Exhibit 10.16

CONFIDENTIAL

May 9,
2008

Mr. Joseph
J. Troy
4211 W. Boy Scout Blvd
Tampa, FL 33607

RE:
Employment Agreement

Dear
Joe:

Confirming
our recent discussions, we are pleased that you have accepted the position of Executive Vice President Structured Finance of JWH Holding Company, LLC ("the Company").
With the acceptance of your new role, you left your former position, Executive Vice President and Chief Financial Officer for Walter Industries, Inc., effective February 13, 2008. This
document, including Exhibit A, supersedes all previous agreements and other rights you had with Walter Industries, Inc., or any of its affiliates ("Walter"), including your
Change-in-Control Agreement dated February, 2004. This Agreement sets forth the terms and conditions of your employment and will be final and binding on the date you execute
this letter.



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The
restrictive covenants contained in this Paragraph shall apply to all states that Walter or any of its Affiliates is currently conducting the specific business in which it seeks to
preclude competition by you ("Restricted Geographic Area"). The "Restrictive Period" shall be, (a) in the case of the Company's Financing business, a period of twelve (12) months from
the date of your Termination from the Company, and (b) in the case of Walter's natural resources businesses, a period of eighteen (18) months from the date of your Termination from the
Company. In the case of the Company's homebuilding business, the restrictive covenants contained in subparagraphs (a) and (b) shall be twelve (12) months and the restrictive
covenants contained in subparagraph (c) shall not apply.

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"Cause"
shall mean: (a) material failure to act in accordance with the reasonable instructions of the Chief Executive Officer of the Company, (b) conviction of a felony
arising from any act of fraud, embezzlement or willful dishonesty in relation to the business or affairs of the Company or any other felonious conduct on your part that is demonstrably detrimental to
the best interests of the Company or any subsidiary or affiliate, (c) being repeatedly under the influence of illegal drugs or alcohol while performing your duties, or (d) commission of
any other willful act that is demonstrably injurious to the financial condition or business reputation of the Company or any subsidiary or affiliate.

"Constructive
Termination" shall mean, without your written consent: (a) a material failure of the Company to comply with the provisions of this Agreement, (b) any
purported termination of your employment other than for Cause, or (c) the failure of a successor corporation to assume the Company's obligations under this Agreement.

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Joe,
your signature below confirms your acceptance of this Employment Agreement. Please sign one of the enclosed copies and return it to me in the envelope provided.

| |  | Very truly yours,
JWH HOLDING COMPANY, LLC
| |  | ------------------------------------------
| |  | /s/Mark J. O'Brien                        
| |  | By:                                       
| |  | WALTER INDUSTRIES, INC.                   
| |  | /s/Larry Williams                         
| |  | By:                                       

Agreed
and Accepted

|/s/Joseph J. TroyJoseph J. Troy |  | May 9, 2008Date
|------------------------------- |  | ---------------

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SCHEDULE 1

|Future Vesting Detail |  | Grant Type                  |  | Original Grant Date
|--------------------- |  | --------------------------- |  | -------------------
|3,206 on 2/25/2009    |  | Restricted Stock Units      |  | 2/25/2005          
|2,546 on 2/22/2009    |  | Non-qualified stock options |  | 2/22/2006          
|5,589 on 2/22/2009    |  | Restricted Stock Units      |  | 2/22/2006          
|4,902 on 1/31/2009    |  | Non-qualified stock options |  | 1/31/2007          

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