Exhibit 10

AMENDMENT TO
EMPLOYMENT AGREEMENT

     AMENDMENT made as of this 6th day of March, 2003 to the Employment
Agreement dated as of October 30, 1998 (the “Employment Agreement”), by and
between Florida East Coast Industries, Inc. (“FECI”), a Florida corporation, and
Robert W. Anestis (the “Executive”).

W I T N E S S E T H:

     WHEREAS, FECI and the Executive have previously entered into the Employment
Agreement; and

     WHEREAS, FECI and the Executive desire to extend and amend the Employment
Agreement.

     NOW, THEREFORE, the parties hereto agree as follows:

     1.     Section 1 of the Employment Agreement is hereby amended by replacing
“December 31, 2003” with “December 31, 2005.”

     2.     Section 2(b)(viii) of the Employment Agreement is hereby amended by
adding the following language at the end thereof:

      “The Company shall provide the Executive (including coverage for
Executive’s spouse and dependents) with medical benefits by paying the premiums
on the policy currently maintained by the Executive.”

     3.     Section 4(d) of the Employment Agreement is amended by adding the
following language at the end thereof:

      “Notwithstanding the provisions of Section 2(b)(iv), (v) and (vi) or any
other contrary provision herein or in any option grant or agreement, if FECI
shall terminate the Executive’s employment other than for Cause, death or
Disability or the Executive shall terminate employment for Good Reason, (I) each
outstanding stock option then held by the Executive (including, without
limitation, any stock option granted pursuant to Section 2(b)(iv) and (v)) shall
immediately become fully vested and shall remain exercisable for a period of
five (5) years following such event, but in no event beyond the stated term of
such option and (II) the restriction period on each share of restricted stock
then held by the Executive (including, without limitation, any restricted stock
granted pursuant to Section 2(b)(iii)) shall lapse immediately. All agreements
relating to your stock options or restricted stock shall be deemed amended to
the extent inconsistent with the foregoing. For purposes of this provision, a
termination of the Executive’s employment other than for Cause shall include a
termination of employment upon expiration of the Agreement or any extension
thereof (whether by restatement, replacement or renewal) whether such expiration
occurs at the election of FECI or the Executive.”

     4.     Except as expressly set forth herein, all other provisions of the
Employment Agreement shall remain in full force and effect.

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     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the day and year first written above.

              FLORIDA EAST COAST INDUSTRIES, INC               By:          

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        Name: Heidi J. Eddins         Title: Executive Vice President, Secretary
& General Counsel  
       

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    Robert W. Anestis

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