ExecutorService executor = Executors.newSingleThreadExecutor();
 try {
   //================= HERE ==================
   Future<Boolean> job = executor.submit(thirdPartyCallable);
   executor.awaitTermination(timeOut, TimeUnit.SECONDS);
   if(!job.isDone())
     logger.debug("Long call to 3rd party API didn't finish");
   //=========================================
 } catch (Exception exc) {
     exc.printStackTrace();
 } finally {
     if(!executor.isShutdown() )
       executor.shutdownNow();
 }

}

private static Callable<Boolean>  thirdParytCallable = new Callable<Boolean>() {
  public Boolean call() throws Exception {
    //Call to long 3rd party API
    //.......
    for(long i = 0;i<99999991999999L;i++) {
      Thread.sleep(10L);// Emulates long call to 3rd party API
      System.out.print(".");
    }
    return Boolean.valueOf(true);//Data from 3rd party API
  }
};

...
workListExecutor.stop()
...

boolean running = true;

void stop(){
  running = false;
}

void run(){
  while (running) {
    ... do my stuff ...
  }
}