Document:

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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

                                       12
<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:      ____________________________

                                       15<PAGE>   1
                                                                   EXHIBIT 10(y)

                                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
<PAGE>   2
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

                                       2
<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.

                                       3
<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

                                       4
<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

                                       5
<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
compensation or guaranteed annual bonus is thereafter increased.

            (B) Incentive Compensation. During the Period of Employment, the
 Executive shall be and continue to be a participant in the Company's incentive
 compensation plans that are generally available to senior executives of the
 Company on the date of the Change in Control, as such plans are in effect on
 such date and with such improvements as may time to time be made in accordance
 with the Company's practices (the "Incentive Plans"). The Executive shall be
 entitled to participate in other incentive compensation plans generally
 available to senior executives of the Company as may be adopted from time to
 time in accordance with the Company's practices. If any of the Incentive Plans
 are terminated or discontinued, the Executive shall be entitled to participate
 in other incentive compensation plans with terms at least as favorable to the
 Executive as the Incentive Plans in effect prior to the termination or
 discontinuance of the Incentive Plans.

            (C) Perquisites. During the Period of Employment, the Executive
shall be entitled to perquisites and fringe benefits, in each case at least
equal to those unattached to his position immediately prior to the date of the
Change in Control.

            (D) Employee Benefits. During the Period of Employment, the
Executive shall be entitled to participate in all employee benefit plans and
programs as in effect for senior executives of the Company immediately prior to
the date of the Change in Control ("Plans") under the terms of the Plans, with
such improvements in the Plans as may from time to time be made in accordance
with the practices of the Company. The Executive

                                       6
<PAGE>   7
shall be entitled to participate in any employee benefit plans and programs
generally available to senior executives of the Company. If any of the Plans are
terminated or discontinued, the Executive shall be entitled to participate in
other employee benefit plans with terms at least as favorable to the Executive
as the Plans in effect prior to the termination or discontinuance of the Plans.

            (E) Other Obligations of the Company. Any increases in base and
incentive compensation, perquisites or employee benefits under this Agreement or
otherwise shall not diminish any other obligation of the Company hereunder.

            6.  DEATH OR DISABILITY

            (A) 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.

            (B) Disability. "Disability" shall mean an illness or accident which
the Board determines in its discretion will or has prevented the Executive from
performing his duties under this Agreement for a period of six consecutive
months. In the event that the Executive incurs a Disability during the Period of
Employment, his employment shall be deemed to have ceased on the last day of
such six-month period.

            7.  TERMINATION

            (A) Cause. The Company shall have the right at any time to terminate
the Executive's employment with the Company. The termination of the Executive's
employment by the Company during the Contract Term shall be deemed to be for
"Cause" only if such termination shall be the result of:

            (i) an act or acts of dishonesty by the Executive resulting in
         conviction for a felony;

                                       7
<PAGE>   8
            (ii) a deliberate and intentional failure by the Executive during
         the Period of Employment (except by reason of incapacity due to illness
         or accident) to comply with the provisions of this Agreement relating
         to the time and best efforts to be devoted by the Executive to the
         affairs of the Company, if such failure results in demonstrably
         material injury to the Company; or

            (iii) the Executive's gross misconduct, if such misconduct results
         in demonstrably material injury to the Company;

provided that notice of such termination is given in accordance with Section
7(C) below.

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

            (i) a reduction during the Period of Employment in the current level
         of the Executive's aggregate compensation, including his annual base
         compensation, Incentive Plan awards, employee benefit plan coverages
         and perquisites (other than a reduction in awards or benefits that is
         generally applicable to participants in a plan in accordance with the
         terms of the plan in effect immediately prior to the date of the Change
         in Control);

            (ii) a diminishment during the period of Employment in the
         Executive's position, powers, authority, duties or responsibilities, or
         the business to which those powers, authority, duties or
         responsibilities apply; removal during the Period of Employment of the
         Executive from the office he held as of the date of the Change in
         Control; or change during the Period of Employment in the Executive's
         chain of supervision as it existed as of the date of the Change in
         Control;

            (iii) 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; or

            (iv) a material breach of this Agreement by the Company; provided
         that notice of the Executive's election to terminate his employment
         under this Agreement is given in accordance with Section 7(C) below.
         Failure to elect to

                                       8
<PAGE>   9
         terminate with respect to one event giving rise to Good Reason does not
         preclude the Executive from making the election with respect to a
         subsequent event.

            (C) Termination Procedure.

            (1) Notice. (a) Notice of termination of employment under this
Agreement 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 from the date of such notice.

            (b) In the event that the Company elects to terminate employment,
the Company shall provide to the Executive the notice described in Section
7(C)(1)(a) above. If termination is alleged to be for Cause, such notice shall
also state that the Executive was guilty of conduct set forth in Section 7(A),
with the particulars thereof specified in detail.

            (c) In the event that the Executive elects to terminate employment,
the Executive shall provide to the Company the notice described in Section
7(C)(1)(a) above. If termination is alleged to be for Good Reason, such notice
shall also specify the reason for such termination, as set forth in Section
7(B), with the particulars thereof specified in detail, and shall be given,
except in the case of a continuing breach, within three calendar months after
the most recent even giving rise to Good Reason.

            (2) Cure. (a) In the case of the Executive's alleged breach or gross
misconduct set forth in Sections 7(A)(ii) or (iii), the Executive shall be given
the opportunity to remedy such alleged breach or gross misconduct within 30 days
from his

                                       9
<PAGE>   10
receipt of the notice referred to above, or take all reasonable steps to that
end during such 30-day period and thereafter.

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

            (3) Arbitration. In the event that the Executive's employment shall
be terminated by the Company and such termination is alleged to be for Cause,
the Executive shall have the right, in addition to all other rights and remedies
provided by law or equity, to seek arbitration as described below. In the event
that the Executive's employment shall be terminated by the Executive and such
termination is alleged to be for Good Reason, the Company shall have the right,
in addition to all other rights and remedies provided by law or equity, to seek
arbitration as described below. Such arbitration shall be sought in the County
of New York, State of New York, under the rules of the American Arbitration
Association, by serving notice to arbitrate upon the other party no more than 60
days after such party received the notice of termination referred to above.

            8. CONSEQUENCES OF TERMINATION, DEATH OR DISABILITY

            (A) Termination by the Company Other Than for Cause or by the
Executive for Good Reason. In the event of a termination by the Company of the
Executive's employment during the Contract Term 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

                                       10
<PAGE>   11
which he might otherwise be entitled under this Agreement, with the benefits
described below in this Section 8(A);

            (1) Severance. A lump-sum payment in an amount equal to three times
the sum of (i) the Executive's annual base compensation in effect on the
Termination Date, plus (ii) the Executive's "average annual bonus" in effect on
the Termination Date. For purposes hereof, "average annual bonus" shall mean the
average of the Executive's bonuses earned or due under the Company's Management
Incentive Plan (or any successor plan) for the three completed fiscal years
immediately preceding his Termination Date or during such shorter period as the
Executive shall have been employed by the Company. This amount shall be reduced
by any severance payments to the Executive under any other employment contract
or severance arrangement with the Company.

            (2) Management Incentive Plan.  A payment in respect of the
Management Incentive Plan of the following amounts:

            (a) any annual incentive compensation payments awarded for a year
prior to the year in which the Termination Date occurs but not paid as of the
Termination Date, which amount shall not be less than the Executive's annual
base compensation for such year multiplied by item (ii) of Section 8(A)(2)(b);
and

            (b) an amount in respect of the annual incentive compensation that
the Executive would have earned in respect of the partial year of service in
which such Termination Date occurs, in an amount equal to the average of the
annual awards under the Management Incentive Plan for the two prior fiscal years
prior to the Termination

                                       11
<PAGE>   12
Date, multiplied by a fraction, the numerator of which is the number of days in
the calendar year through the Termination Date, and the denominator of which is
365.

            (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).

            (4) Welfare Benefits.  The Executive shall receive the amounts and
arrangements specified in this Section 8(A)(4) with respect to welfare benefits.

            (a) A payment equal to the aggregate present value (calculated in
using the discount rate described in Section 10) of the following amounts:

                  (i) Medical and Dental Benefits - an amount equal to the
               portions of the costs that would have been incurred by the
               Company for the remainder of the Contract Term for the level of
               medical and dental benefits (in effect for the Executive
               immediately prior to the Termination Date), with such costs for
               the calendar year in which the Termination Date occurs to be
               determined pursuant to the provisions of section 4980B of the
               Internal Revenue Code of 1986 or any successor provisions
               ("COBRA"), and with such costs to be assumed to increase
               thereafter at an annual rate 200 basis points over the discount
               rate described in Section 10;

                  (ii) Retiree Medical Benefits - If the Executive would have
               become eligible for retiree medical coverage during the Contract
               Term (but is not eligible for such coverage on his Termination
               Date), an amount equal to the costs that would have been incurred
               by the Company for retiree medical benefit coverage for the life
               of the Executive, determined as if he retired at the end of the
               Contract Term and based on the level of retiree medical benefits
               that would have been available to the Executive had he been
               eligible for such coverage immediately prior to the Termination
               Date with the Company's assumed costs for such coverage to be
               determined in the manner specified in (i) above using the
               mortality assumption described in Section 10;

                                       12
<PAGE>   13
                  (iii) Life Insurance Benefits - an amount equal to the costs
              that would have been paid by the Company for the remainder of the
              Contract Term for the level of the life insurance coverages in
              effect for the Executive immediately prior to the Termination
              Date, calculated pursuant to the uniform premium table included in
              Income Tax Regulation section 1.79-3T (or any successor table).

            (b) Continued coverage under certain welfare benefit plans of the
Company for the remainder of the Contract Term:

                  (i) Disability Benefits - the Executive shall continue to be
               covered under the short-term and long-term disability coverage
               under the Company's Disability Benefit Plan as in effect for the
               Executive immediately prior to the Termination Date, or a
               comparable plan or plans, with the benefits under such plan to be
               determined on the basis of the annual base compensation in effect
               immediately prior to the Termination Date.

                  (ii) Voluntary Group Life Insurance and Optional Survivors'
               Insurance - the Executive shall continue to be eligible to
               participate in these plans as in effect for the Executive
               immediately prior to the Termination Date, or a comparable plan
               or plans, by making voluntary contributions at the levels
               applicable under the terms of such plans.

                  (iii) Split-Dollar Life Insurance - 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 respective obligations to pay premiums in accordance with
               the terms of the policy.

            (c) Payments under this Section 8(A)(4) shall be in addition to
amounts due to the Executive under the welfare plans for periods ending on the
Termination Date. The Executive's rights to receive payments under this Section
8(A)(4) shall not diminish, or be in substitution for, any rights he may
otherwise have to participate in the Company's welfare plans after the
Termination Date, provided that the Executive shall in no event (i) receive
payments under this Section 8(A)(4) in respect of benefits under a

                                       13
<PAGE>   14
welfare plan for any period and (ii) actually be covered for the same period
under such welfare plan at the Company's expense.

            (5) SERP. The Executive shall continue to be entitled to receive the
supplemental retirement benefits described in Section 5(G) of his Employment
Agreement dated as of August 23, 2000.

            (B) Disability or Death.

            (1) Disability. In the event of the Executive's Disability during
the Period of Employment, the Executive shall be entitled to the compensation
and benefits provided for in Sections 5(A), (C) and (D) of this Agreement for
the Period of Employment. Payment shall be without prejudice to any other
payments due in respect of the Executive's death or Disability. Rights upon
Disability under this Agreement do not supersede the rights of the Executive in
the event of his eligible disability under the Company's benefit plans or any
successor plans ("Disability Benefits"). Any Disability Benefits for which the
Executive becomes eligible shall be paid to the Executive in accordance with the
terms of such plans without limitation by this Agreement. Any determination made
pursuant to Section 6(B) of this Agreement as to the existence of a Disability
or as to the date as of which the Executive's employment is deemed to have
ceased shall have no effect in determining the Executive's eligibility for
Disability Benefits or other benefits receivable during a period of disability.

            (2) Death. In the event of the death of the Executive during the
period of Employment, the Executive's representative shall be entitled to the
compensation provided in Section 5(A) of this Agreement through the Period of
Employment. Payment

                                       14
<PAGE>   15
shall be without prejudice to any other payment due in respect of the
Executive's death or Disability.

            (3) Incentive Compensation. In the event of the Executive's
Disability or death during the Period of Employment, the Company shall pay the
Executive or his legal representative, in addition to the payments required by
this Section 8(B) the bonus under the Management Incentive Plan, determined in
accordance with Section 8(A)(2) on a pro rata basis, for the portion of the
calendar year prior to the Termination Date (or, in the case of Disability, the
earlier of the Termination Date and the Expiration Date); and

            (4) Reduction of Payments. The amount of any payments due under this
Section 8(B) shall be reduced by any payments to which the Executive is entitled
for the same period because of disability under any disability benefit plan of
the Company providing salary continuation.

            (C) 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 during the Contract Term for Cause or by the Executive
other than for Good Reason, the Executive shall be entitled to the compensation
and benefits ordinarily provided to senior executives of the Company upon
termination of employment in accordance with the plans, programs and practices
of the Company applicable to senior executives as in effect on the date of the
Change in Control.

            (D) 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.

            9.  CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY

                                       15
<PAGE>   16
            (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 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

                                       16
<PAGE>   17
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 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

                                       17
<PAGE>   18
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

                                       18
<PAGE>   19
Company shall determine; provided, 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

                                       19
<PAGE>   20
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.  INTEREST AND MORTALITY ASSUMPTIONS

            (A) Interest Assumptions. Determinations of any present values under
this Agreement and of any present values relating to this Agreement shall be
based upon a discount rate equal to 120 percent of the applicable Federal rate
(determined under section 1274(d) of the Code), compounded semiannually. Unless
otherwise elected by the Executive on Exhibit I hereto, the Executive shall be
deemed to have elected that such discount rate be determined based on such
applicable Federal rate as in effect on the Agreement Date. The Company hereby
agrees to use of the discount rate that is elected or deemed to be elected by
the Executive.

            (B) Mortality Assumptions. For purposes of this Agreement,
assumptions relating to mortality are determined using the mortality tables and
assumptions in effect under MONY's Retirement Income Security Plan on the date
as of which any such mortality assumption is made.

            11.  WITHHOLDING

            All payments required to be made by the Company hereunder to the
Executive shall be subject to the withholding of such amounts, if any, relating
to tax, excise tax and other payroll deductions as the Company may reasonably
determine it should withhold pursuant to any applicable law or regulation.

            12.  INDEMNIFICATION AND INSURANCE; LEGAL EXPENSES

            The Executive shall be entitled to the following additional benefits
in the event of a Change in Control:

                                       20
<PAGE>   21
            (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, in each case as in effect on the date of the Change in Control
or on the Termination Date, whichever affords greater protection to the
Executive; and the Executive shall be entitled to the protection of any
insurance policies the Company may elect to maintain generally for the benefit
of its directors and officers, against all costs, charges and expenses
whatsoever incurred or sustained by him in connection with any action, suit or
proceeding to which he may be made a party by reason of his 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. The Company shall cause to be
maintained in effect for not less than six years from the Termination Date
policies of directors' and officers' liability insurance of at least the same
coverage as those policies, if any, maintained by the Company on the date of the
Change in Control and containing terms and conditions which are no less
advantageous than such policies, or is such coverage is not available, the best
available coverage for equal cost to the Company.

            (B) Legal Expenses. In the event of any litigation, arbitration or
other proceeding between the Company and the Executive with respect to the
subject matter of this Agreement or the enforcement of the Executive's rights
hereunder, the Company shall reimburse the Executive, regardless of the outcome,
for all of his reasonable costs and expenses relating to such litigation,
arbitration or other proceeding, including without limitation, reasonable
attorneys' fees and expenses. In no event shall the Executive be

                                       21
<PAGE>   22
required to reimburse the Company for any of the costs or expenses relating to
such litigation, arbitration or other proceeding.

            13.  NOTICES

            All notices, requests, demands and other communications provided for
by this Agreement shall be in writing and shall be sufficiently given if and
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:

            MONY
            1740 Broadway
            New York, NY  10019
            Attention:  General Counsel

            To the Executive:

            Grant W. Kurtz
            c/o The Advest Group, Inc.
            90 State House Square
            Hartford, CT 06103

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

            14.  GENERAL PROVISIONS

            (A) Determination of Value. Whenever, under this Agreement, it is
necessary to determine whether one benefit is less than, equal to, or larger
than another in value (whether or not such benefits are provided under this
Agreement), such determination shall be made using the assumptions described in
Section 10.

                                       22
<PAGE>   23
            (B) Other Existing Agreements. Except as specifically set forth in
this Agreement (including, without limitation, Exhibit I hereto), this Agreement
shall supersede any right under any other agreement relating to terms of
employment between the Company and the Executive existing as of the Agreement
Date. Notwithstanding the foregoing, the Executive may waive his rights under
this Agreement so as to benefit from any provisions in any other agreement which
would otherwise be superseded hereunder.

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

            (D) Company Set-Off and Counterclaim. The Company shall have no
right of set-off or counterclaim in respect of any claim, debt or obligation
against any payments provided for in this Agreement.

            (E) Assignment of Interest. No right to or interest in any payments
shall be assignable by the Executive; provided, however, that this provision
shall not preclude him from designating one or more beneficiaries to receive any
amount that may be payable after his death and shall not preclude his executor
or administrator from assigning any right hereunder to the person or persons
entitled thereto.

            (F) Amendment, Modification and Waiver. No provision of this
Agreement may be amended, modified or waived unless such amendment, modification
or waiver shall be agreed to in writing signed by the Executive and by a duly
authorized officer of MONY.

            (G) Enforceability. If this Agreement or any provision hereof shall
be determined to be invalid or unenforceable by a court of competent
jurisdiction, the

                                       23
<PAGE>   24
remaining provisions of this Agreement shall remain in full force and effect to
the fullest extent permitted by law.

            (H) Entirety of Agreement. This Agreement constitutes the entire
agreement between the Company and the Executive relating to the subject matter
hereof. Any compensation or benefits to which the Executive is entitled under
this Agreement shall be provided based solely upon its terms, without regard to
any materials used in the preparation or consideration of this Agreement,
including any summary of terms of estimate of amounts relating to this
Agreement.

            (I) Company and Successors. This Agreement shall be binding upon and
inure to the benefit of the Company and any successor of the Company including,
without limitation, any corporation acquiring directly or indirectly all of
substantially all of the assets of the Company, whether by merger,
consolidation, reinsurance, sale or otherwise (and such successor shall
thereafter be deemed "the Company").

            (J) Definition of Executive. The word "Executive" shall, wherever
appropriate, include his dependents, beneficiaries and legal representatives.

            (K) 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.

            (L) Exhibits. The provisions of Exhibit I hereto are hereby
incorporated by reference in this Agreement with the same force and effect as if
fully set forth herein.

                                       24
<PAGE>   25
            IN WITNESS WHEREOF, the parties hereto have executed this Change in
Control Agreement as of the day and year first above written.

                                    MONY Life Insurance Company

                                    By
                                       --------------------------------
                                       Name:
                                       Title:

ATTEST:

------------------------------
Secretary

                                    Grant W. Kurtz

                                    -----------------------------------
                                    Name:

                                    Title:

                                       25
<PAGE>   26
                        Exhibit I to Employment Agreement

I.    Grant W. Kurtz
      74 Ferncliff Drive
      West Hartford, CT 06107

II.   Other agreements between Executive and MONY that are not to be superseded
      by the Agreement as contemplated in Section 14(B) (in addition to rights
      specifically set forth in the Agreement):

      Employment agreement dated as of 8/23/00 (for periods prior to Change in
      Control).

III.  Election made pursuant to Section 10(A):

      For purposes of the calculations contemplated by Section 10(A), the
      Executive elects to utilize the applicable discount rate in effect on:

                  _______ the Agreement Date; or

                  _______ the Termination Date.

      If no election is made, the Executive will be deemed to have elected the
      applicable discount rate in effect on the Agreement Date.

                                       26

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