EXECUTIVE AGREEMENT



         This Agreement is dated as of August 23, 2000, by and between The MONY

Group Inc., a Delaware corporation (the "Company"), The Advest Group, Inc., a

Delaware corporation ("Advest") and _______________________ (the "Executive")

(the "Agreement Date").



         WHEREAS, the Company has entered into an Agreement and Plan of Merger

(the "Merger Agreement") with Advest and MONY Acquisition Corp. ("Merger Sub"),

dated as of August 23, 2000, pursuant to which Advest will be merged into Merger

Sub (the "Merger"); and



         WHEREAS, Executive has rendered valuable services to Advest and its

subsidiaries and the Company desires to be assured that Executive will continue

rendering such services to Advest and its subsidiaries and Executive is willing

to continue to serve Advest and its subsidiaries but desires assurance that he

will be protected in the event of certain terminations of employment following

the "Effective Time" (as defined in the Merger Agreement) of the Merger.

Accordingly, in consideration of the mutual covenants and promises herein, the

parties agree as follows.



         Section 1. Definitions. For purposes of this Agreement, the following

terms shall have the meanings indicated:



                  (a) "Cause" shall mean willful misconduct, gross negligence,

the conviction of Executive of a criminal offense for violation of the

securities laws or involving moral turpitude, or a determination by the Board of

Directors of Advest (the "Board") that (i) Executive has or is engaged in the

securities industry in any capacity, including as an employee or consultant,

that the Board has determined to be materially detrimental to the Company or its

business, and Executive has not provided the Board with adequate assurance that

he will refrain therefrom after written request from the Board, or (ii)

Executive has breached his obligations under Section 7.



                  (b) "Good Reason" shall mean the occurrence of any one of the

following events:



                  (i) failure of Executive to continue to be appointed or

         elected to his position, or a position of comparable seniority as in

         effect immediately prior to the Effective Time;



                  (ii) assignment to Executive of any duties materially and

         adversely inconsistent with Executive's position, including status,

         offices, or responsibilities, or any other action of the Company or

         Advest that results in a material and adverse change in such position,

         status, offices, titles or responsibilities or any other material

         adverse change to the terms and conditions of Executive's employment as

         they existed prior to the Effective Time;



                  (iii) any material and adverse change in Executive's reporting

         responsibilities from those in effect immediately prior to the

         Effective Time;



                  (iv) any material breach by the Company of the provisions of

         this Agreement;

<PAGE>   2

                  (v) the Company, Advest or any of their subsidiaries'

         requiring, without written consent of Executive, that Executive be

         based at any office or location more than 30 miles from his regular

         place of business as of the Effective Time;



                  (vi) any purported termination of Executive's employment under

         this Agreement which is not for Cause in strict accordance with this

         Agreement;



                  (vii) any reduction of Executive's annual base salary below

         the levels established in the last full fiscal year completed prior to

         the Effective Time, unless in conjunction with salary reductions

         applicable to all similarly situated employees; or



                  (viii) any reduction of Executive's MIP Bonus (as defined

         below) below the amount paid in the last full fiscal year completed

         prior to the Effective Time, unless total MIP Bonuses paid all

         executive officers decline and Executive's MIP Bonus as a percentage of

         that total is at least as high as those paid Executive for that last

         full fiscal year.



         Notwithstanding the foregoing, "Good Reason" shall not be deemed to

occur solely as a result of a change of authority, duties, responsibilities or

reporting caused solely by the acquisition of Advest, or Advest no longer being

a public company, without any additional action taken by the Company or Advest.

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