DALE JARRETT RACING ADVENTURE INC - Recent Material Event

2 Item 5.01 Compensatory Arrangements of Certain Officers On July 11, 2011, the registrant entered into an amended and restated employment agreement with Timothy B. Shannon. Mr. Shannon and the registrant had previously entered into an employment agreement dated November 6, 2008. Pursuant to the amended and restated employment agreement, Timothy B. Shannon shall continue to serve as president, chief executive officer and chief financial officer of the registrant. The term of the agreement shall be for five years, commencing on July 1, 2011 and expiring on June 30, 2016. Mr. Shannon shall receive a salary equal to $150,000 per year. Mr. Shannon shall receive cost of living increases, if any, performance bonus' as determined by the board of directors and certain fringe benefits. The agreement shall automatically terminate upon the death of Mr. Shannon, may be terminated at any time by the registrant with Cause. Mr. Shannon may terminate the agreement at any time, with or without good reason. Item 9.01 Financial Statements and Exhibits Exhibit 10.1 Amended and Restated Employment Agreement dated July 11, 2011 3 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. Dale Jarrett Racing Adventure, Inc. DATED: August 30, 2011 /s/Timothy B. Shannon -------------------------------- President, Chief Executive Officer </TEXT> </DOCUMENT>