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                                                                   EXHIBIT 10(x)

                              EMPLOYMENT AGREEMENT

         AGREEMENT between The MONY Group Inc., a company organized under the
laws of the State of Delaware (the "MONY"), The Advest Group, Inc., a Delaware
corporation (the "Company") and Grant W. Kurtz (the "Executive"), dated as of
August 23, 2000 (the "Agreement Date").

         To insure continuity of the senior management team the Company, the
parties wish to record in this Agreement terms which provide the Executive with
contractual rights to compensation and benefits.

         The Company and the Executive agree as follows:

         1. OPERATION AND TERM OF AGREEMENT

         This Agreement shall be effective as of the date of the consummation of
the transactions (the "Merger Date") contemplated under the Agreement and Plan
of Merger, dated August 23, 2000, by and among MONY, MONY Acquisition Corp. and
the Company (the "Merger Agreement"), and shall continue until the Expiration
Date. The Expiration Date shall initially be the fifth anniversary of the Merger
Date, but commencing on such fifth anniversary, and each such anniversary date
thereafter, the Expiration Date shall automatically be extended by one
additional year unless, not later than 90 days prior to such anniversary date,
one of the parties provides notice to the other that it will not extend the
Expiration Date. Notwithstanding the foregoing, the provisions of Section 4
hereof shall be effective on the Agreement Date and shall remain in effect for
the periods specified therein.

         2. CERTAIN DEFINITIONS

                  (A)      PERIOD OF EMPLOYMENT. Commences on the Merger Date
                           and ends on the Expiration Date or the Termination
                           Date, whichever is earlier.

                  (B)      TERMINATION DATE. The date which the Executive's
                           employment with the Company ceases.

         3. EXECUTIVE'S RESPONSIBILITIES

                  (A)      POSITION, DUTIES, RESPONSIBILITIES. The Executive
                           shall be an employee of the Company and shall serve
                           in the position of Chief Executive Officer of the
                           Company. The Executive shall perform all of the
                           duties and responsibilities normally performed and
                           pertinent to the office of the Chief Executive
                           Officer of the Company, reporting to and under the
                           direction of the Chief Executive Officer of MONY.
                           Other than with respect to reporting relationships,
                           the Executive shall have substantially similar
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                           authority, duties and responsibilities as the
                           Executive has immediately prior the Merger Date. The
                           Executive shall have the authority to administer the
                           bonus arrangements applicable to Company employees,
                           subject to the reasonable approval of the Human
                           Resources Committee of the Board of Directors of MONY
                           Life Insurance Company ("MONY Life") (or such other
                           entity or person designated by such committee). The
                           Company's principal offices shall be located in
                           Hartford, Connecticut.

                  (B)      BEST EFFORTS. The Executive shall devote
                           substantially all of his working time, best efforts,
                           and undivided attention to the Company's affairs,
                           except for reasonable vacations or illness or
                           incapacity.

         4.       RESTRICTIVE COVENANTS

                  (A)      NON-COMPETITION. During the period commencing on the
                           Merger Date through the Termination Date and for the
                           one-year period immediately following the Termination
                           Date, unless the Executive is terminated by MONY or
                           the Company without Cause or the Executive terminates
                           employment for Good Reason, the Executive shall not,
                           directly or indirectly, in any capacity, engage in
                           any business in Hartford, Connecticut which is
                           substantially competitive with the business then
                           actively conducted by the Company; provided that the
                           foregoing shall not preclude the Executive from
                           owning stock comprising less than 5% of the stock of
                           a public company.

                  (B)      NONDISCLOSURE. The Executive shall not make use of,
                           disclose, divulge, or make accessible to any third
                           party any information of a confidential nature about
                           the Company, MONY or any of their respective
                           affiliates known to the Executive in the course of
                           his employment until such information has come into
                           the public domain.

                  (C)      SPECIFIC PERFORMANCE AND INJUNCTIVE RELIEF. The
                           Executive agrees that the Company 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 will not have any 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.


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         5.       COMPENSATION, PERQUISITES AND EMPLOYEE BENEFITS

                  (A)      BASE COMPENSATION. The Executive shall receive annual
                           base compensation from the Company at a rate not less
                           than $450,000. In no event shall the Executive's base
                           compensation be less than the base compensation
                           provided herein, or any amount to which base
                           compensation is thereafter increased.

                  (B)      BONUS AND INCENTIVE COMPENSATION. During the Period
                           of Employment, the Executive shall be entitled to
                           continue to participate in the Company's current
                           Management Incentive Plan or any successor program
                           thereto (the "MIP") which will provide bonus
                           opportunities substantially similar to those provided
                           immediately prior to the Merger Date and will receive
                           a percentage of the MIP awards consistent with the
                           percentage of the MIP awards made to the Executive
                           immediately prior to the Merger Date. The Executive
                           shall also be eligible to receive a bonus payment
                           equal to no less than 10% of the bonus pool
                           established pursuant to the Management Incentive Plan
                           established pursuant to the Merger Agreement (the
                           "Merger MIP"), in accordance with the terms of such
                           plan.

                  (C)      EQUITY AWARDS. Effective as of the Merger Date, the
                           Executive shall be granted 2,000 Performance Share
                           Units (as such term is defined in the MONY Life Long
                           Term Performance Share Plan) in accordance with the
                           terms of such plan.

                  (D)      PERQUISITES. During the Period of Employment, the
                           Executive shall be entitled to perquisites and fringe
                           benefits from the Company equivalent to those
                           generally available to officers of his rank at MONY
                           Life.

                  (E)      EMPLOYEE BENEFITS. The Executive shall be entitled to
                           all employee benefit plans and programs in effect for
                           senior executive officers at the Company during the
                           Period of Employment ("Benefit Plans"), in accordance
                           with the terms of the Benefit Plans, with such
                           changes as may from time to time be made in
                           accordance with the Company's practices.

                  (F)      RETIREE MEDICAL. The Executive shall be entitled to
                           receive from the Company retiree medical coverage
                           substantially identical to coverage in effect for
                           senior executive officers at MONY Life, consistent
                           with the terms of such coverage and such changes as
                           may from time to time be made in accordance with MONY
                           Life's practices. The Executive's service with the
                           Company prior to the Merger Date shall be recognized
                           for all purposes under the applicable retiree medical
                           coverage.

                  (G)      SERP. In addition to other pension benefits to which
                           he may be entitled, the Executive shall be entitled
                           to receive from the Company supplemental retirement
                           benefits for a ten year period following the
                           Termination Date in


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                           an amount equal to $200,000 per annum. Such amounts
                           shall be payable from the general assets of the
                           Company.

                  (H)      SPLIT DOLLAR LIFE INSURANCE. The Company shall
                           purchase a split dollar life insurance policy on
                           behalf of the Executive comparable to the split
                           dollar insurance policies in effect for senior
                           executives of MONY Life. The Executive shall be
                           obligated to pay his premiums for such policy to the
                           extent senior executive officers of MONY Life make
                           such payments.

         6.       DEATH

         If the Executive should die during the Period of Employment, his
employment shall be deemed to have ceased on the last day of the month in which
death shall have occurred.

         7.       TERMINATION

                  (A)      CAUSE. The Company shall have the right at any time
                           to terminate the Executive's employment with the
                           Company. The termination shall be deemed to be for
                           "Cause" only if such termination shall be the result
                           of 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 MONY (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 4 and Section
                           13.

                  (B)      GOOD REASON. The Executive shall have the right at
                           any time to terminate the Executive's employment with
                           the Company. The termination shall be deemed to be
                           for "Good Reason" only if such termination shall be
                           the result of:

                           (i)      a material reduction in the Executive's
                                    annual base compensation in effect on the
                                    Agreement Date or as such level may be
                                    increased from time to time; the failure by
                                    the Company to continue the Executive's
                                    participation in the MIP or Benefit Plans as
                                    provided in Section 5; provided that Good
                                    Reason shall not include a reduction in the
                                    benefits under the Benefit Plans that is the
                                    result of (a) a program of reduction that is
                                    generally applicable to officers of the
                                    Company or to participants in such plans or
                                    (b) any discretionary determination
                                    permitted under the terms of the Benefit
                                    Plans;


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                           (ii)     the Company's requiring, without the written
                                    consent of the Executive, that the Executive
                                    be based at any office or location more than
                                    30 miles from his regular place of business
                                    as of the Agreement Date;

                           (iii)    a material adverse alteration in the
                                    Executive's position, powers, authority,
                                    duties, or responsibilities, or removal,
                                    during the Period of Employment, of the
                                    Executive from the office he held as of the
                                    Agreement Date;

                           (iv)     the sale of all or substantially all of the
                                    assets of the Company, or the sale of at
                                    least 40% of the stock of the Company (other
                                    than a sale to any affiliate of MONY);

                           (v)      Executive not being provided with the same
                                    authority and responsibility he had prior to
                                    the Merger Date, or the Board of Directors
                                    or the Chief Executive Officer of MONY or
                                    MONY Life usurping that authority or
                                    responsibility; or

                           (vi)     the purchase by MONY of another broker
                                    dealer (a) of equal or greater revenues or
                                    (b) without the Executive's written consent,
                                    which consent shall not be unreasonably
                                    withheld, of lesser revenues.

                  (C)      DISABILITY. The Period of Employment may be
                           terminated by the Company if the Executive shall be
                           rendered incapable of performing his duties to the
                           Company by reason of any medically determined
                           physical or mental impairment that can be expected to
                           result in death or that can be expected to last for a
                           period of either (i) six or more consecutive months
                           from the first date of the Executive's absence due to
                           the disability or (ii) nine months during any
                           twelve-month period (a "Disability").

                  (D)      TERMINATION PROCEDURE; ARBITRATION

                           (1)      NOTICE.          (a) Notice of termination
                                    shall be provided in writing by the Company
                                    or the Executive, as applicable, and shall
                                    specify the date as of which the Executive's
                                    employment shall be deemed to have ceased,
                                    which date shall in no event be earlier than
                                    60 days or later than 90 days from the date
                                    of such notice.

                                                     (b) In the event that the
                                    Company elects to terminate the Executive's
                                    employment for Cause, the notice shall also
                                    state that the Executive was guilty of
                                    conduct set forth in Section 7(A), with the
                                    particulars thereof specified in reasonable
                                    detail.


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                                                     (c) In the event that the
                                    Executive elects to terminate his employment
                                    for Good Reason, the notice shall also
                                    specify the reason for such termination, as
                                    set forth in Section 7(B), with the
                                    particulars thereof specified in reasonable
                                    detail, and shall be given, except in the
                                    case of a continuing breach, within 10 days
                                    after the most recent event giving rise to
                                    Good Reason.

                           (2)      CURE. In the case of the Executive's
                                    allegation of Good Reason, the Company shall
                                    be given the opportunity to cure within 30
                                    days from its receipt of the notice, or take
                                    all reasonable steps to that end during such
                                    30-day period and thereafter.

                           (3)      ARBITRATION. The Company and the Executive
                                    will submit to arbitration in accordance
                                    with the rules of the American Arbitration
                                    Association before a tribunal located in New
                                    York City, within three months of the time
                                    it arises, any controversy, claim or
                                    disagreement arising out of or concerning
                                    the interpretation, application, or
                                    enforcement of this Agreement.

                                    The decision and award of the arbitrator is
                                    intended to be final and binding between the
                                    parties and shall be enforceable in any
                                    court of competent jurisdiction. The parties
                                    agree that, upon the issuance of an
                                    arbitrator's decision and award, judgment in
                                    any court of competent jurisdiction shall be
                                    rendered on the award and entered so as to
                                    enforce its provision.

         8.       CONSEQUENCES OF TERMINATION

                  (A)      TERMINATION FOR REASON OF DEATH, DISABILITY, BY THE
                           COMPANY OTHER THAN FOR CAUSE, OR BY THE EXECUTIVE FOR
                           GOOD REASON. In the event of a termination of the
                           Executive's employment for reason of death or
                           Disability, or in the event of a termination by the
                           Company of the Executive's employment other than for
                           Cause or by the Executive for Good Reason, the
                           Company shall, as liquidated damages, pay to the
                           Executive and provide him, in lieu of all other
                           rights, remedies, damages and relief to which he
                           might otherwise be entitled under this Agreement,
                           with the benefits described below:

                           (1)      SEVERANCE. A lump-sum payment in an amount
                                    equal to the Executive's then current base
                                    compensation and then current bonus amount
                                    for the greater of (i) a one-year period or
                                    (ii) the period ending on the Expiration
                                    Date (the "Severance Period"). For purposes
                                    hereof, the Executive's then current bonus
                                    amount shall be based upon a 3-year average
                                    bonus (or such shorter applicable period)
                                    commencing with the Executive's MIP bonus
                                    for the fiscal


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                                    year of the Company ending in 2000 and
                                    assuming an annual bonus for the applicable
                                    averaging period of at least $400,000.

                           (2)      MERGER MIP. A lump-sum payment in an amount
                                    equal to the highest amount which the
                                    Executive is eligible to receive pursuant to
                                    the Merger MIP.

                           (3)      EQUITY AWARDS. All outstanding equity awards
                                    shall fully and immediately vest and all
                                    restrictions shall lapse, and such awards
                                    shall be exercisable for a period equal to
                                    the later of one year or the Expiration Date
                                    (or any such later period provided for in
                                    the applicable equity award agreement),
                                    subject to the terms of the applicable plan.

                           (4)      PERQUISITES. The Executive shall continue to
                                    receive, for the Severance Period, the
                                    perquisites to which the Executive is
                                    entitled under 5(D) above immediately before
                                    the Termination Date and such other items
                                    (such as personal computers) as the Chief
                                    Executive Officer of MONY shall determine.
                                    The Company shall provide the reasonable
                                    cost of shipping personal files and other
                                    personal property of the Executive to the
                                    location designated by the Executive.

                           (5)      SPLIT DOLLAR POLICY. The Company shall keep
                                    in effect, for the life of the Executive,
                                    the split-dollar life insurance policy
                                    maintained for the Executive immediately
                                    prior to the Termination Date. The Company
                                    and the Executive shall retain their
                                    respective obligations to pay premiums in
                                    accordance with the terms of the policy.

                  (B)      TERMINATION BY THE COMPANY FOR CAUSE OR BY THE
                           EXECUTIVE OTHER THAN FOR GOOD REASON. In the event of
                           a termination by the Company of the Executive's
                           employment for Cause or by the Executive other than
                           for Good Reason, the Executive shall be entitled only
                           to the compensation and benefits required by law upon
                           termination of employment and the benefits otherwise
                           due to the Executive under the applicable plans and
                           programs of the Company, and the benefits under
                           Sections 5(F) and (G) of this Agreement and under
                           Section 8(A)(5) of this Agreement.

                  (C)      TIME OF PAYMENT. All lump-sum payments to be made by
                           the Company under this Section 8 shall be made within
                           five days after the Termination Date.


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         9.       ADDITIONAL PAYMENTS

                  (A)      GROSS-UP PAYMENT. Anything in this Agreement to the
                           contrary notwithstanding and except as set forth
                           below, if it shall be determined that any amount
                           paid, distributed or treated as paid or distributed
                           by the Company or any of its affiliates to or for
                           Executive's benefit (whether paid or payable or
                           distributed or distributable pursuant to the terms of
                           this Agreement or otherwise, but determined without
                           regard to any additional payments required under this
                           Section 9) (a "Payment") would be subject the excise
                           tax imposed by Section 4999 of the Internal Revenue
                           Code of 1986, as amended (the "Code") or any interest
                           or penalties are incurred by Executive with respect
                           to such excise tax (such excise tax, together with
                           any such interest and penalties, are hereinafter
                           collectively referred to as the "Excise Tax"), then
                           Executive shall be entitled to receive an additional
                           payment (a "Gross-Up Payment") in an amount such that
                           after payment by Executive of all federal, state and
                           local taxes (including any interest or penalties
                           imposed with respect to such taxes), including,
                           without limitation, any income taxes (and any
                           interest and penalties imposed with respect thereto)
                           and Excise Tax imposed upon the Gross-Up Payment,
                           Executive retains an amount of the Gross-Up Payment
                           equal to the Excise Tax imposed upon the Payments.

                           All determinations required to be made under this
                           Section 9, including whether and when a Gross-Up
                           Payment is required and the amount of such Gross-Up
                           Payment and the assumptions to be utilized in
                           arriving at such determination, shall be made by a
                           nationally recognized accounting firm as may be
                           designated by Executive (the "Accounting Firm") which
                           shall provide detailed supporting calculations both
                           to the Company and Executive within 15 business days
                           of the receipt of notice from Executive that there
                           has been a Payment, or such earlier time as is
                           requested by the Company. In the event that the
                           Accounting Firm is serving as accountant or auditor
                           for the individual, entity or group effecting the
                           change in control, Executive shall appoint another
                           nationally recognized accounting firm to make the
                           determinations required hereunder (which accounting
                           firm shall then be referred to as the Accounting Firm
                           hereunder). All fees and expenses of the Accounting
                           Firm shall be borne by the Company. Any Gross-Up
                           Payment, as determined pursuant to this Section 9,
                           shall be paid by the Company to Executive within five
                           days of the receipt of the Accounting Firm's
                           determination. Any determination by the Accounting
                           Firm shall be binding upon the Company and Executive.
                           As a result of the uncertainty in the application of
                           Section 4999 of the Code at the time of the initial
                           determination by the Accounting Firm hereunder, it is
                           possible that Gross-Up Payments which will not have
                           been made by the Company should have been made
                           ("Underpayment"), consistent with the calculations
                           required to be made hereunder. In the event that the


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                           Company exhausts its remedies pursuant to Section
                           9(B) and Executive thereafter is required to make a
                           payment of any Excise Tax, the Accounting Firm shall
                           determine the amount of the Underpayment that has
                           occurred and any such Underpayment shall be promptly
                           paid by the Company to or for Executive's benefit.

                  (B)      NOTIFICATION OF CLAIMS. Executive shall notify the
                           Company in writing of any claim by the Internal
                           Revenue Service that, if successful, would require
                           the payment by the Company of the Gross-Up Payment.
                           Such notification shall be given as soon as
                           practicable but not later than ten business after
                           Executive is informed in writing of such claim and
                           shall apprise the Company of the nature of such claim
                           and the date on which such claim is requested to be
                           paid. Executive shall not pay such claim prior to the
                           expiration of the 30-day period following the date on
                           which it gives such notice to the Company (or such
                           shorter period ending on the date that any payment of
                           taxes with respect to such claim is due). If the
                           Company notifies Executive in writing prior to the
                           expiration of such period that it desires to contest
                           such claim, Executive shall:

                           (i)      give the Company any information reasonably
                                    requested by the Company relating to such
                                    claim,

                           (ii)     take such action in connection with
                                    contesting such claim as the Company shall
                                    reasonably request in writing from time to
                                    time, including, without limitation,
                                    accepting legal representation with respect
                                    to such claim by an attorney reasonably
                                    selected by the Company,

                           (iii)    cooperate with the Company in good faith in
                                    order to effectively contest such claim, and

                           (iv)     permit the Company to participate in any
                                    proceeding relating to such claim;

                           provided, however, that the Company shall bear and
                           pay directly all costs and expenses (including
                           additional interest and penalties) incurred in
                           connection with such contest and shall indemnify and
                           hold Executive harmless, on an after-tax basis, from
                           any Excise Tax or income tax (including interest and
                           penalties with respect thereto) imposed as a result
                           of such representation and payment of costs and
                           expenses. Without limitation on foregoing provisions
                           of this Section 9, the Company shall control all
                           proceedings taken in connection with such contest
                           and, at its sole option, may pursue or forgo any and
                           all administrative appeals, proceedings, hearings and
                           conferences with the taxing authority in respect of
                           such claim and may, at its sole option, either direct
                           Executive to pay the tax claimed and sue for a refund
                           or contest the claim in any permissible manner, and
                           Executive agrees to prosecute such contest to a
                           determination before any administrative tribunal, in
                           a court of initial jurisdiction and in one or more
                           appellate courts, as the Company shall determine;
                           provided,


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                           however, that if the Company directs Executive to pay
                           such claim and sue for a refund, the Company shall
                           advance the amount of such payment to Executive, on
                           an interest-free basis, and shall indemnify and hold
                           Executive harmless, on an after-tax basis, from any
                           Excise Tax or income tax (including interest or
                           penalties with respect thereto) imposed with respect
                           to such advance or with respect to any imputed income
                           with respect to such advance; and further provided
                           that any extension of the statute of limitations
                           relating to payment of taxes for Executive's taxable
                           year with respect to which such contested amount is
                           claimed to be due is limited solely to such contested
                           amount. Furthermore, the Company's control of the
                           contest shall be limited to issues with respect to
                           which a Gross-Up Payment would be payable hereunder
                           and Executive shall be entitled to settle or contest,
                           as the case may be, any other issue raised by the
                           Internal Revenue Service or any other taxing
                           authority.

                  (C)      REFUND OF CLAIMS. If, after Executive's receipt of an
                           amount advanced by the Company pursuant to Section
                           9(B), Executive becomes entitled to receive any
                           refund with respect to such claim, Executive shall
                           (subject to the Company's complying with the
                           requirements of Section 9(B)) promptly pay to the
                           Company the amount of such refund (together with any
                           interest paid or credited thereon after taxes
                           applicable thereto). If, after Executive's receipt of
                           an amount advanced by the Company pursuant to Section
                           9(B)), a determination is made that Executive shall
                           not be entitled to any refund with respect to such
                           claim and the Company does not notify Executive in
                           writing of its intent to contest such denial of
                           refund prior to the expiration of 30 days after such
                           determination, then such advance shall be forgiven
                           and shall not be required to be repaid and the amount
                           of such advance shall offset, to the extent thereof,
                           the amount of Gross-Up Payment required to be paid.

         10.      WITHHOLDING

         All payments shall be subject to the withholding of such amounts, if
any, relating to tax, excise tax, and other payroll deductions as the Company
may determine it should withhold.


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         11.      INDEMNIFICATION AND INSURANCE; LEGAL EXPENSES

                  (A)      INDEMNIFICATION AND INSURANCE. The Company will
                           indemnify the Executive (including payment of
                           expenses in advance of final disposition of the
                           proceeding) to the fullest extent permitted by law
                           and the Charter and By-Laws of the Company; and the
                           Executive shall be entitled to the protection of any
                           insurance policies the Company may elect to maintain
                           for the benefit of its directors and officers,
                           against all costs, charges, and expenses whatsoever
                           incurred by him in connection with any action, suit,
                           or proceeding to which he may be made a party by
                           reason of his being or having been a director,
                           officer or employee of the Company or any of its
                           subsidiaries or affiliates or his serving or having
                           served any other enterprise as a director, officer or
                           employee at the request of the Company.

                  (B)      LEGAL EXPENSES. In the event of any arbitration (or
                           other action under Section 4(C)) between the Company
                           and the Executive with respect to the subject matter
                           of this Agreement, the Company shall reimburse the
                           Executive, should the Executive prevail in any
                           respect, for all of his reasonable costs and expenses
                           relating to such arbitration including, without
                           limitation, reasonable attorneys' fees and expenses.
                           In no event shall the Executive be required to
                           reimburse the Company for any of the costs or
                           expenses relating to such arbitration.

         12.      NOTICES

         All notices and other communications shall be in writing and shall be
sufficiently given when mailed in the continental United States by registered or
certified mail or personally delivered to the party entitled thereto at the
address stated below or to such changed address as the addressee may have given
by a similar notice:

         To the Company:                             To the Executive:
         c/o The Advest Group, Inc.                  Grant W. Kurtz
         90 State House Square                       c/o The Advest Group, Inc.
         Hartford, CT 06103                          90 State House Square
         Attn:  General Counsel                      Hartford, CT 06103


         With a copy to:
         MONY
         1740 Broadway
         New York, NY  10019
         Attention:  General Counsel

with an additional copy to the Executive at the home address listed on the
signature page hereto (or to such changed address as the Executive may have
given by a similar notice).


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         13.      NON-SOLICITATION, NON-HIRE

         During the period commencing on the Merger Date through the Termination
Date and for a one-year period immediately following the Termination Date, the
Executive will not directly or indirectly (i) solicit or otherwise induce any
person employed by the Company to terminate his or her employment with the
Company, (ii) hire a current Company employee or field underwriter or (iii)
solicit the clients, or customers or active prospects of the Company other than
on behalf of the Company.

         14.      BUSINESS GOODWILL

         For one year following the Termination Date, the parties shall make no
comments which are adverse to the other party's interests or which reflect
negatively on the other party.

         15.      GENERAL PROVISIONS

                  (A)      LIMITATION. This Agreement shall not confer any right
                           or impose any obligation on the Executive to continue
                           in the employ of the Company or MONY, or limit the
                           right of the Company, MONY or the Executive to
                           terminate his employment.

                  (B)      ASSIGNMENT OF INTEREST. No right to or interest in
                           any payments shall be assignable by the Executive.

                  (C)      AMENDMENT, MODIFICATION AND WAIVER. This Agreement
                           may not be amended, modified, or waived unless such
                           amendment, modification, or waiver is agreed to in
                           writing signed by the Executive and by a duly
                           authorized officer of MONY.

                  (D)      ENFORCEABILITY. If any provision of this Agreement
                           shall be determined to be invalid or unenforceable by
                           a court of competent jurisdiction, the remaining
                           provisions of this Agreement shall remain in full
                           force and effect to the fullest extent permitted by
                           law.

                  (E)      ENTIRETY OF AGREEMENT. This Agreement and the Change
                           in Control Employment Agreement, dated August 23,
                           2000, constitute the entire agreement between the
                           parties relating to the subject matter hereof and
                           supersede all other agreements relating to the
                           subject matter hereof, including, without limitation,
                           the Employment Agreement between the Company and the
                           Executive dated October 1, 1997 (as amended April 1,
                           1999) (the "Prior Agreement"), and the Employment
                           Agreement, dated August 23, 2000, between MONY Life
                           Insurance Company ("MONY Life") and the Executive
                           (the "MONY Life Agreement"). MONY Life and the
                           Executive hereby agree that the MONY Life Agreement
                           is null and void and of no effect ab initio. The
                           Change in Control Employment Agreement will be
                           extended in the same manner as such agreements are


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<PAGE>   13
                           extended for senior executive officers of MONY. If
                           the Merger Agreement is terminated without the Merger
                           Date having occurred, then this Agreement shall be
                           null and void and of no effect ab initio and the
                           Prior Agreement shall continue in effect.

                  (F)      CONFLICT OF LAW. The validity, interpretation,
                           performance, and enforcement of this Agreement shall
                           be governed by the laws of the State of Connecticut,
                           without giving effect to the principles of conflict
                           of laws thereof.

                  (G)      CONFIDENTIALITY. The parties will treat the terms of
                           this Agreement as confidential.

                  (H)      AVAILABILITY. The Executive will make himself
                           available, upon request by the Company, in connection
                           with any proceeding, legal or regulatory, as a
                           witness on behalf of the Company. The Company will
                           pay all reasonable expenses in connection with
                           provision.

                  (I)      NON-WAIVER OF BREACH. No action or inaction by the
                           Company shall be deemed in law or equity, to be a
                           waiver of any breach of this Agreement by the
                           Executive.


                                       13
<PAGE>   14
         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

                                           THE MONY GROUP INC.


[SEAL]
Attest:                                    By:      ___________________________



___________________________
Secretary

                                           THE ADVEST GROUP, INC.


[SEAL]
Attest:                                    By:      ___________________________



___________________________
Secretary

                                           EXECUTIVE

                                           By:      ___________________________


                                       14
<PAGE>   15
         IN WITNESS WHEREOF, MONY Life hereby agrees and consents to the
provisions applicable to MONY Life set forth in Section 15(E) of this Agreement
as of the day and year first above written, it being understood that MONY Life
is not a party to this Agreement for purposes of any other provisions hereof.

                                           MONY LIFE INSURANCE COMPANY




                                           By:      ____________________________


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