CHANGE IN CONTROL



                              EMPLOYMENT AGREEMENT



            AGREEMENT between MONY Life Insurance Company, a Delaware

corporation (the "MONY"), and Grant W. Kurtz (the "Executive"), dated as of

August 23, 2000 (the "Agreement Date").



            WHEREAS, The Advest Group, Inc. (the "Company") and MONY wish to

assure themselves and the Executive of continuity of management in the event of

a Change in Control of MONY, as hereinafter defined, and to provide the

Executive with the termination and other benefits set forth in this Agreement in

the event the Executive's employment with the Company terminates following such

a Change in Control under the circumstances described below.



            NOW, THEREFORE, the Company and the Executive hereby agree as

follows:



            1.  OPERATION AND TERM OF AGREEMENT; CHANGE IN CONTROL



            (A) Term. This Agreement shall be effective as of the date of the

consummation of the transactions contemplated under the Agreement and Plan of

Merger, dated August 23, 2000, between The MONY Group Inc., a Delaware

Corporation, MONY Acquisition Corp., a Delaware corporation and a wholly-owned

subsidiary of The MONY Group Inc., and the Company (the "Merger") and shall

continue in effect until the Expiration Date. The Expiration Date shall

initially be

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December 31, 2001, but commencing on January 1, 2002 and each January 1

thereafter, the Expiration Date shall automatically be extended by one

additional year unless, not later than September 30 of the preceding year, the

Company shall have given notice to the Executive that it does not wish to extend

the Expiration Date; provided, however, that if a Change in Control shall have

occurred prior to the original or extended Expiration Date, the Expiration Date

shall automatically be extended to the third anniversary of the last day of the

month in which the Change in Control occurred.



            (B) Change in Control. The benefits to be provided to the Executive

pursuant to this Agreement shall only become available upon a Change in Control.



            For purposes of this Agreement, a Change in Control shall mean a

change in control (other than the Merger) of MONY which shall be deemed to have

occurred upon:



                  (i) an acquisition by any individual, entity or group (within

            the meaning of Section 13(d)(3) or 14(d)(2) of the Securities

            Exchange Act of 1934, as amended (the "Exchange Act")) (a "Person")

            of beneficial ownership (within the meaning of Rule 13d-3

            promulgated under the Exchange Act) of shares of outstanding voting

            securities of The MONY Group Inc. (the "Holding Company") entitled

            to vote generally in the election of directors (the "Outstanding

            Voting Securities") which, when combined with any other securities

            owned beneficially by the acquirer, would result in such acquirer

            beneficially owning twenty percent (20%) or more of either (A) the

            then outstanding shares of common stock of the Holding Company or

            (B) the combined voting power of the then Outstanding Voting

            Securities; excluding, however, the following: (1) any acquisition

            directly from the Holding Company, other than an acquisition by

            virtue of the exercise of a conversion privilege unless the security

            being so converted was itself acquired directly from the Holding

            Company, (2) any acquisition by the Holding Company and (3) any

            acquisition by an employee benefit plan (or related trust) sponsored

            or maintained by the Holding Company or any subsidiary of the

            Holding Company;



                  (ii) at any time following the date hereof, individuals who as

            of the date hereof constitute the Board of Directors of the Holding





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<PAGE>   3

            Company (the "Board") (and any new directors whose election by the

            Board or nomination for election by the Holding Company's

            shareholders was approved by a vote of at least two-thirds (2/3) of

            the directors then still in office who either were directors as of

            the date hereof or whose election or nomination for election was

            approved) cease for any reason (except for death, disability or

            voluntary retirement) to constitute a majority thereof;



                  (iii) the consummation of a transaction approved by the

            shareholders of the Holding Company that is a merger, consolidation,

            reorganization or similar corporate transaction, whether or not the

            Holding Company is the surviving corporation in such transaction,

            other than a merger, consolidation, or reorganization that results

            in the Outstanding Voting Securities immediately prior thereto

            continuing to represent (either by remaining outstanding or by being

            converted into voting securities of the surviving entity) at least

            eighty percent (80%) of the combined voting power of the voting

            securities of the Holding Company (or such surviving entity)

            outstanding immediately after such merger, consolidation,

            reorganization or transaction;



                  (iv) the consummation of a transaction approved by the

            shareholders of the Holding Company that is (A) the sale or other

            disposition of all or substantially all of the assets (by way of

            reinsurance or otherwise) of the Holding Company or (B) a complete

            liquidation or dissolution of the Holding Company; or



                  (v) adoption by the Board of a resolution to the effect that

            any Person has taken actions which, if consummated, would result in

            such Person acquiring effective control of the business and affairs

            of the Holding Company, subject to the consummation of the

            transactions contemplated by such actions.



            2.  CERTAIN DEFINITIONS



            (A) Period of Employment. The Period of Employment shall mean the

 period of time commencing on the date of a Change in Control and ending on the

 earlier of the Expiration Date or the Termination Date.



            (B) Contract Term. The Contract Term shall mean the period of time

 commencing on the date of a Change in Control and ending on the Expiration

 Date.





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<PAGE>   4

            (C) Termination Date. The Termination Date shall mean the date as of

 which the Executive's employment with the Company shall cease or be deemed to

 have ceased in the manner specified in Section 6 or Section 7.



            3.  EXECUTIVE'S RESPONSIBILITIES; LOCATION



            (A) Position, Duties, Responsibilities. Commencing on the date of

 the Change in Control, the Executive shall serve in the position and have the

 duties and responsibilities as in effect immediately prior to the date of the

 Change in Control and as they may be expanded thereafter.



            (B) Best Efforts. During the Period of Employment, the Executive

 shall devote his full time, best efforts and undivided attention during normal

 business hours to the business and affairs of the Company, except reasonable

 vacations, illness or incapacity.



            (C) Principal Business Office.  During the Period of Employment,

 the Executive's principal business office shall be located in Hartford,

 Connecticut.



            4.  RESTRICTIVE COVENANTS



            (A) Noncompetition. The Executive agrees that during the Period of

 Employment and for the twelve-month period immediately following the Period of

 Employment, the Executive shall not, directly or indirectly, in any capacity,

 engage in any business which is substantially competitive with any business

 then actively conducted by Company or any of its affiliates or subsidiaries,

 and the Executive shall not undertake to consult with or advise any such

 competitive business or otherwise, directly or indirectly, engage in any

 activity which is substantially competitive with or in





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<PAGE>   5

any way adversely and substantially affects any activity of the Company or any

of its affiliates or subsidiaries.



            (B) Nondisclosure. Except as expressly provided herein, the

 Executive agrees that during the Period of Employment and thereafter, the

 Executive shall not make use of, disclose, divulge, or make accessible, to any

 third party, any information of a secret or confidential nature known to the

 Executive in the course of his employment with the Company or any of its

 affiliates or subsidiaries until such information has come into the public

 domain or has otherwise ceased to be secret or confidential.



            (C) Specific Performance and Injunctive Relief. The Executive

 acknowledges and agrees that the Company and/or its affiliates and subsidiaries

 will suffer irreparable injury if the provisions of this Section 4 are not

 honored, that damages resulting from such injury will be incapable of being

 precisely measured, and that the Company and its subsidiaries and affiliates

 will not have an adequate remedy at law to redress the harm which such

 violation shall cause. Accordingly, the Executive agrees that the Company shall

 have the rights and remedies of specific performance and injunctive relief, in

 addition to any other rights or remedies that may be available at law or in

 equity, in respect of any failure, or threatened failure, on the part of the

 Executive to comply with the provisions of this Section 4, including, but not

 limited to, temporary restraining orders and temporary injunctions to restrain

 any violation or threatened violation of this Agreement by the Executive.



            5. COMPENSATION, PERQUISITES AND EMPLOYEE BENEFITS



            (A) Base Compensation. For all services rendered during the Period

 of Employment, the Executive shall receive annual base compensation and a

 guaranteed





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<PAGE>   6

annual bonus at a rate not less than the rate in effect immediately prior to the

date of the Change in Control, or any amount to which the Executive's base

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