pursuant to this Agreement or which would adversely affect the
marketability of such Registrable Securities in any such registration
(including, without limitation, effecting a stock split or a combination of
shares).

         12.2. Remedies. Each holder of the Registrable Securities shall have
all rights and remedies set forth in this Agreement, the Certificate of
Incorporation, and all of the rights that such holder has under any law. Any
Person having any rights under any provision of this

                                       10

<PAGE>   14

Agreement shall be entitled to enforce such rights specifically, without posting
a bond or other security, to recover damages by reason of any breach of any
provision of this Agreement and to exercise all other rights granted by law.

         12.3. Consent to Amendments; Waiver. Except as otherwise expressly
provided herein, the provisions of this Agreement may be amended only by a
written instrument signed by the Company and the holders of a majority of the
Registrable Securities. No other course of dealing between the Company and any
holder of the Registrable Securities or any delay in exercising any rights
hereunder, under the Company's Certificate of Incorporation, or otherwise shall
operate as a waiver of any rights of any holder of the Registrable Securities.
The failure of any party to enforce any of the provisions of this Agreement
shall not be construed as a waiver of such provisions and shall not affect the
right of such party thereafter to enforce each and every provision of this
Agreement in accordance with its terms. For purposes of this Agreement, shares
of Registrable Securities held by the Company or any of its Subsidiaries shall
not be deemed to be outstanding.

         12.4. Successors and Assigns. Except as otherwise expressly provided
herein, all covenants and agreements contained in this Agreement by, or on
behalf of, any of the parties hereto shall bind and inure to the benefit of the
respective successors and assigns of the parties hereto irrespective of whether
so expressed. In addition, and irrespective of whether any express assignment
has been made, the provisions of this Agreement that are for the benefit of each
holder of Registrable Securities as a purchaser or holder of Registrable
Securities are also for the benefit of, and enforceable by, any subsequent
holder of such Registrable Securities, provided that such subsequent holder
shall become a party hereto.

         12.5. Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited
by or invalid under applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

         12.6. Counterparts. This Agreement may be executed simultaneously in
two or more counterparts, any one of which need not contain the signatures of
more than one party, but all such counterparts taken together shall constitute
one and the same Agreement.

         12.7. Descriptive Headings. The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a part of this
Agreement.

         12.8. Notices. Any notice, request, instruction, or other document to
be given hereunder shall be in writing and shall be deemed to have been given:
(a) two days after receipt, if given by courier; (b) upon receipt, if given in
person; (c) on the date of transmission, if sent by telex, facsimile, or other
wire transmission; or (d) five days after being deposited in the mail, certified
or registered mail, postage prepaid, as follows:

         If to the Company:

               Universal Automotive Industries, Inc.
               11859 South Central Avenue

                                       11

<PAGE>   15

               Alsip, Illinois  60803
               Attn:  President
               Facsimile:  708-489-1544

         with a copy (which shall not constitute notice) to:

               Shefsky & Froelich, Ltd.
               444 North Michigan Avenue
               Chicago, Illinois  60611
               Attn:  Mitchell Goldsmith
               Facsimile:  312-527-3194

         If to the Purchaser:

               Venture Equities Management, Inc.
               1226 Michael Drive, Suite B-1
               Wood Dale, Illinois  60191
               Attn:  Pin Ni
               Facsimile:  630-595-9088

         with a copy (which shall not constitute notice) to:

               Barack Ferrazzano Kirschbaum Perlman & Nagelberg
               333 West Wacker Drive, Suite 2700
               Chicago, Illinois  60606
               Attn:  Alexander Lourie
               Facsimile:  312-984-3150

or to such other address or to the attention of such other Person as the
recipient party has specified by prior written notice to the sending party.

         12.9. No Third-Party Beneficiaries. This Agreement shall not confer any
rights or remedies upon any Person other than the Company, the holders of the
Registrable Securities, and their respective successors and permitted assigns.

         12.10. Entire Agreement. This Agreement (including the documents
referred to herein) constitutes the entire agreement among the parties and
supersedes all prior understandings, agreements, arrangements, or
representations by or among the parties, written or oral, that may have related
in any manner to the subject matter hereof, including, without limitation, that
certain Letter of Intent by and between the Company and Wanxiang America
Corporation, as amended.

         12.11. Construction. The language used in this Agreement will be deemed
to be the language chosen by the parties to express their mutual intent, and no
rule of strict construction will be applied against any party. Any reference to
any federal, state, local, or foreign statute or law, statute, rule, or
regulation will be deemed also to refer to all rules and regulations promulgated
thereunder, unless the context requires otherwise. The use of the words
"including" means "including without limitation." All references to

                                       12

<PAGE>   16

sections, exhibits, and schedules are to sections, exhibits, and schedules to
this Agreement. All words used in this Agreement shall be construed to be of
such gender or number as the circumstances require.

         12.12. Governing Law. This Agreement shall be governed by, and
construed and enforced in accordance with, the substantive laws of the State of
Illinois, without regard to the conflicts of laws principles thereof.

         12.13. Submission to Jurisdiction. Each of the parties to this
Agreement submits to the jurisdiction of any state or federal court sitting in
Chicago, Illinois, in any action or proceeding arising out of or relating to
this Agreement, agrees that all claims in respect of the action or proceeding
may be heard and determined in any such court, and agrees not to bring any
action or proceeding arising out of, or relating to, this Agreement in any other
court. Each of the parties to this Agreement waives any defense of inconvenient
forum to the maintenance of any action or proceeding so brought and waives any
bond, surety, or other security that might be required of any other party with
respect thereto.

         12.14. Attorneys' Fees. In the event of any action, arbitration, or
suit based upon or arising out of any actual or alleged breach by any party of
any representation, warranty, covenant, or agreement in this Agreement, the
prevailing party shall be entitled to recover its reasonable attorneys' fees and
expenses of such action, arbitration, or suit from the other party, in addition
to any other relief ordered by any proper arbitration proceeding or court.

         12.15. Waiver of Jury Trial. BECAUSE DISPUTES ARISING IN CONNECTION
WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED
BY AN EXPERIENCED AND EXPERT PERSON, AND THE PARTIES WISH APPLICABLE STATE AND
FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT
THEIR DISPUTES BE RESOLVED BY A JUDGE. THEREFORE, TO ACHIEVE THE BEST
COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE
PARTIES HERETO WAIVE ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT, OR
PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS
AGREEMENT.

                                    * * * * *

<PAGE>   17
         IN WITNESS WHEREOF, the parties hereto have executed this Registration
Agreement as of the date first written above.

UNIVERSAL AUTOMOTIVE INDUSTRIES, INC.

By:
    ------------------------------
Its:
    ------------------------------

VENTURE EQUITIES MANAGEMENT, INC.

By:
    ------------------------------
Its:
    ------------------------------

                                     S-1-1

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