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Exhibit 10

AMENDMENT TO
EMPLOYMENT AGREEMENT

AMENDMENTmade 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:                                |  |                                                             
| |  |                                    |  |                                                             
| |  |                                    |  | Name: Heidi J. Eddins                                       
| |  |                                    |  | Title: Executive Vice President, Secretary & General Counsel
|
| |  |                                   
| |  |                                   
| |  | Robert W. Anestis                 

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