Document:

Exhibit 10(q)

 

EXHIBIT 10(q)

THIRD AMENDMENT TO CREDIT AGREEMENT

     This THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of
January 26, 2007 among FLORIDA EAST COAST INDUSTRIES, INC., a Florida corporation (the
“Borrower”), certain Subsidiaries of the Borrower as guarantors (the “Guarantors”),
the Lenders party hereto and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and
L/C Issuer (the “Administrative Agent”). Capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Credit Agreement (defined below).

RECITALS

     WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent are parties to
that certain Credit Agreement, dated as of February 22, 2005 (as previously amended or modified,
the “Credit Agreement”); and

     WHEREAS, the parties hereto have agreed to amend the Credit Agreement as more fully set forth
herein.

     NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

AGREEMENT

     1. Amendments to Credit Agreement.

     (a) The following definition is added to Section 1.01 of the Credit Agreement in the
appropriate alphabetical order:

     "Performance/Completion Guarantee” of any Person means a Guarantee
guaranteeing or having the economic effect of guaranteeing any obligations (other
than payment of Debt) performable or payable, as applicable, by another Person in
any matter (each, a “Primary Obligation”), whether directly or indirectly, and
including, without limitation, any obligation of such Person, direct or indirect,
(i) to purchase (or pay or advance or supply funds for the purchase or payment of)
labor, materials or services to enable the performance of such Primary Obligation
(including, without limitation, guarantees of completion in connection with
construction of facilities), (ii) to purchase or lease property, securities or
services for the purpose of assuring the obligee in respect of such Primary
Obligation of the performance thereof, (iii) to guarantee to any other such Person
rental income levels (or shortfalls) or re-tenanting costs (including, without
limitation, tenant improvements, moving expenses, lease commissions and any other
costs associated with procuring new tenants); or (iv) entered into for the purpose
of assuring in any other manner such other Person in respect of such Primary
Obligation of the performance, or to protect such other Person against loss, in
respect thereof. Performance/Completion Guarantee shall include, without limitation,
any bond, letter of credit or other financial instrument provided by such Person to
secure its obligations described herein unless such bond, letter of credit or
financial instrument shall constitute Debt under this Agreement.

1

 

     (b) The definition of Debt set forth in Section 1.01 of the Credit Agreement is amended
by amending and restating clause (d) thereof to read as follows:

(d) all obligations of such Person or consolidated group of Persons in respect of
any Guarantee (other than endorsements of checks for deposit in the ordinary course
of business and other than Performance/Completion Guaranties),

     (c) Section 8.05 of the Credit Agreement is amended by adding the following at the end
of such Section:

     Notwithstanding the foregoing, one or more Loan Parties may enter into
Performance/Completion Guaranties; provided that the aggregate liability under such
Performance/Completion Guaranties may not exceed $200 million at any one time
outstanding. For the purposes hereof, the liability under any
Performance/Completion Guarantee shall be calculated by taking twenty percent (20%)
of (i) with respect to any Primary Obligation described in subparagraph (i) of the
definition of Performance/Completion Guarantee, the total amount of the project cost
(excluding land cost), or such lesser amount thereof to which the Loan Party’s
obligation is specifically limited or (ii) with respect to any other Primary
Obligation, the maximum amount of such Primary Obligation.

     2. Effectiveness; Conditions Precedent. This Amendment shall be and become effective
upon receipt by the Administrative Agent of copies of this Amendment duly executed by the
Borrowers, the Guarantors, and the Required Lenders.

     3. Ratification of Credit Agreement. The term “Credit Agreement” as used in each of
the Loan Documents shall hereafter mean the Credit Agreement as amended and modified by this
Amendment. Except as herein specifically agreed, the Credit Agreement, as amended by this
Amendment, is hereby ratified and confirmed and shall remain in full force and effect according to
its terms. Each of the Loan Parties acknowledge and consent to the modifications set forth herein
and agree that this Amendment does not impair, reduce or limit any of its obligations under the
Loan Documents (including, without limitation, the indemnity obligations set forth therein) and
that, after the date hereof, this Amendment shall constitute a Loan Document.

     4. Authority/Enforceability. Each of the Loan Parties represents and warrants as
follows:

     (a) It has taken all necessary action to authorize the execution, delivery and
performance of this Amendment.

     (b) This Amendment has been duly executed and delivered by such Person and constitutes
such Person’s legal, valid and binding obligations, enforceable in accordance with its
terms, except as such enforceability may be subject to (i) bankruptcy, insolvency,
reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting
creditors’ rights generally and (ii) general principles of equity (regardless of whether
such enforceability is considered in a proceeding at law or in equity).

     (c) No consent, approval, authorization or order of, or filing, registration or
qualification with, any court or governmental authority or third party is required in

2

 

connection with the execution, delivery or performance by such Person of this Amendment.

     (d) The execution and delivery of this Amendment does not (i) violate, contravene or
conflict with any provision of its, or its Subsidiaries’ organizational documents or (ii)
materially violate, contravene or conflict with any Requirement of Law or any other law,
regulation, order, writ, judgment, injunction, decree or permit applicable to it or any of
its Subsidiaries.

     5. No Default. The Loan Parties represent and warrant to the Administrative Agent and
the Lenders that after giving effect to this Amendment, no event has occurred and is continuing
which constitutes a Default or an Event of Default.

     6. Release. In consideration of the Administrative Agent and the Required Lenders
entering into this Amendment on behalf of the Lenders, the Loan Parties hereby release the
Administrative Agent, the L/C Issuer, each of the Lenders, and the Administrative Agent’s, the L/C
Issuer’s and each of the Lenders’ respective officers, employees, representatives, agents, counsel
and directors from any and all actions, causes of action, claims, demands, damages and liabilities
of whatever kind or nature, in law or in equity, now known or unknown, suspected or unsuspected to
the extent that any of the foregoing arises from any action or failure to act solely in connection
with the Loan Documents on or prior to the date hereof.

     7. Counterparts/Telecopy. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original, but all of which
shall constitute one and the same instrument. Delivery of executed counterparts of this Amendment
by telecopy shall be effective as an original and shall constitute a representation that an
original shall be delivered promptly upon request.

     8. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK.

[remainder of page intentionally left blank]

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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be
duly executed and delivered and this Amendment shall be effective as of the date first above
written.

	 	 	 	 	 
	BORROWER:

	 	FLORIDA EAST COAST INDUSTRIES, INC.,

a Florida corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Vice President
	 
	 	 	 	 
	GUARANTORS:

	 	FLORIDA EAST COAST RAILWAY, L.L.C.,

a Florida limited liability company
	 
	 	 	 	 
	 

	 	FEC HIGHWAY SERVICES, INC.,

a Florida corporation
	 
	 	 	 	 
	 

	 	FLORIDA EXPRESS LOGISTICS, INC.,

a Florida corporation
	 
	 	 	 	 
	 

	 	FLORIDA EAST COAST DELIVERIES, INC.,

a Florida corporation
	 
	 	 	 	 
	 

	 	RAILROAD TRACK CONSTRUCTION CORPORATION,

a Florida corporation
	 
	 	 	 	 
	 

	 	FLAGLER TRANSPORTATION SERVICES, INC.,

a Florida corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Vice President, of each of the above Guarantors

	 	 	 	 	 	 	 	 	 
	 

	 	BEACON STATION 22, 23 AND 24 LIMITED PARTNERSHIP,

a Delaware limited partnership
	 

	 

	 	 	 	By:
	 	GCC BEACON 22, 23 & 24, LLC, is general partner

By: FLAGLER DEVELOPMENT COMPANY, LLC,

       its sole member
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Bradley D. Lehan

Title: Vice President

 

 

	 	 	 	 	 	 	 
	 

	 	GCC BEACON 22, 23 & 24, LLC,

a Florida limited liability company
	 
	 	 	 	 	 	 
	 

	 	 	 	By: FLAGLER DEVELOPMENT COMPANY, LLC,

its sole member
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Bradley D. Lehan

Title: Vice President
	 
	 	 	 	 	 	 
	 

	 	GRAN CENTRAL-DEERWOOD NORTH, L.L.C.,

a Delaware limited liability company
	 
	 	 	 	 	 	 
	 

	 	 	 	By: FLAGLER DEVELOPMENT COMPANY, LLC,

its sole member
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Bradley D. Lehan

Title: Vice President

	 	 	 	 	 
	 

	 	FLAGLER DEVELOPMENT REALTY, LLC,

a Florida corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Vice President
	 
	 	 	 	 
	 

	 	FLAGLER DEVELOPMENT COMPANY, LLC,

a Florida corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Vice President
	 
	 	 	 	 
	 

	 	FDC LAND HOLDINGS, LLC,

a Florida limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	FECI COMPANY,

a Florida corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Vice President

 

 

	 	 	 	 	 
	 

	 	FECR LAND HOLDINGS, LLC,

a Florida limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	BN EXPANSION, LLC,

a Florida limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	FLAGLER COMMONS, LLC

a Florida limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	ATLAS PROPERTY II, LLC

a Florida limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	ATLAS PROPERTY III, LLC

a Florida limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	FLAGLER DEVELOPMENT GROUP, INC.

a Florida corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Vice President

 

 

	 	 	 	 	 
	 

	 	FLAGLER REAL ESTATE DEVELOPMENT CORPORATION,

a Florida corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	FLAGLER CONSTRUCTION CORPORATION,

a Florida corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	FLAGLER REAL ESTATE SERVICES, INC.,

a Florida corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	C&S REAL ESTATE DEVELOPMENT CORP.,

a Florida corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	CODINA RESIDENTIAL, INC.,

a Florida corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	CODINA RESIDENTIAL, LTD.,

a Florida limited partnership
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer

 

 

	 	 	 	 	 
	 

	 	CODINA/FAIRFIELD I, LLC,

a Florida limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	SEVILLA BUILDING, INC.,

a Florida corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	SEVILLA BUILDING, LTD.,

a Florida limited partnership
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	C/CM LEJEUNE, INC.,

a Florida corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	C/CM LEJEUNE, LTD.,

a Florida limited partnership
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	CM LEJEUNE, INC.,

a Florida corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	FLAGLER DORAL, LLC,

a Florida limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer

 

 

	 	 	 	 	 
	 

	 	BEACON COUNTYLINE, LLC,

a Florida limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	FEC LAKES, LLC,

a Florida limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer
	 
	 	 	 	 
	 

	 	FLAGLER BOCA 54, LLC,

a Florida limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bradley D. Lehan
	 

	 	 	 	 
	 

	 	Name: Bradley D. Lehan

Title: Treasurer

 

 

	 	 	 	 	 
	ADMINISTRATIVE
	 	 	 	 
	AGENT:

	 	BANK OF AMERICA, N.A.,

as Administrative Agent
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Michael Brashler
	 

	 	 	 	 
	 

	 	Name: Michael Brashler

Title: Vice President
	 
	 	 	 	 
	LENDERS:

	 	BANK OF AMERICA, N.A.,

as a Lender, L/C Issuer and Swing Line Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John M. Hall
	 

	 	 	 	 
	 

	 	Name: John M. Hall

Title: Senior Vice President

 

 

	 	 	 	 	 
	 

	 	SUNTRUST BANK
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Sarah H. Anderson
	 

	 	 	 	 
	 

	 	Name: Sarah H. Anderson

Title: Vice President

 

 

	 	 	 	 	 
	 

	 	WACHOVIA BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Charles N. Kauffman
	 

	 	 	 	 
	 

	 	Name: Charles N. Kauffman

Title: Senior Vice President

 

 

	 	 	 	 	 
	 

	 	LASALLE BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Hollis J. Griffin
	 

	 	 	 	 
	 

	 	Name: Hollis J. Griffin

Title: First Vice PresidentExhibit 10(r)

 

Exhibit 10(r)

TERMS AND PROVISIONS RELATING TO

RESTRICTED STOCK AWARDS

UNDER THE

FLORIDA EAST COAST INDUSTRIES, INC.

2002 STOCK INCENTIVE PLAN

(AS AMENDED AND RESTATED EFFECTIVE JUNE 2, 2005)

Dated: __________, 2007

 

 

     The Board of Directors of Florida East Coast Industries, Inc. (the “Corporation”) previously
authorized and approved the Florida East Coast Industries, Inc. 2002 Stock Incentive Plan, as
amended and restated effective June 2, 2005 (the “Plan”), which was approved by the shareholders of
the Company. The Committee has approved an award to the Participant designated in a Notice of
Restricted Stock Award of the Company’s Common Stock (a “Notice”), conditioned upon the
Participant’s acceptance of the terms and conditions set forth in the Notice and the provisions
contained herein within 60 days after the Notice is delivered to the Participant for review.

     The following Terms and Provisions Relating to Restricted Stock Awards under the Plan
(“Terms”) set forth the terms applicable to Restricted Stock Awards granted to Participants under
the Plan on or after February 21, 2007, and these Terms are incorporated by reference into each
Notice of Restricted Stock Award issued to a Participant on or after such date, except to the
extent such Notice expressly provides otherwise. In the event of any conflict between these Terms
and either the Notice or the Plan, the Notice or Plan, as applicable, shall control over these
Terms.

     Capitalized terms used but not defined in the Notice and these Terms shall have the meanings
set forth in the Plan, unless such term is defined in an employment agreement between the
Corporation and the Participant. Any terms used in the Notice and these Terms, but defined in an
employment agreement between the Corporation and the Participant are incorporated into the Notice
and these Terms by reference and shall be effective without regard to the continued effectiveness
of such employment agreement.

     1. Grant of Restricted Stock. Pursuant to one or more Notices of Grant, the
Corporation has granted to the Participant designated in such Notice, subject to the terms and

 

 

conditions herein set forth, that number of shares of the Corporation’s Common Stock as set
forth in the Notice (the “Restricted Stock”).

     2. Terms and Conditions. The Restricted Stock is subject to the following terms and
conditions:

          (a) Limited Nontransferability. Prior to the date that the Restricted Period expires,
Restricted Stock shall not be sold, pledged, assigned, hypothecated, transferred or disposed of in
any manner other than by will or by the laws of descent or distribution (the “Restrictions”).

          (b) Restrictions and Lapse of Restrictions. The “Restricted Period” is the period
beginning on the Grant Date and ending in accordance with the schedule and vesting provisions set
forth in the applicable Notice. Subject to the provisions contained in Paragraph 5, the Restricted
Stock shall be deemed vested and no longer subject to forfeiture, and the Restrictions shall lapse,
upon expiration of the Restricted Period. Notwithstanding any provision of these Terms to the
contrary, the Committee shall have discretion under Section 7.4 of the Plan to waive any forfeiture
of the Restricted Stock, the Restricted Period and any other conditions set forth in these Terms.

          (c) Committee Discretion. Notwithstanding any provisions of the Notice or these
terms, the Committee may at any time, at its sole discretion, modify or extend a Restricted Stock
Award or accelerate the time at which any or all Restrictions will lapse or remove any and all such
Restrictions.

          (d) Regulatory Restrictions. Notwithstanding any other provision of these Terms, the
obligation of the Corporation to issue Restricted Stock under any Notice and these Terms shall be
subject to all applicable laws, rules and regulations and such approval by any regulatory body as
may be required. The Corporation reserves the right to restrict, in whole or in

2

 

part, the delivery of the Restricted Stock pursuant to any Notice and these Terms prior to the
satisfaction of all legal requirements relating to the issuance of such shares, to their
registration, qualification or listing or to an exemption from registration, qualification or
listing.

     3. No Right to Employment or Service. Nothing in the Notice or these Terms will
confer upon the Participant any right to continue in the employ or service of the Corporation or
any of its subsidiaries or affect the right of the Corporation to terminate the employment or
service of the Participant at any time.

     4. Dividends/Distributions. The Corporation shall pay to the Participant any
dividends or other distributions payable with respect to the Restricted Stock, notwithstanding the
Restrictions, from and after the Grant Date but not beyond the date of any forfeiture thereof
pursuant to the provisions of Notice.

     5. Withholding. To the extent the Participant is subject to any federal, state or
local tax withholding requirements, the Participant agrees to make arrangements satisfactory to the
Corporation to comply with any such requirements that may apply upon the lapse of the Restrictions
on the Restricted Stock. The Participant will be entitled to elect to satisfy his tax withholding
obligation by the withholding by the Corporation, at the appropriate time, of shares of the
Corporation’s Common Stock from the Restricted Stock in a number sufficient, based upon the fair
market value (as defined below) of such Common Stock on the relevant date or by tendering shares
already owned by the Participant to satisfy such tax withholding requirements. For purposes of
this Agreement, “fair market value” means, as of any given date, the closing price of the
Corporation’s Common Stock on such date as quoted in the NYSE Composite Transactions Report in the
Wall Street Journal. If there were no sales reported as of a particular date, fair market value
will be computed as of the last date preceding such date on which a sale was reported.

3

 

     6. Delivery of Certificates. The Corporation does not intend to issue stock
certificates for the shares referenced in paragraph 1. The shares of common stock will exist in
book entry format with American Stock Transfer and Trust Company (the Company’s transfer agent) or
any successor transfer agent chosen by the Corporation. Once the Restrictions lapse, the following
delivery alternatives will be available to the Participant through the Corporate Secretary of the
Corporation:

	 	(a)	 	Hold the shares in the Direct Registration System (DRS)
maintained by the transfer agent;
	 
	 	(b)	 	Request the transfer agent send a certificate for the
unrestricted shares;
	 
	 	(c)	 	Request the transfer agent send the shares electronically to a
brokerage account designated by Participant.

     7. Consent to Jurisdiction and Service of Process. In the event of any dispute,
controversy or claim between the Company and the Participant arising out of or relating to the
interpretation, application or enforcement of the provisions of the Plan, these Terms and any
related Notice, the Company and the Participant agree and consent to the personal jurisdiction of
the state and local courts of Duval County, Florida and the United States District Court for the
Middle District of Florida — Jacksonville Division for resolution of the dispute, controversy or
claim, and that those courts, and only those courts, shall have exclusive jurisdiction to determine
any dispute, controversy or claim related to, arising under or in connection with the Plan, these
Terms and any related Notice. The Company and the Participant also agree that those courts are
convenient forums for the parties to any such dispute, controversy or claim and for any potential
witnesses and that process issued out of any such court or in accordance with the rules of practice
of that court may be served by mail or other forms of substituted service to the Company

4

 

at the address of its principal executive offices and to the Participant at his or her last
known address as reflected in the Company’s records.

     8. Anti-Dilution Adjustments and Provisions. The Corporation hereby confirms that the
provisions of Article 11 of the Plan shall apply to the Restricted Stock prior to the expiration of
the applicable Restricted Period and such Restricted Stock shall be subject to equitable
adjustments as determined in the sole discretion of the Committee.

     9. Miscellaneous.

          (a) Each Notice and these Terms shall be governed by and construed in accordance with the laws
of the State of Florida, without reference to principles of conflict of laws. The captions of
these Terms are not part of the provisions hereof and shall have no force or effect. Each Notice
or these Terms may not be amended or modified otherwise than by a written agreement executed by the
Participant and the Corporation or their respective successors and legal representatives.

          (b) Each Notice, these Terms, and the Plan constitute the entire agreement between the parties
with respect to the subject matter hereof. In the event of any inconsistency between the
provisions of these Terms and the provisions of any Notice or the Plan, the provisions of the
Notice or the Plan, as applicable, shall govern.

          (c) All notices and other communications hereunder shall be in writing and shall be given by
hand delivery to the other party or by registered or certified mail, return receipt requested,
postage prepaid, or by facsimile, or by overnight mail, addressed as follows:

5

 

	 	 	 
	If to the Employee to:

	 	If to the Corporation to:
	 
	 	 
	«Name»

	 	Florida East Coast Industries, Inc
	«Address1»

	 	10151 Deerwood Park Blvd.,
	«City», «State» «PostalCode»

	 	Building 100, Suite 350

Jacksonville, FL 32256

Attn: Corporate Secretary

Facsimile: 904-996-2839

or to such other address as either party shall have furnished to the other in writing in accordance
herewith. Notice and communications shall be effective when actually received by the addressee.

          (d) The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement.

          (e) The Participant’s or the Corporation’s failure to insist upon strict compliance with any
provision hereof or any other provision of this Agreement or the failure to assert any right the
Participant or the Corporation may have hereunder, shall not be deemed to be a waiver of such
provision or right or any other provision or right of this Agreement.

          (f) The Participant agrees, upon demand of the Corporation, to do all acts and execute,
deliver and perform all additional documents, instruments and agreements which may be reasonably
required by the Corporation to implement the provisions and purposes of the Notice, the Terms and
the Plan.

	 	 	 	 	 
	 

	 	FLORIDA EAST COAST INDUSTRIES, INC.

	 

	 
	 	 	 	
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Chairman & Chief Executive Officer

6

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