Florida East Coast Railway, LLC Summary of Employment Terms

January 17, 2013

Employee:

Francis J. Chinnici

Title:

Senior Vice President, Engineering and Purchasing

Base Salary:

$225,000.00 per annum

Annual Discretionary Bonus:

Commencing for the 2013 fiscal year (Paid in the first quarter of 2014), a target bonus of 40% of base salary, which may go as high as 80%, subject to the discretion of management of the Company. Any bonus will be paid in cash or partially in cash and partially in restricted stock. Any receipt of restricted stock will be subject to award agreements provided by the Company and signed by the Employee.

Additional Performance Based Restricted Stock:

Additional restricted stock with a value equivalent to $125,000 (as of the grant date) annually, contingent upon the Company reaching specific target goals.

Annual Stock Bonus Vesting:

To the extent annual discretionary bonuses are paid partially in stock, shares awarded shall vest over three years (one-third per annum on each successive anniversary of the date on which the stock portion of bonus is awarded).

Change of Control:

Executive to receive one year’s base salary if terminated within twelve months of a change of control.

/s/ Francis Chinnici

1/21/13

Employee Signature

Date