Document:

<PAGE>

                      THIRD AMENDMENT TO CREDIT AGREEMENT
                      -----------------------------------

         THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this "Agreement") is made and
entered into as of this 15th day of July, 2004, among FLORIDA EAST COAST
INDUSTRIES, INC., a Florida corporation (the "Borrower"), the Banks set forth on
the signature pages hereto (the "Banks"), BANK OF AMERICA, N.A., a national
banking association, as administrative agent for the Banks under this Agreement
(in such capacity, the "Administrative Agent") and as Swingline Bank and Letter
of Credit Issuing Bank, WACHOVIA BANK, N.A., a national banking association
(formerly First Union National Bank), as syndication agent, and SUNTRUST BANK, a
Georgia banking corporation, as documentation agent for the Banks under this
Agreement.

                                    RECITALS
                                    --------

         A. The Borrower and the Banks are parties to that certain Credit
Agreement dated as of March 22, 2001, as amended (as amended from time to time,
the "Credit Agreement"), pursuant to which the Banks agreed to make Loans from
time to time in an aggregate principal amount of up to $200,000,000. Capitalized
terms not otherwise defined herein shall have the meanings given such terms in
the Credit Agreement.

         B. To induce the Banks to make the loans to the Borrower under the
Credit Agreement, Florida East Coast Railway, LLC, Flagler Development Company,
Gran Central - Deerwood North, L.L.C., Florida Express Carriers, Inc., Florida
Express Logistics, Inc., Florida East Coast Deliveries, Inc. and Railroad Track
Construction Corporation (collectively, the "Guarantors") have delivered to the
Administrative Agent for the benefit of the Banks a Guaranty Agreement, dated as
of March 22, 2001, as amended (the "Guaranty"), guaranteeing payment and
performance by the Borrower of its Obligations under the Credit Agreement.

         C. The Banks are willing to make certain amendments to the Credit
Agreement on the terms and conditions set forth herein, including but not
limited to (i) redefining the Repurchase Limit, (ii) redefining Change of
Control and (iii) modifying certain negative covenants.

<PAGE>

                                   AGREEMENT
                                   ---------

         In consideration of the Recitals and of the mutual promises and
covenants contained herein, the Banks and the Borrower agree as follows:

         1. AMENDMENTS TO CREDIT AGREEMENT. The Borrower, the Administrative
Agent, the Issuing Bank and the Banks agree to the following amendments to the
Credit Agreement:

                  (a) Section 6.01 of the Credit Agreement is amended to delete
clause (g) thereof and replace it with the following:

                  (g) in respect of property securing Non-recourse Debt of
                  Flagler, but any such Liens shall cover only the property of
                  the project to which such Non-recourse Debt relates and the
                  aggregate principal amount secured by such Liens shall not
                  exceed $350,000,000 at any time outstanding.

                  (b) Section 6.02 of the Credit Agreement is amended in its
entirety to read as follows:

                  The Borrower shall not, and shall not cause, permit or suffer
                  any other Group Member, directly or indirectly, to create,
                  incur, assume or suffer to exist any Debt, except (a) Debt
                  hereunder and under the Loan Documents in respect of the
                  Notes, (b) Debt between and among Group Members, (c) equipment
                  financing, the aggregate amount of which shall not exceed
                  $10,000,000 and (d) with respect to Flagler, Non-recourse
                  Debt, the aggregate amount of which shall not exceed
                  $350,000,000.

                  (c) The definition of "Change of Control" set forth in
Exhibit A to the Credit Agreement is hereby amended to delete from clause (i)
thereof, the name "The Alfred I. duPont Testamentary Trust" and substitute
therefor the name "Franklin Mutual Advisors, LLC".

                  (d) The following definition set forth in Exhibit A to the
Credit Agreement is hereby amended in its entirety to read as follows:

                  "Repurchase Limit" shall mean $300,000,000.

                  (e) The following definition is added to Exhibit A to the
Credit Agreement in appropriate alphabetical order:

                  "Third Amendment" means the Third Amendment to this Agreement,
                  dated as of July 15, 2004, executed by the Borrower, the
                  Administrative Agent and Banks constituting the Majority
                  Banks.

                                      -2-

<PAGE>

         2. REPRESENTATIONS AND WARRANTIES. The Borrower hereby represents and
warrants to the Administrative Agent, the Issuing Bank and each of the Banks as
follows:

                  (a) RECITALS. The Recitals in this Agreement are true and
correct in all respects.

                  (b) INCORPORATION OF REPRESENTATIONS. All representations and
warranties of the Borrower in the Credit Agreement are incorporated herein in
full by this reference and are true and correct as of the date hereof.

                  (c) NO DEFAULTS. No Default or Event of Default has occurred
and is continuing under the Credit Agreement.

                  (d) CORPORATE POWER; AUTHORIZATION. The Borrower has the
corporate power, and has been duly authorized by all requisite corporate action,
to execute and deliver this Agreement and to perform its obligations hereunder.
This Agreement has been duly executed and delivered by the Borrower.

                  (e) ENFORCEABILITY. This Agreement is the legal, valid and
binding obligation of the Borrower, enforceable against the Borrower in
accordance with its terms.

                  (f) NO VIOLATION. The Borrower's execution, delivery and
performance of this Agreement do not and will not (i) violate any law, rule,
regulation or court order to which the Borrower or any other Group Member is
subject; (ii) conflict with or result in a breach of the Borrower's or any Group
Member's Articles of Incorporation or Bylaws or any agreement or instrument to
which the Borrower or any Group Member is party or by which it or its properties
are bound, or (iii) result in the creation or imposition of any lien, security
interest or encumbrance on any property of the Borrower or any Group Member,
whether now owned or hereafter acquired, other than liens in favor of the Banks.

                  (g) OBLIGATIONS ABSOLUTE. The obligation of the Borrower to
repay the Loans, together with all interest accrued thereon, is absolute and
unconditional, and there exists no right of set off or recoupment, counterclaim
or defense of any nature whatsoever to payment of the Obligations.

         3. CONDITIONS PRECEDENT TO EFFECTIVENESS OF AGREEMENT. This Agreement
shall not be effective unless and until each of the following conditions shall
have been satisfied in the Administrative Agent's sole discretion or waived by
the Administrative Agent:

                                      -3-

<PAGE>

                  (a) EXECUTION OF AGREEMENT AND GUARANTORS' CONSENT. The
Borrower, the Administrative Agent and the Majority Banks shall have executed
and delivered this Agreement and the Guarantors shall have executed the Consent
of Guarantors at the end of this Agreement.

                  (b) OTHER DELIVERABLES. The Borrower shall have delivered, or
caused to be delivered, to the Administrative Agent:

                           (i) A copy of the Articles of Incorporation of the
         Borrower, as amended, certified as of a recent date by a State
         Official, a copy of its most recent bylaws and a certificate of the
         Secretary or an Assistant Secretary of the Borrower and each other
         Group Member dated as of the date hereof substantially in the form
         attached as Appendix 2 to Exhibit E of the Credit Agreement.

                           (ii) A certificate substantially in the form attached
         as Appendix 3 to Exhibit E of the Credit Agreement certifying that (i)
         the Borrower is in compliance with all the terms and provisions of the
         Credit Agreement, as amended by this Agreement, and that as of the date
         hereof no Default has occurred or is continuing, and (ii) the
         representations and warranties contained in Article IV of the Credit
         Agreement are true and correct in all material respects.

                  (c) PAYMENT OF AMENDMENT/EXTENSION FEE. The Borrower shall
have paid to the Administrative Agent for the account of each Bank that has
approved the amendments described herein, in consideration of such approval, a
fee in an amount equal to 0.05% of such Bank's Commitment.

                  (d) PAYMENT OF EXPENSES. The Borrower shall have paid the
Administrative Agent all of its reasonable costs and expenses (including the
Administrative Agent's attorneys fees) incurred in connection with the
preparation of this Agreement.

         4. EFFECT AND CONSTRUCTION OF AGREEMENT. Except as expressly provided
herein, the Credit Agreement, the Pledge Agreement and the other Loan Documents
shall remain in full force and effect in accordance with their respective terms,
and this Agreement shall not be construed to:

                           (i) impair the validity, perfection or priority of
         any lien or security interest securing the Obligations;

                           (ii) waive or impair any rights, powers or remedies
         of the Administrative Agent, the Issuing Bank and the Banks under the
         Credit Agreement and the Loan Documents; or

                                      -4-

<PAGE>

                           (iii) constitute an agreement by the Administrative
         Agent, the Issuing Bank and the Banks or require them to make further
         amendments to the Credit Agreement.

         In the event of any inconsistency between the terms of this Agreement,
the Credit Agreement, the Pledge Agreement or any of the other Loan Documents,
this Agreement shall govern. The Borrower acknowledges that it has consulted
with counsel and with such other experts and advisors as it has deemed necessary
in connection with the negotiation, execution and delivery of this Agreement.
This Agreement shall be construed without regard to any presumption or rule
requiring that it be construed against the party causing this Agreement or any
part hereof to be drafted.

         5. MISCELLANEOUS.

                  (a) FURTHER ASSURANCE. The Borrower agrees to execute such
other and further documents and instruments as the Administrative Agent, the
Issuing Bank and the Banks may request to implement the provisions of this
Agreement.

                  (b) BENEFIT OF AGREEMENT. This Agreement shall be binding upon
and inure to the benefit of and be enforceable by the parties hereto, their
respective successors and assigns. No other person or entity shall be entitled
to claim any right or benefit hereunder, including, without limitation, the
status of a third-party beneficiary of this Agreement.

                  (c) INTEGRATION. This Agreement, together with the Credit
Agreement and the Loan Documents, constitutes the entire agreement and
understanding among the parties relating to the subject matter hereof, and
supersedes all prior proposals, negotiations, agreements and understandings
relating to such subject matter. In entering into this Agreement, the Borrower
acknowledges that it is relying on no statement, representation, warranty,
covenant or agreement of any kind made by the Administrative Agent, the Issuing
Bank and the Banks or any employee or agent of the Administrative Agent, the
Issuing Bank and the Banks, except for the agreements of the Administrative
Agent, the Issuing Bank and the Banks set forth herein.

                  (d) SEVERABILITY. The provisions of this Agreement are
intended to be severable. If any provisions of this Agreement shall be held
invalid or unenforceable in whole or in part in any jurisdiction, such provision
shall, as to such jurisdiction, be ineffective to the extent of such invalidity
or enforceability without in any manner affecting the validity of enforceability
of such provision in any other jurisdiction or the remaining provisions of this
Agreement in any jurisdiction.

                                      -5-

<PAGE>

                  (e) GOVERNING LAW. This Agreement shall in all respects be
governed by and construed in accordance with the laws of the State of New York
(including, without limitation, Sections 5-1401 and 5-1402 of the New York
General Obligations Law), but excluding, to the fullest extent permitted by
applicable law, all other choice of law and conflict of law rules.

                  (f) COUNTERPARTS. This Agreement may be executed in any number
of counterparts and by different parties to this Agreement on separate
counterparts, each of which, when so executed, shall be deemed an original, but
all such counterparts shall constitute one and the same agreement.

                  (g) NOTICES. Any notices with respect to this Agreement shall
be given in the manner provided for in Section 10.04 of the Credit Agreement.

                        [Signatures Appear on Next Page]

                                      -6-

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their duly authorized officers as of the day and year first
above written.

                                           FLORIDA EAST COAST INDUSTRIES, INC.,
                                           as Borrower

                                           By:
                                               --------------------------------
                                               Daniel H. Popky
                                               Chief Financial Officer

                                           BANK OF AMERICA, N.A.,
                                           as Administrative Agent

                                           By:
                                               --------------------------------
                                               Name: _________________
                                               Title: __________________
                                           Address:
                                                    231 South LaSalle Street
                                                    Chicago, Illinois 60697

                                           BANK OF AMERICA, N.A.,
                                           as Bank, Swingline Bank and
                                           Issuing Bank

                                           By:
                                               --------------------------------
                                               [John M. Hall
                                               Senior Vice President]
                                           Address:
                                                    550 West Main Street,
                                                    Suite 800
                                                    Knoxville, Tennessee 37902

                                           SUNTRUST BANK,
                                           as Documentation Agent and Bank

                                           By:
                                               --------------------------------
                                               [William C. Barr, III
                                               Director]
                                           Address:
                                                    200 South Orange Avenue
                                                    Orlando, Florida 32801

                                      -7-

<PAGE>

                                           WACHOVIA BANK, N.A., (formerly First
                                           Union National Bank, and as
                                           successor to Wachovia Bank, N.A.,
                                           as Syndication Agent and Bank

                                           By:
                                               --------------------------------
                                               [Charles N. Kauffman
                                               Senior Vice President]
                                           Address:
                                                    225 Water Street, 2nd Floor
                                                    Jacksonville, Florida 32202

                                           UNION PLANTERS BANK,
                                           as Bank

                                           By:
                                               --------------------------------
                                               Name: ______________
                                               Title: _______________
                                           Address:
                                                    1489 West Palmetto Park Road
                                                    3rd Floor
                                                    Boca Raton, Florida 33486

                                           FLEET NATIONAL BANK,
                                           as Bank

                                           By:
                                               --------------------------------
                                               [David J. Doucette
                                               Vice President]
                                           Address:
                                                    100 Federal Street
                                                    Mailstop MADE10008D
                                                    Boston, Massachusetts 02110

                                           LASALLE BANK NATIONAL ASSOCIATION,
                                           as Bank

                                           By:
                                               --------------------------------
                                               [Robert W. Hart
                                               First Vice President]
                                           Address:
                                                    135 South LaSalle Street
                                                    Suite 361
                                                    Chicago, Illinois  60603

                                      -8-

<PAGE>

                                           BNP PARIBAS,
                                           as Bank

                                           By:
                                               --------------------------------
                                               [Brian F. Hewett
                                               Director]

                                           Address:
                                                    209 S. LaSalle Street,
                                                    Suite 500
                                                    Chicago, Illinois  60604
                                                    (312) 977-1384

                                      -9-

<PAGE>

                              CONSENT OF GUARANTORS
                              ---------------------

         The undersigned are the Guarantors referred to in the preceding
Agreement. The undersigned do hereby consent to the terms of this Agreement and
do hereby ratify and confirm the Guaranty Agreement in all respects.

                                          FLORIDA EAST COAST RAILWAY, LLC,
                                            a Florida limited liability company

                                          By:
                                              --------------------------------
                                          Name: R. W. Anestis
                                          Title: Chairman and CEO

                                          FLAGLER DEVELOPMENT COMPANY,
                                            an Florida corporation

                                          By:
                                              --------------------------------
                                          Name: R. W. Anestis
                                          Title: Chairman and CEO

                                          GRAN CENTRAL-DEERWOOD NORTH, L.L.C.,
                                            a Delaware limited liability company

                                          By:
                                              --------------------------------
                                          Name: R. W. Anestis
                                          Title: Chairman and CEO

                                          FLORIDA EXPRESS CARRIERS, INC.,
                                            a Florida corporation

                                          By:
                                              --------------------------------
                                          Name: R. W. Anestis
                                          Title: Chairman and CEO

                                      -10-

<PAGE>

                                          FLORIDA EXPRESS LOGISTICS, INC.,
                                            a Florida corporation

                                          By:
                                              --------------------------------
                                          Name: R. W. Anestis
                                          Title: Chairman and CEO

                                          FLORIDA EAST COAST DELIVERIES, INC.,
                                            a Florida corporation

                                          By:
                                              --------------------------------
                                          Name: R. W. Anestis
                                          Title: Chairman and CEO

                                          RAILROAD TRACK CONSTRUCTION
                                            CORPORATION, a Florida corporation

                                          By:
                                              --------------------------------
                                          Name: R. W. Anestis
                                          Title: Chairman and CEO

                                      -11-<PAGE>

                            STOCK PURCHASE AGREEMENT

                                   dated as of

                                 August 4, 2004

                                     between

                       FLORIDA EAST COAST INDUSTRIES, INC.

                                       and

                       ALFRED I. DUPONT TESTAMENTARY TRUST

                                       and

                             THE NEMOURS FOUNDATION

                        relating to the purchase and sale

                                       of

                             SHARES OF COMMON STOCK

                                       of

                       FLORIDA EAST COAST INDUSTRIES, INC.

<PAGE>

                            STOCK PURCHASE AGREEMENT

         AGREEMENT dated as of August 4, 2004 between Florida East Coast
Industries, Inc., a Florida corporation ("BUYER"), and Alfred I. duPont
Testamentary Trust ("TRUST") and the Nemours Foundation ("FOUNDATION")
(collectively "SELLER").

                              W I T N E S S E T H:

         WHEREAS, Seller desires to sell to Buyer 5,500,000 shares of the
Buyer's Common Stock, no par value, beneficially owned by the Seller (the
"SHARES"), and Buyer desires to purchase the Shares from Seller, upon the terms
and subject to the conditions hereinafter set forth;

         The parties hereto agree as follows:

                                    ARTICLE 1
                                PURCHASE AND SALE

         Section 1.01 . Purchase and Sale. Upon the terms and subject to the
conditions of this Agreement, Seller agrees to sell to Buyer, and Buyer agrees
to purchase from Seller, the Shares at the Closing as follows: 2,316,657 Shares
to be acquired from the Foundation and 3,183,343 Shares to be acquired from the
Trust. The purchase price for the Shares (the "PURCHASE PRICE") is $34.50 per
share totaling One Hundred Eighty Nine Million, Seven Hundred Fifty Thousand
Dollars ($189,750,000) in the aggregate in cash. The Purchase Price shall be
paid as provided in Section 1.02.

         Section 1.02 . Closing. The closing (the "CLOSING") of the purchase and
sale of the Shares hereunder shall occur on August 13, 2004, after satisfaction
of the conditions set forth in Article 6, or at such other time or place as
Buyer and Seller may agree. At the Closing:

                  (a) Buyer shall deliver to Seller in immediately available
         funds by wire transfer to one or more accounts of Seller with a bank(s)
         designated by Seller the following amounts: Seventy Nine Million, Nine
         Hundred Twenty Four Thousand, Six Hundred Sixty Six Dollars and Fifty
         cents ($79,924,666.50) to the Foundation and One Hundred Nine Million,
         Eight Hundred Twenty Five Thousand, Three Hundred Thirty Three Dollars
         and Fifty cents ($109,825,333.50) to the Trust by notice to Buyer,
         which notice shall be delivered not later than two Business Days prior
         to the Closing Date (or if not so designated, then by certified or
         official bank check payable in immediately available funds to the order
         of Seller in such amount) and:

<PAGE>

                  (b) Seller shall deliver to Buyer certificates for the Shares
         duly endorsed or accompanied by stock powers duly endorsed in blank,
         with any required transfer stamps affixed thereto.

                                    ARTICLE 2
                              BOARD REPRESENTATION

         After the Closing Seller will beneficially own 3,085,930 shares of the
Common Stock of the Buyer. Seller agrees that, effective no later than August
20, 2004, all of Seller's representatives on the Buyer's Board of Directors
(Messrs. Thornton, Peyton and Lord) shall resign.

                                    ARTICLE 3
                                     LOCKUP

         The Seller hereby agrees that it will not, during the period from the
date of the Closing and ending January 1, 2005, (i) offer, pledge, sell,
contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option, right or warrant to purchase, lend, or
otherwise transfer or dispose of, directly or indirectly, any shares of Common
Stock or any securities convertible into or exercisable or exchangeable for
Common Stock or (ii) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of
the Common Stock, whether any such transaction described in clause (i) or (ii)
above is to be settled by delivery of Common Stock or such other securities, in
cash or otherwise.

         The restrictions contained in this preceding paragraph shall not apply
to (A) the Shares sold hereunder, or (B) the sale by the Seller of shares of
Common Stock to the Company. Section 3.01 of Article 3 of the Shareholders
Agreement dated as of October 26, 1999 among Alfred I. duPont Testamentary
Trust, Nemours Foundation and Florida East Coast Industries, Inc. is hereby
amended to reduce the number of Demand Registrations from three to one, which
Demand Registration shall not be available until January 1, 2005.

                                       2

<PAGE>

                                    ARTICLE 4
                    REPRESENTATIONS AND WARRANTIES OF SELLER

         Seller represents and warrants to Buyer as of the date hereof and as of
the Closing Date that:

         Section 4.01. Authorization. The execution, delivery and performance by
Seller of this Agreement and the consummation of the transactions contemplated
hereby are within Seller's powers and have been duly authorized by all necessary
action on the part of Seller. This Agreement constitutes a valid and binding
agreement of Seller.

         Section 4.02. Governmental Authorization. The execution, delivery and
performance by Seller of this Agreement and the consummation of the transactions
contemplated hereby require no action by or in respect of, or filing with, any
governmental body, agency or official other than (i) compliance by the Seller
with any applicable requirements of the Securities Exchange Act of 1934, and
(ii) compliance with other regulatory approvals required for Seller.

         Section 4.03. Noncontravention. The execution, delivery and performance
by Seller of this Agreement and the consummation of the transactions
contemplated hereby do not and will not (i) violate any instruments governing
the creation or operation of Seller, (ii) assuming compliance with the matters
referred to in Section 4.02, violate any applicable law, rule, regulation,
judgment, injunction, order or decree, (iii) require any consent or other action
by any Person.

         Section 4.04. Ownership of Shares. Seller is the record and beneficial
owner of the Shares, free and clear of any mortgage, lien, pledge, charge,
security interest, encumbrance or other adverse claim of any kind (a "LIEN") and
any other limitation or restriction (including any restriction on the right to
vote, sell or otherwise dispose of the Shares), and will transfer and deliver to
Buyer at the Closing valid title to the Shares free and clear of any Lien and
any such limitation or restriction.

         Section 4.05. Litigation. There is no action, suit, investigation or
proceeding (or any basis therefor) pending against, or to the knowledge of
Seller, threatened against or affecting, Seller, which in any manner challenges
or seeks to prevent, enjoin, alter or materially delay the transactions
contemplated by this Agreement.

                                       3
<PAGE>

         Section 4.06. Finders' Fees. Except for Wellford Sanders of Wachovia
Securities whose fees will be paid by Seller, there is no investment banker,
broker, finder or other intermediary which has been retained by or is authorized
to act on behalf of Seller who might be entitled to any fee or commission from
Buyer in connection with the transactions contemplated by this Agreement.

         Section 4.07. Adequate Information; Non-reliance. Buyer has made
available to Seller all information regarding the Buyer and the business,
financial conditions, or results of operation of the Buyer in order to make an
informed decision with regard to the sale of the Shares. Seller acknowledges
that (i) Buyer necessarily possesses information relating to Buyer which is not
available to Seller, any or all of which may be material and (ii) Seller is not
relying on any disclosure of any such information to Seller.

                                    ARTICLE 5
                     REPRESENTATIONS AND WARRANTIES OF BUYER

         Buyer represents and warrants to Seller as of the date hereof and as of
the Closing Date that:

         Section 5.01. Corporate Existence and Power. Buyer is a corporation
duly incorporated, validly existing and in good standing under the laws of
Florida.

         Section 5.02. Corporate Authorization. The execution, delivery and
performance by Buyer of this Agreement and the consummation of the transactions
contemplated hereby are within the corporate powers of Buyer and have been duly
authorized by all necessary corporate action on the part of Buyer. This
Agreement constitutes a valid and binding agreement of Buyer.

         Section 5.03. Governmental Authorization. The execution, delivery and
performance by Buyer of this Agreement and the consummation of the transactions
contemplated hereby require no material action by or in respect of, or material
filing with, any governmental body, agency or official.

         Section 5.04. Noncontravention. The execution, delivery and performance
by Buyer of this Agreement and the consummation of the transactions contemplated
hereby do not and will not violate the articles of incorporation or bylaws of
Buyer or Florida Business Corporation Act or any applicable law, rule,
regulation, judgment, injunction, order or decree or require any consent or
other action by any person.

         Section 5.05. Litigation. There is no action, suit, investigation or
proceeding pending against, or to the knowledge of Buyer threatened against or

                                       4
<PAGE>

affecting, Buyer before any court or arbitrator or any governmental body, agency
or official which in any manner challenges or seeks to prevent, enjoin, alter or
materially delay the transactions contemplated by this Agreement.

         Section 5.06. Finders' Fees. Except for Morgan Stanley and The
Blackstone Group whose fees will be paid by Buyer, there is no investment
banker, broker, finder or other intermediary which has been retained by or is
authorized to act on behalf of Buyer who might be entitled to any fee or
commission from Seller or any of its Affiliates upon consummation of the
transactions contemplated by this Agreement.

                                    ARTICLE 6
                              CONDITIONS TO CLOSING

         Section 6.01. Conditions to Obligation of Buyer. The obligation of
Buyer to consummate the Closing is subject to the satisfaction of the following
conditions:

         (a) (i) Seller shall have performed in all material respects all of its
obligations hereunder required to be performed by it on or prior to the Closing
Date and, (ii) the representations and warranties of Seller contained in this
Agreement shall be true in all material respects at and as of the Closing Date
as if made at and as of such date.

         (b) There shall not be threatened, instituted or pending any action or
proceeding by any person before any court or governmental authority or agency,
domestic or foreign, seeking to restrain, prohibit, challenge the fairness of or
otherwise interfere with the purchase of the Shares.

         Section 6.02. Conditions to Obligation of Seller. The obligation of
Seller to consummate the Closing is subject to the satisfaction of the following
conditions:

         (a) (i) Buyer shall have performed in all material respects all of its
obligations hereunder required to be performed by it at or prior to the Closing
Date and, (ii) the representations and warranties of Buyer contained in this
Agreement shall be true in all material respects at and as of the Closing Date
as if made at and as of such date.

         (b) There shall not be threatened, instituted or pending any action or
proceeding by any person before any court or governmental authority or agency,
domestic or foreign, seeking to restrain, prohibit, challenge the fairness of or
otherwise interfere with the purchase of the shares.

                                       5

<PAGE>

                                    ARTICLE 7
                                  MISCELLANEOUS

         Section 7.01. Termination. This Agreement may be terminated by either
Buyer or Seller if the Closing shall not have been consummated on or before
August 31, 2004.

         Section 7.02. Expenses. Except as otherwise provided herein, all costs
and expenses incurred in connection with this Agreement shall be paid by the
party incurring such cost or expense.

         Section 7.03. Governing Law. This Agreement shall be governed by and
construed in accordance with the law of the State of Florida, without regard to
the conflicts of law rules of such state.

         Section 7.04. Jurisdiction. The parties hereto agree that any suit,
action or proceeding seeking to enforce any provision of, or based on any matter
arising out of or in connection with, this Agreement or the transactions
contemplated hereby shall be brought in the United States District Court for the
Middle District of Florida or the Circuit Court of Florida sitting in Duval
County, so long as one of such courts shall have subject matter jurisdiction
over such suit, action or proceeding, and that any cause of action arising out
of this Agreement shall be deemed to have arisen from a transaction of business
in the State of Florida, and each of the parties hereby irrevocably consents to
the jurisdiction of such courts (and of the appropriate appellate courts
therefrom) in any such suit, action or proceeding and irrevocably waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have
to the laying of the venue of any such suit, action or proceeding in any such
court or that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum. Process in any such suit, action or
proceeding may be served on any party anywhere in the world, whether within or
without the jurisdiction of any such court.

         Section 7.05. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

         Section 7.06. Counterparts; Effectiveness; Third Party Beneficiaries.
This Agreement may be signed in any number of counterparts, each of which shall
be an original, with the same effect as if the signatures thereto and hereto
were upon the same instrument. This Agreement shall become effective when each
party hereto shall have received a counterpart hereof signed by all of the

                                       6

<PAGE>

other parties hereto. Until and unless each party has received a counterpart
hereof signed by the other party hereto, this Agreement shall have no effect and
no party shall have any right or obligation hereunder (whether by virtue of any
other oral or written agreement or other communication). No provision of this
Agreement is intended to confer any rights, benefits, remedies, obligations, or
liabilities hereunder upon any Person other than the parties hereto and their
respective successors and assigns.

         Section 7.07. Entire Agreement. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter of this
Agreement and supersedes all prior agreements and understandings, both oral and
written, between the parties with respect to the subject matter of this
Agreement.

         Section 7.08. Specific Performance. The parties hereto agree that
irreparable damage would occur if any provision of this Agreement were not
performed in accordance with the terms hereof and that the parties shall be
entitled to an injunction or injunctions to prevent breaches of this Agreement
or to enforce specifically the performance of the terms and provisions hereof,
in addition to any other remedy to which they are entitled at law or in equity.

                                       7

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as of the day and year
first above written.

                                        FLORIDA EAST COAST INDUSTRIES, INC.

                                           BY:
                                               ---------------------------------
                                               Name:
                                               Title:

                                        ALFRED I. DUPONT TESTAMENTARY TRUST

                                           BY:
                                               ---------------------------------
                                               Name:
                                               Title:

                                        THE NEMOURS FOUNDATION

                                           BY:
                                               ---------------------------------
                                               Name:
                                               Title:

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