Document:

exv10w15

Exhibit 10.15

FORM OF

RESTRICTED STOCK UNIT AWARD AGREEMENT

WITH RESPECT TO SHARES OF

FECR RAIL CORP.

     This Restricted Stock Unit Award Agreement (this “RSU Agreement”), dated as of
October 1, 2009, is made by and between FECR Rail Corp., a Delaware corporation (the
“Company”), and         
          
          
             (the “Grantee”). Capitalized terms
not defined herein where they first occur shall have the meaning ascribed to them in the last
Section hereof. Except in the definition of “Change of Control,” where the context permits,
references to the Company shall include any successor to the Company.

1. Grant of Restricted Stock Units. The Company hereby grants to the Grantee, as of the
date hereof (the “Grant Date”),        
              restricted stock units (the
“RSUs”) with respect to shares of the common stock, par value $0.01, of the Company
(“FECR Shares”), subject to all of the terms and conditions of this RSU Agreement.

2. Form and Time of Payment.

          (a) Subject to all the provisions of this RSU Agreement, each RSU granted hereunder shall
represent the right to receive a FECR Share, or, if the Company is prohibited at the relevant time
by a credit or similar agreement from issuing equity securities to any persons or entities other
than FECR Rail LLC or any successor thereto (“FECR LLC”) and the Fortress Entities, a
limited liability interest of FECR LLC (hereinafter, a “FECR LLC Interest”) having a fair
market value equal to the fair market value of a FECR Share) (in each case, as determined by the
Board of Directors of the Company (the “Board”), in its good faith discretion).

          (b) The property required to be delivered pursuant to this Section 2 shall be delivered to the
Grantee as soon as practicable after the relevant portion of the RSU grant becomes vested and
nonforfeitable in accordance with the vesting schedule and provisions set forth in Exhibit A
hereto, in settlement of the RSUs comprising such vested portion, but in no event later than two
and one-half (2-1/2) months following the end of the calendar year in which such portion becomes
vested and nonforfeitable (even if a termination of employment occurs after vesting and before
delivery).

3. Restrictions.

          (a) Except as otherwise permitted by any agreement between the Grantee and the Company, the
RSUs and their related DERs (as defined in Section 4 hereof) may not be sold, assigned,
transferred, pledged, hypothecated or otherwise disposed of or encumbered and shall be subject to a
risk of forfeiture as described in Sections 3(b) and 4(c), respectively, until the vesting
requirements and any additional requirements or restrictions contained in this RSU Agreement have
been satisfied, terminated or expressly waived by the Company in writing. Unless the Company
determines otherwise, upon any attempt by the Grantee to transfer any RSUs or their related DERs or
any other rights in respect of RSUs, before the lapse of such

 

 

restrictions, such RSUs, related DERs and all of the rights related thereto, shall be
immediately forfeited by the Grantee without payment of any consideration.

          (b) Except as otherwise provided in Exhibit A hereto, if Grantee’s services to the Company
and Florida East Coast Railway LLC (“Railway LLC”) pursuant to the Consulting Agreement entered into by and among the
Company, Railway LLC and the Grantee as of the
date hereof (the “Consulting Agreement”) are terminated for any reason (including, without
limitation, the death or Disability of the Grantee), then this RSU Agreement shall terminate and
all rights of the Grantee with respect to RSUs that have not vested shall immediately terminate.
Except as otherwise provided in Exhibit A hereto, the RSUs that are subject to restrictions upon
the date the Grantee’s services are terminated shall be forfeited without payment of any
consideration, and neither the Grantee nor any of his or her successors, heirs, assigns, or
personal representatives shall thereafter have any further rights or interests in such RSUs.

4. No Shareholder Rights; Contingent Dividend Equivalent Rights. Except as provided in
this Section 4, Grantee shall have no rights of a shareholder or equityholder (including, without
limitation, voting rights) under this RSU Agreement unless and until FECR Shares or FECR LLC
Interests are delivered to the Grantee following vesting of Grantee’s RSUs.

          (a) Dividend Equivalent Rights. Subject to the terms and conditions of this
Agreement, the Company hereby grants a “Dividend Equivalent Right” (or “DER”) to
the Grantee with respect to each RSU granted hereunder (the “Related RSU”) and the notional
FECR Share underlying such RSU. Subject to those terms and conditions, the DERs granted hereunder
give the Grantee the right to receive cash payments (the “DER Payments”) on each date
during the “DER Term” (defined below) on which a dividend is paid with respect to the
notional FECR Shares underlying the related RSUs (each such date, a “DER Payment Date”).
The amount of each DER Payment shall be an amount equal to (i) the number of notional FECR Shares
underlying the Related RSUs on the DER Payment Date, multiplied by (ii) the “Per Share Dividend
Amount” (defined below) applicable to the relevant dividend payment date for FECR Shares. No
interest or other earnings will be credited with respect to the DERs.

          (i) “DER Term” means, with respect to a Related RSU, the period commencing as
of the date hereof and ending on the earliest of (i) the date the Consulting Agreement
terminates for any reason, or (ii) the date on which delivery is made with respect to the
vesting of the Related RSU, or (iii) the date on which the Related RSU is forfeited.

          (ii) “Per Share Dividend Amount” means the amount per share of any ordinary
dividend paid during the DER Term which is paid to the holders of FECR Shares (as declared
from time to time by the Board).

          (b) Continuance of Services Required. The Grantee’s continued services to the Company
and Railway LLC pursuant to the Consulting Agreement through each DER Payment Date is a condition to the Grantee’s
receipt of that particular DER Payment and the Grantee’s continued rights and benefits under the
DERs.

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          (c) Effect of Termination of the Consulting Agreement on Payment or Forfeiture of the
Related RSUs. If the Consulting Agreement terminates before a DER Payment Date hereunder
(regardless of the reason for such termination of the Consulting Agreement, whether with or without
Cause, voluntarily or involuntarily, or due to death or Disability), the DERs shall terminate and
be extinguished and forfeited upon the date the Consulting Agreement terminates and no DER Payment
shall be made with respect to the relevant DER Payment Date or any subsequent DER Payment Date. If
a portion or all of the Related RSUs become vested and delivery is made with respect to such vested
Related RSUs (or a portion or all of the Related RSUS are forfeited prior to becoming vested), the
DERs with respect to such portion or all of the Related RSUs shall terminate and be extinguished
and forfeited upon the first to occur of the date on which the Related RSUs are forfeited or the
date on which delivery with respect to the Related RSUs is made, and no DER Payment with respect to
such DERs shall be made after such date.

5. Legend on Certificates. Each certificate issued to the Grantee upon written request
to the Company or FECR LLC (as applicable) representing Issued Securities issued hereunder
shall bear the following (or substantially equivalent) legends on the face or reverse side
thereof:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A RESTRICTED
STOCK UNIT AWARD AGREEMENT DATED AS OF OCTOBER 1, 2009, BETWEEN
                                        
AND FECR RAIL CORP., A COPY OF WHICH IS ON FILE
WITH THE SECRETARY OF [entity to be inserted], AND THE SECURITIES
REPRESENTED BY THIS CERTIFICATE MAY NOT BE VOTED, TRANSFERRED, SOLD,
ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS SUCH VOTING,
TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION
COMPLIES WITH THE PROVISIONS OF SUCH AGREEMENT.

Any security certificate issued at any time in exchange or substitution for any certificates
bearing such legends (except a new certificate issued upon the completion of a public distribution
of Issued Securities represented thereby) shall also bear such (or substantially equivalent)
legends, unless the Issued Securities represented by such certificate are no longer subject to the
provisions of this RSU Agreement and, in the opinion of counsel for the Company or FECR LLC, as
applicable, the Issued Securities represented thereby need no longer be subject to restrictions
pursuant to the Act or applicable state securities law. The Company and FECR LLC shall not be
required to transfer on their books any certificate for Issued Securities in violation of the
provisions of this RSU Agreement.

6. Restrictive Covenants. The Grantee acknowledges that, during the term of the Consulting
Agreement, the Grantee shall have access to secret and confidential information, knowledge or data
relating to the Company and its affiliates, and their respective businesses, and

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will meet and develop relationships with potential and existing suppliers, financing sources,
clients, customers and employees of the Company and its affiliates.

          (a) Noncompetition; Nonsolicitation. The Grantee agrees that during the period of the
Consulting Agreement and for the one (1) year period immediately following termination of such
agreement by either party (whether or not for Cause), the Grantee shall not:

          (i) directly or indirectly (whether as principal, agent, independent contractor,
partner, member, manager, officer, director or otherwise) own, manage, operate, control,
participate in, perform services for, make any investment in or otherwise carry on, any
business engaged in the operation of short-line railroads that has revenues of at least $200
million per year anywhere in North America; or

          (ii) directly or indirectly, engage in the recruiting, soliciting or inducing of any
nonclerical employee of the Company or its affiliates to terminate their employment with, or
otherwise cease their relationship with, the Company or any of its affiliates, or in hiring
or assisting another Person to hire any nonclerical employee of the Company or any of its
affiliates or any Person who within six months before had been a nonclerical employee of the
Company or any of its affiliates and was recruited or solicited for such employment or other
retention while an employee of the Company or any of its affiliates (other than any of the
foregoing activities engaged in with the prior written approval of the Company); or

          (iii) directly or indirectly solicit, induce or encourage or attempt to persuade any
agent, consultant, supplier or customer of the Company or any affiliate of the Company to
terminate such agency or business relationship.

Nothing contained in this Agreement shall limit or otherwise affect the ability of the Grantee to
own not more than one percent (1.0%) of the outstanding equity interest of any entity that is
engaged in a business competitive with the Company or any of its affiliates, provided that such
investment is a passive investment and such Grantee is not directly or indirectly involved in the
management or operation of such business or otherwise providing consulting services to such
business.

          (b) Disparaging Comments. The Grantee agrees that during the term of the Consulting
Agreement and thereafter, the Grantee shall not make any disparaging or defamatory comments
regarding the Company or any of its affiliates or FECR LLC or any of its affiliates or, after
termination of the Consulting Agreement, make any comments concerning any aspect of the termination
of their relationship. The obligations of the Grantee under this paragraph shall not apply to
disclosures required by applicable law, regulation or order of any court or governmental agency.

Nothing contained in this Section 6 shall limit any common law or statutory obligation that the
Grantee may have to the Company or any of its affiliates. For purposes of this Section 6, “the
Company” refers to the Company and any incorporated or unincorporated affiliates of the Company,
including any successor to the Company.

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          (c) Confidentiality Covenant. During the term of the Consulting Agreement and
thereafter, the Grantee will hold and keep confidential all secret and confidential information,
knowledge or data relating to the Company and its affiliates, and their respective businesses,
including any confidential information as to customers of the Company and its affiliates (i)
obtained by the Grantee while providing services to the Company or its affiliates and (ii) not
otherwise public knowledge or known within the applicable industry. The Grantee shall not, without
prior written consent of the Company, unless compelled pursuant to the order of a court or other
governmental or legal body having jurisdiction over such matter, communicate or divulge any such
information, knowledge or data to anyone other than the Company and those designated by it. In the
event the Grantee is compelled by order of a court or other governmental or legal body to
communicate or divulge any such information, knowledge or data to anyone other than the foregoing,
the Grantee will promptly notify the Company of any such order and will cooperate fully with the
Company in protecting such information to the extent possible under applicable law. Upon
termination of the Consulting Agreement, or at any time as the Company may request, the Grantee
will promptly deliver to the Company, as requested, all documents (whether prepared by the Company,
an affiliate of the Company, the Grantee or a third party) relating to the Company, an affiliate of
the Company or any of their businesses or property which the Grantee may possess or have under the
Grantee’s direction or control.

          (d) Acknowledgment. The Grantee agrees and acknowledges that each restrictive
covenant in this Section 6 is reasonable as to duration, terms and geographical area and that the
same protects the legitimate interests of the Company and its affiliates, imposes no undue hardship
on the Grantee, is not injurious to the public, and that, notwithstanding any provision in this RSU
Agreement to the contrary, any violation of this restrictive covenant shall be specifically
enforceable in any court of competent jurisdiction. The Grantee agrees and acknowledges that a
portion of the compensation provided to the Grantee under this RSU Agreement will be provided in
consideration of the covenants contained in this Section 6, the sufficiency of which consideration
is hereby acknowledged. If any provision of this Section 6 as applied to the Grantee or to any
circumstance is adjudged by a court with competent jurisdiction to be invalid or unenforceable, the
same shall in no way affect any other circumstance or the validity or enforceability of any other
provisions of this Section 6. If the scope of any such provision, or any part thereof, is too
broad to permit enforcement of such provision to its full extent, the Grantee agrees that the court
making such determination shall have the power to reduce the duration and/or area of such
provision, and/or to delete specific words or phrases, and in its reduced form, such provision
shall then be enforceable and shall be enforced. The Grantee agrees and acknowledges that the
breach of this Section 6 will cause irreparable injury to the Company and upon breach of any
provision of this Section 6, the Company shall be entitled to injunctive relief, specific
performance or other equitable relief by any court with competent jurisdiction without the need to
prove the inadequacy of monetary damages or post a bond; provided, however, that
this shall in no way limit any other remedies which the Company may have (including, without
limitation, the right to seek monetary damages). Each of the covenants in this Section 6 shall be
construed as an agreement independent of any other provisions in this RSU Agreement.

7. No Rights to Continuation of Consulting Agreement. Nothing in this RSU Agreement shall
confer upon the Grantee any right to continue providing services to
the Company, Railway LLC or any respective subsidiary
thereof or shall interfere with or restrict the right of the Company
or the respective shareholders thereof

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(or of a subsidiary or its shareholders, as the case may be) to terminate the Consulting Agreement
any time for any reason whatsoever, with or without cause.

8. Tax Withholding. It is intended that the Grantee shall be solely responsible for the
withholding and/or payment of any federal, state, local or other taxes, including but not limited
to, estimated taxes and self-employment taxes, as well as any interest or penalties that may be
assessed, imposed or incurred as a result of the compensation paid under this RSU Agreement. The
Grantee may satisfy such obligation by (i) making a cash payment to the Company equal to the amount
of such taxes, (ii) instructing the Company to deduct a number of FECR Shares otherwise issuable in
respect of the RSUs with a fair market value equal to the amount of such taxes or (iii) any other
method acceptable to the Company.

9. Section 409A Compliance and Equitable Adjustments. The intent of the parties is that
payments and benefits under this RSU Agreement comply with Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”) to the extent subject thereto, and, accordingly, to
the maximum extent permitted, this RSU Agreement shall be interpreted and be administered to be in
compliance therewith. Notwithstanding anything contained herein to the contrary, to the extent
required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the
Code, the Grantee shall not be considered to have separated from service with the Company for
purposes of this RSU Agreement and no payment shall be due to the Grantee under this RSU Agreement
on account of a separation from service until the Grantee would be considered to have incurred a
“separation from service” from the Company within the meaning of Section 409A of the Code. Any
payments described in this RSU Agreement that are due within the “short-term deferral period” as
defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable
law requires otherwise. Notwithstanding anything to the contrary in this RSU Agreement, to the
extent that any RSUs are payable upon a separation from service and such payment would result in
the imposition of any individual excise tax and late interest charges imposed under Section 409A of
the Code, the settlement and payment of such awards shall instead be made on the first business day
after the date that is six (6) months following such separation from service (or death, if
earlier). In the event of an FECR Change in Capitalization, the Board shall make such equitable
changes or adjustments as it deems necessary or appropriate to the number and kind of securities or
other property (including cash) which may become payable in respect of outstanding RSUs and related
DERs hereunder.

10. Governing Law; Venue. This RSU Agreement shall be governed by, interpreted under, and
construed and enforced in accordance with the internal laws, and not the laws pertaining to
conflicts or choices of laws, of the State of Delaware applicable to agreements made and to be
performed wholly within the State of Delaware. Except as set forth in the second sentence of
Section 19(e), any legal action, suit or proceeding arising out of or in connection with this RSU
Agreement shall be brought in the United States District Court for the Middle District of Florida
or in the courts of the State of Florida (in each case applying the laws of the State of Delaware).

11. RSU Agreement Binding on Successors. The terms of this RSU Agreement shall be binding
upon Grantee and upon Grantee’s heirs, executors, administrators, personal representatives,
transferees, assignees and successors in interest, and upon the Company and its successors and
assignees.

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12. No Assignment. Notwithstanding anything to the contrary in this RSU Agreement, neither
this RSU Agreement nor any rights granted herein shall be assignable by Grantee.

13. Necessary Acts. Grantee hereby agrees to perform all acts, and to execute and deliver
any documents that may be reasonably necessary to carry out the provisions of this RSU Agreement,
including but not limited to all acts and documents related to compliance with federal and/or state
securities and/or tax laws.

14. Severability. Should any provision of this RSU Agreement be held by a court of
competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not
affect the validity of the remainder of this RSU Agreement, the balance of which shall continue to
be binding upon the parties hereto with any such modification (if any) to become a part hereof and
treated as though contained in this original RSU Agreement. Moreover, if one or more of the
provisions contained in this RSU Agreement shall for any reason be held to be excessively broad as
to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such
unenforceable provision, such provision or provisions shall be construed by the appropriate
judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent
compatible with the applicable law as it shall then appear, and such determination by such judicial
body shall not affect the enforceability of such provisions or provisions in any other
jurisdiction.

15. Entire Agreement. This RSU Agreement contains the entire agreement and understanding
among the parties as to the subject matter hereof.

16. Headings. Headings are used solely for the convenience of the parties and shall not be
deemed to be a limitation upon or descriptive of the contents of any such Section.

17. Counterparts. This RSU Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original and all of which together shall be deemed to be one and the
same instrument.

18. Amendment. No amendment or modification hereof shall be valid unless it shall be in
writing and signed by both parties hereto.

19. Definitions. For purposes of this RSU Agreement:

          (a) “Act” means the Securities Act of 1933, as amended.

          (b) An “affiliate” means a Person that directly, or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, the Person
specified.

          (c) “Applicable Securities” means outstanding equity securities of the Company or FECR
LLC, as the case may be and as the context requires.

          (d) “Beneficial Owner” (or any variant thereof) has the meaning defined in Rule 13d-3
under the Exchange Act.

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          (e) “Cause” shall have the meaning assigned to such term in the Consulting Agreement.
In the event that there is a dispute between the Grantee and the
Company or Railway LLC as to whether “Cause” for
termination exists: (x) such termination shall nonetheless be effective, (y) such dispute shall be
subject to arbitration in Jacksonville, Florida using the commercial rules of the American
Arbitration Association and (z) the payments or deliveries, if any, to be made by the Company in
connection with a sale or purchase of the Applicable Securities held by the Grantee shall be
delayed until the final resolution of such dispute in such arbitration.

          (f) “Change of Control” means an event or series of events as a result of which the
Fortress Entities, collectively, directly or indirectly legally or beneficially own less than fifty
percent (50%) of the voting stock (or other equity interest) of the Company, in each case adjusted
pursuant to any stock (or share) split, stock (or share) dividend, recapitalization or
reclassification of the capital of the Company; provided, however, that a “Change of Control” shall
not be deemed to occur:

          (i) upon an acquisition, merger, amalgamation, continuation into another jurisdiction
or other business combination involving the Company, including the sale of all or
substantially all of the assets of the Company (each, a “Business Combination”), if
one or more Fortress Entities collectively (I) directly or indirectly legally or
beneficially own at least thirty percent (30%) of the voting stock (or other equity
interest) of the Company or the surviving/acquiring entity, as the case may be, and (II)
continue to be the largest shareholder (or other holder of equity) of the Company or the
surviving/acquiring entity, as the case may be, following such Business Combination, and a
“Change of Control” will not result after any such Business Combination so long as the
conditions set forth in clauses (I) and (II) continue to be satisfied; or

          (ii) (I) upon a Company IPO (without regard to the percentage of voting stock (or other
equity interest) of the Company directly or indirectly legally or beneficially owned by the
Fortress Entities immediately after such Company IPO) or (II) without limiting clause (I),
if at any time following a Company IPO one or more Fortress Entities collectively directly
or indirectly legally or beneficially own at least thirty percent (30%) of the voting stock
(or other equity interest) of the Company and are the largest shareholder (or other holder
of equity) of the Company.

          (g) “Company IPO” means a firmly underwritten public offering pursuant to a
registration statement declared effective under the Exchange Act covering the offer and sale of
shares of stock (or other equity interests) of either the Company or FECR LLC for the account of
the Company or FECR LLC, as the case may be, to the public generally in which the net proceeds to
the Company or FECR LLC, as the case may be, are not less than $100,000,000.

          (h) “Disability” means, as determined by the Board in good faith, the Grantee’s
inability, due to disability or incapacity, to perform all of the Grantee’s duties as may be
assigned from time to time under the Consulting Agreement or any other agreement(s) between the
Company and the Grantee, for (A) periods aggregating one hundred eighty (180) days, whether or not
continuous, in any continuous period of three hundred and sixty five (365) days or, (B) where the
Grantee’s absence is adversely affecting the performance of the Company in a significant manner,
periods greater than ninety (90) days and the Grantee is unable to resume the

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Grantee’s duties on a full time basis within ten (10) days after receipt of written notice of
the Board’s determination under this clause (B).

          (i) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time.

          (j) “FECR Change in Capitalization” means any (i) merger, consolidation,
reclassification, recapitalization, spin-off, spin-out, repurchase or other reorganization or
corporate transaction or event, (ii) dividend (whether in the form of cash, stock, or other
property), stock split or reverse stock split, (iii) combination or exchange of shares, (iv) other
change in corporate structure or (v) declaration of a special dividend (including a cash dividend)
or other distribution, which, in any such case, the Board determines, in its discretion, affects
FECR Shares, such that an equitable adjustment pursuant to Section 9 hereof is required.

          (k) “Fortress Entity” means any of (i) Fortress Fund V GP L.P. or any affiliate
thereof, (ii) any investment vehicle (whether formed as a private investment fund, stock company,
partnership or otherwise) or managed account managed directly or indirectly by Fortress Investment
Group LLC (“Fortress”) or any of its affiliates, including but not limited to Fortress Fund
V (Fund A) L.P. and its parallel affiliated funds or (iii) any Person of which the majority of its
stock, partnership or membership interests are owned, directly or indirectly, by any Person
described in sub paragraph (ii) above.

          (l) “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as
modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i)
the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under
an employee benefit plan of the Company or any of its Subsidiaries, (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation
owned, directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company.

[signature page follows]

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     IN WITNESS WHEREOF, the parties hereto have executed this RSU Agreement as of the date set
forth above.

	 	 	 	 	 	 	 
	 	 	FECR RAIL CORP.	 	 
	 
	 	 	 	 	 	 
	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	GRANTEE	 	 
	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 

[Signature Page to Restricted Stock Unit Award Agreement]

 

 

EXHIBIT A

          Subject to the provisions set forth below, on each date in the column captioned “Vesting Date”
(each such date, a “Vesting Date”), a percentage of the originally granted RSUs (rounded
down to the nearest whole number of RSUs on the first four Vesting Dates) shall vest and become
nonforfeitable as follows:

	 	 	 
	Vesting Date	 	Percentage of Granted RSUs Vesting
	1st Anniversary of Grant Date

	 	Twenty-Five Percent (25%)
	2nd Anniversary of Grant Date

	 	Twenty-Five Percent (25%)
	3rd Anniversary of Grant Date

	 	Twenty-Five Percent (25%)
	4th Anniversary of Grant Date

	 	Twenty-Five Percent (25%)

subject in
each case to the Grantee continuing to provide services to the
Company, Railway LLC or a subsidiary
of the Company or Railway LLC pursuant to the Consulting Agreement through the relevant Vesting Date.

Notwithstanding Section 3(b) of the RSU Agreement and the foregoing provisions of this Exhibit A:

(x) in
the event that the Consulting Agreement is terminated by the Company,
Railway LLC or any of their respective subsidiaries without Cause or
the Consulting Agreement is terminated by reason of the Grantee’s death or Disability, and
the termination of the Grantee’s services is a “separation from service” within the meaning
of Section 409A(a)(2)(A)(i) of the Code, then the RSUs (if any) which are due to vest at the
next Vesting Date shall vest on the date of such termination of employment, subject to the
Grantee’s execution (within forty-five (45) days after the date of such termination) of a
separation agreement prepared by the Company (or a subsidiary of the
Company) which includes, inter
alia, a general release of claims, which becomes effective in accordance with its terms (in
the event of the Grantee’s death, such agreement and release may be executed by the personal
representative of the Grantee’s estate); and

(y) in the event that the Consulting Agreement is terminated by the Company,
Railway LLC or any of their respective subsidiaries without Cause within twelve (12) months following a Change of Control and the
termination of the Grantee’s services is a “separation from service” within the meaning of
Section 409A(a)(2)(A)(i) of the Code, then one hundred percent (100%) of the RSUs that are
not vested as of the date of such termination shall immediately vest.

If vesting occurs pursuant to clause (x) above, payment with respect to the vested RSUs shall be
made within sixty (60) days following the termination of the Consulting Agreement, except to the
extent that Section 409A(a)(2)(B)(i) of the Code may require that such payment must not be made
until the six (6) month anniversary of the date of such termination.

If vesting occurs pursuant to clause (y) or (z) above, payment with respect to the vested RSUs
shall be made immediately, except to the extent that Section 409A(a)(2)(B)(i) of the Code may
require that such payment must not be made until the six (6) month anniversary of the date of such
termination.exv10w16

Exhibit 10.16

FORM OF

CONSULTING AGREEMENT

          THIS
CONSULTING AGREEMENT (this “Agreement”), is dated as
of October 1, 2009, by
and between Florida East Coast Industries, Inc. (the “Company”), and                                         
(“Consultant”).

          WHEREAS, the Company desires to engage the services of Consultant upon the terms and subject
to the conditions hereinafter set forth, and Consultant desires to accept such engagement.

          NOW, THEREFORE, for and in consideration of the premises, the mutual promises, covenants and
agreements contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

          1. Consulting Period. This Agreement shall become effective on the date hereof and
shall continue in effect until terminated in accordance with Section 5 hereof (the “Consulting
Period”).

          2. Consulting Services. During the Consulting Period, Consultant shall consult with
the Company and its subsidiaries as to strategic initiatives designed to enhance the value of the
Company’s and its subsidiaries’ rail-related assets, which include, but are not limited to,
monetization opportunities for the Company’s ownership interests in the 351-mile corridor of land
and the Hialeah rail yard. The services provided by Consultant pursuant to this Agreement are
hereinafter referred to as the “Services.”

          3. Independent Contractor.

          (a) Independent Contractor Status. Nothing in this Agreement shall be construed to
constitute the Company and Consultant as partners or as joint venturers, as agent of the other, or
as employer and employee. Consultant’s relationship to the Company during the Consulting Period
shall only be that of an independent contractor and Consultant shall perform the Services as an
independent contractor.

          (b) Exercise of Independent Judgment. The Company shall not, with respect to the
Services, exercise or have the power to exercise such level of control over Consultant as would
indicate or establish that a relationship of employer and employee exists between Consultant and
the Company. Consultant shall have full and complete control over the manner and method of
rendering the Services.

          (c) Inability to Bind. Consultant shall not have any right or authority to assume or
create any obligation or responsibility, express or implied, on behalf of or in the name of the
Company or any of its subsidiaries, or to bind such entities in any manner, except as may be
authorized in writing by the Board of Directors of the Company (the “Board”), and shall not
make any contrary representation to any third party. Consultant shall not direct the work of any
employee of the Company or make any management decisions on behalf of the Company.

          (d) No Right to Benefits. During the Consulting Period, Consultant shall not

 

 

be entitled to, and shall make no claim to, rights or benefits afforded to the employees of
the Company or any of its subsidiaries, including, without limitation, medical, dental, disability
or unemployment insurance, workers’ compensation insurance, pension and retirement benefits,
profit-sharing, or rights under any other benefit plan or program applicable to employees of the
Company or any of its subsidiaries.

          4. Compensation. In consideration for Consultant’s performance of the services
hereunder, Consultant shall receive a grant of restricted stock units with respect to the common
shares of the Company (the “Equity Grant”), in the amount and on the terms and conditions
set forth in the Restricted Stock Unit Award Agreement by and between the Company and Consultant,
dated as of the date hereof (the “Award Agreement”), as attached hereto. No withholding or
deduction from any amounts payable under the Award Agreement shall be made by the Company. It is
intended that Consultant shall be solely responsible for the payment of any federal, state, local
or other taxes, including but not limited to, estimated taxes and self-employment taxes, as well as
any interest or penalties which may be assessed, imposed or incurred as a result of the
compensation paid under this Section 4.

          5. Termination.

          (a) Termination of this Agreement. This Agreement shall terminate at the earliest to
occur of the following: (i) the date on which the Company delivers written notice to Consultant
that the Company is terminating the consulting relationship because of a “Disability” (as defined
below); (ii) the date of Consultant’s death; (iii) the date on which the Company delivers written
notice to Consultant that the Company is terminating the consulting relationship for “Cause” (as
defined below) or without Cause; or (iv) the date on which Consultant delivers written notice to
the Company that the Consultant is terminating the consulting relationship for any reason or for no
reason.

          (b) Benefits Upon Termination. Upon a termination of the consulting relationship, the
Equity Grant shall be subject to the applicable treatment set forth in the Award Agreement. Other
than as set forth in the immediately preceding sentence, Consultant shall not be entitled to any
payments or benefits upon a termination of this Agreement.

          (c) Certain Definitions.

               (i) An “affiliate” of, or a person “affiliated” with, a specified person, is a
person that directly, or indirectly through one or more intermediaries, controls, or is controlled
by, or is under common control with, the person specified.

               (ii) “Cause” means (A) conviction of a felony or crime of dishonesty, or, (B) with
respect to the Company, any subsidiary of the Company, Iron Horse Acquisition Holding LLC
(“Iron Horse”) or any affiliate of the Company (excluding, the Company and its subsidiaries
and Iron Horse) that engages Consultant as an employee or consultant (collectively, “Affiliated
Engagers”), (1) fraud, (2) violation of a material rule or policy applicable to the Consultant,
(3) willful breach or neglect of any reasonable assignment of duties, (4) failure to comply with
any reasonable request relating to consulting services made by the Company, its subsidiaries, Iron
Horse or any Affiliated Engager, and with respect to Consultant’s status as an employee with any
Affiliated Engager, failure to comply with a direction from a senior officer or the board of
directors of such affiliate, (5) violation of any restrictive covenants contained in any

2

 

agreement
entered into between the Consultant and the Company or any Affiliated
Engager (including without limitation, the
Award Agreement), or (6) willful breach of fiduciary duties as a member of the board of directors
of the Company, any of its subsidiaries, Iron Horse or any Affiliated Engager, if applicable.

               (iii) “Disability” means, as determined by the Board in good faith, Consultant’s
inability, due to disability or incapacity, to perform all of Consultant’s duties under this
Agreement or under any other agreement(s) between the Company and Consultant for (A) periods
aggregating one hundred eighty (180) days, whether or not continuous, in any continuous period of
three hundred and sixty five (365) days or, (B) where Consultant’s absence is adversely affecting
the performance of the Company in a significant manner, periods greater than ninety (90) days and
Consultant is unable to resume Consultant’s duties on a full time basis within ten (10) days after
receipt of written notice of the Board’s determination under this clause (B).

          6. Severability. If any provision of this Agreement shall be declared to be invalid
or unenforceable, in whole or in part, such invalidity or unenforceability shall not affect the
remaining provisions hereof, which shall remain in full force and effect.

          7. Entire Agreement. The provisions contained herein constitute the entire agreement
between the parties with respect to the subject matter of this Agreement and supersede any and all
prior agreements, understandings and communications between the parties, oral or written, with
respect to such subject matter.

          8. Modifications. Any waiver, alteration, amendment or modification of any provisions
of this Agreement shall not be valid unless in writing and signed by each party hereto.

          9. Assignment; Binding Effect. Neither party may assign any of its or his rights or
delegate any of its or his duties under this Agreement without the written consent of the other
party and any attempted assignment in violation of this provision shall be void. Subject to the
foregoing limitations, this Agreement shall be binding upon and inure to the benefit of the
successors-in-interest and permitted assigns of the parties hereto.

          10. Notices. All notices and other communications required or permitted under this
Agreement shall be made in writing and shall be deemed given if delivered personally, sent by
nationally recognized overnight courier service or by facsimile. Any notice or other communication
shall be deemed given on the date of delivery, or on the date one (1) business day after it shall
have been given to a nationally-recognized overnight courier service.

          11. Choice of Law. This Agreement shall be governed by and construed in accordance
with the law of the State of Florida, without regard to conflicts of laws principles thereof.

          12. Section Headings. The section headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement.

          13. Counterparts. This Agreement may be executed in one or more counterparts, which
shall, collectively and separately, constitute one agreement.

3

 

          IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first
above written.

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Consultant 	 
	 	 	 	 
	 
	 	Florida East Coast Industries, Inc.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Consulting Agreement]

4

 

Schedule

A Consulting Agreement, substantially in the form to which this Schedule is attached, has been
entered into with the following individuals:

1. John E.
Giles

2. Clyde Preslar

3. David Rohal

4. Paul Lundberg

5. Charles Patterson

6. Scott G. Williams

7. David Novak

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