MONY GROUP INC
STOCK OPTION AGREEMENT
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>y39914ex10-2.txt
<DESCRIPTION>STOCK OPTION AGREEMENT
<TEXT>

<PAGE>   1
                                                                    EXHIBIT 10.2


                                                                  EXECUTION COPY



                  THE TRANSFER OF THIS AGREEMENT IS SUBJECT TO
                   CERTAIN PROVISIONS CONTAINED HEREIN AND TO
                          RESALE RESTRICTIONS UNDER THE
                       SECURITIES ACT OF 1933, AS AMENDED


              STOCK OPTION AGREEMENT, dated August 23, 2000, between The Advest
Group, Inc., a Delaware corporation ("Issuer"), and The MONY Group Inc., a
Delaware corporation ("Grantee").

                              W I T N E S S E T H:


              WHEREAS, Grantee, MONY Acquisition Corp., a Delaware corporation
and a wholly-owned subsidiary of Grantee ("Merger Sub"), and Issuer have entered
into an Agreement and Plan of Merger of even date herewith (the "Merger
Agreement"), which agreement has been executed by the parties hereto immediately
prior to this Stock Option Agreement (this "Agreement"); and

              WHEREAS, as a condition to Grantee and Merger Sub entering into
the Merger Agreement and in consideration therefor, Issuer has agreed to grant
Grantee the Option (as hereinafter defined);

              NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements set forth herein and in the Merger Agreement, the
parties hereto agree as follows:

              1.     (a) Issuer hereby grants to Grantee an unconditional,
irrevocable option (the "Option") to purchase, subject to the terms hereof, up
to 1,770,909 fully paid and nonassessable shares of Issuer's common stock, par
value $0.01 per share ("Common Stock"), at a price of $31.00 per share (the
"Option Price"); provided, however, that in no event shall the number of shares
of Common Stock for which this Option is exercisable exceed 19.9% of the
Issuer's issued and outstanding shares of Common Stock without giving effect to
any shares subject to or issued pursuant to the Option. The number of shares of
Common Stock that may be received upon the exercise of the Option and the Option
Price are subject to adjustment as herein set forth.

              (b)    In the event that any additional shares of Common Stock are
either (i) issued or otherwise become outstanding after the date of this
Agreement (other than pursuant to this Agreement) or (ii) redeemed, repurchased,
retired or otherwise cease to be outstanding after the date of the Agreement,
the number of shares of Common Stock subject to the Option shall be increased or
decreased, as appropriate, so that, after such issuance, such number equals
19.9% of the number of shares of Common Stock then issued and outstanding
without giving effect to any shares subject or issued pursuant to the Option.
Nothing contained in this Section 1(b) or elsewhere in this Agreement shall be
deemed to authorize Issuer or Grantee to breach any provision of the Merger
Agreement.


<PAGE>   2

              2.     (a) The Holder (as hereinafter defined) may exercise the
Option, in whole or part, and from time to time, if, but only if, both an
Initial Triggering Event (as hereinafter defined) and a Subsequent Triggering
Event (as hereinafter defined) shall have occurred prior to the occurrence of an
Exercise Termination Event (as hereinafter defined), provided that the Holder
shall have sent the written notice of such exercise (as provided in subsection
(e) of this Section 2) within 90 days following such Subsequent Triggering
Event. Each of the following shall be an "Exercise Termination Event": (i) the
Effective Time (as defined in the Merger Agreement) of the Merger; (ii)
termination of the Merger Agreement in accordance with the provisions thereof if
such termination occurs prior to the occurrence of an Initial Triggering Event,
except a termination by Grantee pursuant to Section 7.4(b) of the Merger
Agreement (unless the breach by Issuer giving rise to such right of termination
is non-volitional); or (iii) the passage of 12 months after termination of the
Merger Agreement if such termination follows the occurrence of an Initial
Triggering Event or is a termination by Grantee pursuant to Section 7.4(b) of
the Merger Agreement (unless the breach by Issuer giving rise to such right of
termination is non-volitional) (provided that if an Initial Triggering Event
continues or occurs beyond such termination and prior to the passage of such
12-month period, the Exercise Termination Event shall be 12 months from the
expiration of the Last Triggering Event but in no event more than 18 months
after such termination). The "Last Triggering Event" shall mean the last Initial
Triggering Event to expire. The term "Holder" shall mean the holder or holders
of the Option.

              (b)    The term "Initial Triggering Event" shall mean any of the
following events or transactions occurring after the date hereof:

                     (i)    Issuer or any of its Subsidiaries (each an "Issuer
       Subsidiary"), without having received Grantee's prior written consent,
       shall have entered into an agreement to engage in an Acquisition
       Transaction (as hereinafter defined) with any person (the term "person"
       for purposes of this Agreement having the meaning assigned thereto in
       Sections 3(a)(9) and 13(d)(3) of the Securities Exchange Act of 1934, as
       amended (the "1934 Act"), and the rules and regulations thereunder) other
       than Grantee or any of its Subsidiaries (each a "Grantee Subsidiary") or
       the Board of Directors of Issuer shall have recommended that the
       shareholders of Issuer approve or accept any Acquisition Transaction. For
       purposes of this Agreement, "Acquisition Transaction" shall mean (w) a
       merger or consolidation, or any similar transaction, involving Issuer or
       any Significant Subsidiary (as defined in Rule 1-02 of Regulation S-X
       promulgated by the Securities and Exchange Commission (the "SEC")) of
       Issuer, (x) a purchase, lease or other acquisition or assumption of all
       or a substantial portion of the assets of Issuer or any Significant
       Subsidiary of Issuer, (y) a purchase or other acquisition (including by
       way of merger, consolidation, share exchange or otherwise) of securities
       representing 10% or more of the voting power of Issuer, or (z) any
       substantially similar transaction; provided, however, that in no event
       shall any merger, consolidation, purchase or similar transaction
       involving only the Issuer and one or more of its Subsidiaries or
       involving only any two or more of such Subsidiaries, provided that any
       such transaction is not entered into in violation of the terms of the
       Merger Agreement, be deemed to be an Acquisition Transaction;


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<PAGE>   3

                     (ii)   (A) Issuer or any Issuer Subsidiary, without having
       received Grantee's prior written consent, shall have authorized,
       recommended, proposed or publicly announced its intention to authorize,
       recommend or propose, to engage in an Acquisition Transaction with any
       person other than Grantee or a Grantee Subsidiary, or (B) the Board of
       Directors of Issuer shall have publicly withdrawn or modified, or
       publicly announced its interest to withdraw or modify, in any manner
       adverse to Grantee, its recommendation that the shareholders of Issuer
       approve the transactions contemplated by the Merger Agreement;

                     (iii)  Any person other than Grantee, any Grantee
       Subsidiary or any Issuer Subsidiary acting in a fiduciary capacity in the
       ordinary course of its business shall have acquired beneficial ownership
       or the right to acquire beneficial ownership of 10% or more of the
       outstanding shares of Common Stock (the term "beneficial ownership" for
       purposes of this Agreement having the meaning assigned thereto in Section
       13(d) of the 1934 Act, and the rules and regulations thereunder);

                     (iv)   Any person other than Grantee or any Grantee
       Subsidiary shall have made a bona fide proposal to Issuer or its
       shareholders by public announcement or written communication that is or
       becomes the subject of public disclosure to engage in an Acquisition
       Transaction;

                     (v)    After an overture is made by a third party to Issuer
       or its shareholders to engage in an Acquisition Transaction, Issuer shall
       have breached any covenant or obligation contained in the Merger
       Agreement and such breach (x) would entitle Grantee to terminate the
       Merger Agreement and (y) shall not have been cured prior to the Notice
       Date (as hereinafter defined);

                     (vi)   Any person other than Grantee or any Grantee
       Subsidiary, other than in connection with a transaction to which Grantee
       has given its prior written consent, shall have filed an application or
       notice with the OTS or the National Association of Securities Dealers,
       Inc. ("NASD"), or other federal or state regulatory authority, which
       application or notice has been accepted for processing, for approval to
       engage in an Acquisition Transaction; or.

                     (vii)  Termination of the Merger Agreement (A) by the
       Grantee or the Issuer pursuant to Section 7.2(b) (as qualified by Section
       7.5(a)(C)) of the Merger Agreement, (B) by the Grantee pursuant to
       Section 7.4(b) or 7.4(c) (as qualified by Section 7.5(a)(D)) of the
       Merger Agreement), (C) by the Grantee or the Issuer pursuant to Section
       7.2(a) (as modified by Section 7.5(a)(E)) of the Merger Agreement or (D)
       by the Issuer pursuant to Section 7.3(a) of the Merger Agreement.

              (c)    The term "Subsequent Triggering Event" shall mean either of
the following events or transactions occurring after the date hereof:

                     (i)    The acquisition by any person of beneficial
       ownership of 25% or more of the then-outstanding Common Stock;


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<PAGE>   4

                     (ii)   The occurrence of the Initial Triggering Event
       described in paragraph (i) of subsection (b) of this Section 2, except
       that the percentage referred to in clause (y) shall be 25%; or

                     (iii)  Termination of the Merger Agreement by (A) the
       Grantee due to the Initial Triggering Event described in paragraph
       (ii)(B) of subsection (b) of this Section 2 or (B) by the Issuer pursuant
       to Section 7.3(a) of the Merger Agreement.

              (d)    Issuer shall notify Grantee promptly in writing of the
occurrence of any Initial Triggering Event or Subsequent Triggering Event of
which it has notice (together, a "Triggering Event"), it being understood that
the giving of such notice by Issuer shall not be a condition to the right of the
Holder to exercise the Option.

              (e)    In the event the Holder is entitled to and wishes to
exercise the Option, it shall send to Issuer a written notice (the date of which
being herein referred to as the "Notice Date") specifying (i) the total number
of shares it will purchase pursuant to such exercise and (ii) a place and date
not earlier than three business days nor later than 60 business days from the
Notice Date for the closing of such purchase (the "Closing Date"); provided that
if prior notification to or approval of the Office of Thrift Supervision (the
"OTS"), the Commissioner of Banking for the State of Connecticut, the NASD or
pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended
(the "HSR Act") or any other regulatory agency is required in connection with
such purchase, the Holder and the Grantor, as applicable, shall promptly file
the required notice or application for approval and shall expeditiously process
the same and the period of time that otherwise would run pursuant to this
sentence shall run instead from the date on which any required notification
periods have expired or been terminated or such approvals have been obtained and
any requisite waiting period or periods shall have passed. Any exercise of the
Option shall be deemed to occur on the Notice Date relating thereto.

              (f)    At the closing referred to in subsection (e) of this
Section 2, the Holder shall pay to Issuer the aggregate purchase price for the
shares of Common Stock purchased pursuant to the exercise of the Option in
immediately available funds by wire transfer to a bank account designated by
Issuer, provided that failure or refusal of Issuer to designate such a bank
account shall not preclude the Holder from exercising the Option.

              (g)    At such closing, simultaneously with the delivery of
immediately available funds as provided in subsection (f) of this Section 2,
Issuer shall deliver to the Holder a certificate or certificates representing
the number of shares of Common Stock purchased by the Holder and, if the Option
should be exercised in part only, a new Option evidencing the rights of the
Holder thereof to purchase the balance of the shares purchasable hereunder, and
the Holder shall deliver to Issuer a copy of this Agreement and a letter
agreeing that the Holder will not offer to sell or otherwise dispose of such
shares in violation of applicable law or the provisions of this Agreement.

              (h)    Certificates for Common Stock delivered at a closing
hereunder may be endorsed with a restrictive legend that shall read
substantially as follows:


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<PAGE>   5

              "The transfer of the shares represented by this certificate is
              subject to certain provisions of an agreement between the
              registered holder hereof and Issuer and to resale restrictions
              arising under the Securities Act of 1933, as amended. A copy of
              such agreement is on file at the principal office of Issuer and
              will be provided to the holder hereof without charge upon receipt
              by Issuer of a written request therefor."

It is understood and agreed that: (i) the reference to the resale restrictions
of the Securities Act of 1933, as amended (the "1933 Act"), in the above legend
shall be removed by delivery of substitute certificate(s) without such reference
if the Holder shall have delivered to Issuer a copy of a letter from the staff
of the Securities and Exchange Commission, or an opinion of counsel, in form and
substance reasonably satisfactory to Issuer, to the effect that such legend is
not required for purposes of the 1933 Act; (ii) the reference to the provisions
of this Agreement in the above legend shall be removed by delivery of substitute
certificate(s) without such reference if the shares have been sold or
transferred in compliance with the provisions of this Agreement and under
circumstances that do not require the retention of such reference; and (iii) the
legend shall be removed in its entirety if the conditions in the preceding
clauses (i) and (ii) are both satisfied. In addition, such certificates shall
bear any other legend as may be required by law.

              (i)    Upon the giving by the Holder to Issuer of the written
notice of exercise of the Option provided for under subsection (e) of this
Section 2 and the tender of the applicable purchase price in immediately
available funds, the Holder shall be deemed, subject to the receipt of
applicable regulatory approvals, to be the holder of record of the shares of
Common Stock issuable upon such exercise, notwithstanding that the stock
transfer books of Issuer shall then be closed or that certificates representing
such shares of Common Stock shall not then be actually delivered to the Holder.
Issuer shall pay all expenses, and any and all United States federal, state and
local taxes and other charges that may be payable in connection with the
preparation, issue and delivery of stock certificates under this Section 2 in
the name of the Holder or its assignee, transferee or designee.

              3.     Issuer agrees: (i) that it shall at all times maintain,
free from preemptive rights, sufficient authorized but unissued or treasury
shares of Common Stock so that the Option may be exercised without additional
authorization of Common Stock after giving effect to all other options,
warrants, convertible securities and other rights to purchase Common Stock; (ii)
that it will not, by charter amendment or through reorganization, consolidation,
merger, dissolution or sale of assets, or by any other voluntary act, avoid or
seek to avoid the observance or performance of any of the covenants,
stipulations or conditions to be observed or performed hereunder by Issuer;
(iii) promptly to take all action as may from time to time be required
(including (x) complying with all premerger notification, reporting and waiting
period requirements specified in the HSR Act and regulations promulgated
thereunder and (y) under the Home Owners' Loan Act of 1933, as amended (the
"Home Owners' Loan Act"), the Connecticut General Statute of 1999, as amended
(the "Connecticut General Statute"), or any state banking law, prior approval of
or notice to the OTS, the Commissioner of Banking for the State of Connecticut,
the NASD or to any other regulatory authority is necessary before the Option may
be exercised, cooperating fully with the Holder in preparing such applications
or notices and providing such information to any applicable regulatory authority
as they may require) in order


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<PAGE>   6

to permit the Holder to exercise the Option and Issuer duly and effectively to
issue shares of Common Stock pursuant hereto; and (iv) promptly to take all
action provided herein to protect the rights of the Holder against dilution.

              4.     This Agreement (and the Option granted hereby) are
exchangeable, without expense, at the option of the Holder, upon presentation
and surrender of this Agreement at the principal office of Issuer, for other
Agreements providing for Options of different denominations entitling the holder
thereof to purchase, on the same terms and subject to the same conditions as are
set forth herein, in the aggregate the same number of shares of Common Stock
purchasable hereunder. The terms "Agreement" and "Option" as used herein include
any Stock Option Agreements and related Options for which this Agreement (and
the Option granted hereby) may be exchanged. Upon receipt by Issuer of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of
this Agreement, and (in the case of loss, theft or destruction) of reasonably
satisfactory indemnification, and upon surrender and cancellation of this
Agreement, if mutilated, Issuer will execute and deliver a new Agreement of like
tenor and date. Any such new Agreement executed and delivered shall constitute
an additional contractual obligation on the part of Issuer, whether or not the
Agreement so lost, stolen, destroyed or mutilated shall at any time be
enforceable by anyone.


              5.     In addition to the adjustment in the number of shares of
Common Stock that are purchasable upon exercise of the Option pursuant to
Section 1 of this Agreement, the number of shares of Common Stock purchasable
upon the exercise of the Option and the Option Price shall be subject to
adjustment from time to time as provided in this Section 5. In the event of any
change in, or distributions in respect of, the Common Stock by reason of stock
dividends, split-ups, mergers, recapitalizations, combinations, subdivisions,
conversions, exchanges of shares, distributions on or in respect of the Common
Stock, or the like, the type and number of shares of Common Stock purchasable
upon exercise hereof and the Option Price shall be appropriately adjusted in
such manner as shall fully preserve the economic benefits provided hereunder and
proper provision shall be made in any agreement governing any such transaction
to provide for such proper adjustment and the full satisfaction of the Issuer's
obligations hereunder.

              6.     Upon the occurrence of a Subsequent Triggering Event that
occurs prior to an Exercise Termination Event,

              (a)           Issuer shall, at the request of Grantee delivered
within 90 days of such Subsequent Triggering Event (whether on its own behalf or
on behalf of any subsequent holder of this Option (or part thereof) or any of
the shares of Common Stock issued pursuant hereto), promptly prepare, file and
keep current a shelf registration statement under the 1933 Act covering this
Option and any shares issued and issuable pursuant to this Option and shall use
its reasonable best efforts to cause such registration statement to become
effective and remain current in order to permit the sale or other disposition of
this Option and any shares of Common Stock issued upon total or partial exercise
of this Option ("Option Shares") in accordance with any plan of disposition
requested by Grantee. Issuer will use its reasonable best efforts to cause such
registration statement first to become effective and then to remain effective
for such period not in excess of 180 days from the day such registration
statement first becomes effective or such


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<PAGE>   7

shorter time as may be reasonably necessary to effect such sales or other
dispositions. Grantee shall have the right to demand two such registrations. The
foregoing notwithstanding, if, at the time of any request by Grantee for
registration of the Option or Option Shares as provided above, Issuer is in
registration with respect to an underwritten public offering of shares of Common
Stock, and if in the good faith judgment of the managing underwriter or managing
underwriters, or, if none, the sole underwriter or underwriters, of such
offering the inclusion of the Holder's Option or Option Shares would interfere
with the successful marketing of the shares of Common Stock offered by Issuer,
the number of Option Shares otherwise to be covered in the registration
statement contemplated hereby may be reduced; provided, however, that after any
such required reduction the number of Option Shares to be included in such
offering for the account of the Holder shall constitute at least 25% of the
total number of shares to be sold by the Holder and Issuer in the aggregate; and
provided further, however, that if such reduction occurs, then the Issuer shall
file a registration statement for the balance as promptly as practical and no
reduction shall thereafter occur. Each such Holder shall provide all information
reasonably requested by Issuer for inclusion in any registration statement to be
filed hereunder. If requested by any such Holder in connection with such
registration, Issuer shall become a party to any underwriting agreement relating
to the sale of such shares, but only to the extent of obligating itself in
respect of representations, warranties, indemnities and other agreements
customarily included in secondary offering underwriting agreements for similar
transactions. Upon receiving any request under this Section 6 from any Holder,
Issuer agrees to send a copy thereof to any other person known to Issuer to be
entitled to registration rights under this Section 6, in each case by promptly
mailing the same, postage prepaid, to the address of record of the persons
entitled to receive such copies. Notwithstanding anything to the contrary
contained herein, in no event shall Issuer be obligated to effect more than two
registrations pursuant to this Section 6 by reason of the fact that there shall
be more than one Grantee as a result of any assignment or division of this
Agreement.

              (b)    Issuer shall indemnify and hold harmless (i) Grantee, its
affiliates and its officers and directors and (ii) each underwriter and each
person who controls any underwriter within the meaning of the 1933 Act or the
Securities Exchange Act of 1934, as amended (the "1934 Act"), (collectively, the
"Underwriters") ((i) and (ii) being-referred to as "Indemnified Parties")
against any losses, claims, damages, liabilities or expenses, to which the
Indemnified Parties may become subject, insofar as such losses, claims, damages,
liabilities (or actions in respect thereof) and expenses arise out of or are
based upon any untrue statement or alleged untrue statement of any material fact
contained or incorporated by reference in any registration statement filed
pursuant to this Section 6, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading; provided, however,
that Issuer will not be liable in any such case to the extent that any such
loss, liability, claim, damage or expense arises out of or is based upon an
untrue statement or alleged untrue statement in or omission or alleged omission
from any such documents in reasonable reliance upon and in conformity with
written information furnished to Issuer by the Indemnified Parties expressly for
use or incorporation by reference therein.

              (c)    Grantee and the Underwriters shall indemnify and hold
harmless Issuer, its affiliates and its officers and directors against any
losses, claims, damages, liabilities or expenses to which Issuer, its affiliates
and its officers and directors may become subject,


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<PAGE>   8

insofar as such losses, claims, damages, liabilities (or actions in respect
thereof) and expenses arise out of or are based upon any untrue statement or
alleged untrue statement of any material fact contained or incorporated by
reference in any registration statement filed pursuant to this Section 6, or
arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the
statements therein not misleading, in each case to the extent, but only to the
extent, that such untrue statement or alleged untrue statement or omission or
alleged omission was made in reasonable reliance upon and in conformity with
written information furnished to Issuer by Grantee or the Underwriters, as
applicable, specifically for use or incorporation by reference therein.

              7.     (a) Immediately prior to the occurrence of a Repurchase
Event (as hereinafter defined), (i) following a request of the Holder, delivered
prior to an Exercise Termination Event, Issuer (or any successor thereto) shall
repurchase the Option from the Holder at a price (the "Option Repurchase Price")
equal to the amount by which (A) the Market/Offer Price (as hereinafter defined)
exceeds (B) the Option Price, multiplied by the number of shares for which this
Option may then be exercised and (ii) at the request of the owner of Option
Shares from time to time (the "Owner"), delivered within 90 days of such
occurrence (or such later period as provided in Section 10), Issuer shall
repurchase such number of the Option Shares from the Owner as the Owner shall
designate at a price (the "Option Share Repurchase Price") equal to the
Market/Offer Price multiplied by the number of Option Shares so designated. The
term "Market/Offer Price" shall mean the highest of (i) the price per share of
Common Stock at which a tender offer or exchange offer therefor has been made,
(ii) the price per share of Common Stock to be paid by any third party pursuant
to an agreement with Issuer, (iii) the highest closing price for shares of
Common Stock within the six-month period immediately preceding the date the
Holder gives notice of the required repurchase of this Option or the Owner gives
notice of the required repurchase of Option Shares, as the case may be, or (iv)
in the event of a sale of all or a substantial portion of Issuer's assets, the
sum of the price paid in such sale for such assets and the current market value
of the remaining assets of Issuer as determined by a nationally recognized
investment banking firm selected by the Holder or the Owner, as the case may be,
and reasonably acceptable to the Issuer, divided by the number of shares of
Common Stock of Issuer outstanding at the time of such sale. In determining the
Market/Offer Price, the value of consideration other than cash shall be
determined by a nationally recognized investment banking firm selected by the
Holder or Owner, as the case may be, and reasonably acceptable to the Issuer.
The Option Repurchase Price and the Option Share Repurchase Price shall be
payable in immediately available funds to such account as shall be designated by
the Holder or Owner, as applicable.

              (b)    The Holder and the Owner, as the case may be, may exercise
its right to require Issuer to repurchase the Option and any Option Shares
pursuant to this Section 7 by surrendering for such purpose to Issuer, at its
principal office, a copy of this Agreement or certificates for Option Shares, as
applicable, accompanied by a written notice or notices stating that the Holder
or the Owner, as the case may be, elects to require Issuer to repurchase this
Option and/or the Option Shares in accordance with the provisions of this
Section 7. Within the latter to occur of (x) five business days after the
surrender of the Option and/or certificates representing Option Shares and the
receipt of such notice or notices relating thereto and (y) the time that is
immediately prior to the occurrence of a Repurchase Event, Issuer shall deliver
or cause to be delivered to the Holder the Option Repurchase Price and/or to the
Owner the Option


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<PAGE>   9

Share Repurchase Price therefor or the portion thereof, if any, that Issuer is
not then prohibited under applicable law and regulation from so delivering.

              (c)    To the extent that Issuer is prohibited under applicable
law or regulation from repurchasing the Option and/or the Option Shares in full,
Issuer shall immediately so notify the Holder and/or the Owner and thereafter
deliver or cause to be delivered, from time to time, to the Holder and/or the
Owner, as appropriate, the portion of the Option Repurchase Price and the Option
Share Repurchase Price, respectively, that it is no longer prohibited from
delivering, within five business days after the date on which Issuer is no
longer so prohibited; provided, however, that if Issuer at any time after
delivery of a notice of repurchase pursuant to paragraph (b) of this Section 7
is prohibited under applicable law or regulation from delivering to the Holder
and/or the Owner, as appropriate, the Option Repurchase Price and the Option
Share Repurchase Price, respectively, in full (and Issuer hereby undertakes to
use its best efforts to obtain all required regulatory and legal approvals and
to file any required notices, in each case as promptly as practicable in order
to accomplish such repurchase), the Holder or Owner may revoke its notice of
repurchase of the Option or the Option Shares either in whole or to the extent
of the prohibition, whereupon, in the latter case, Issuer shall promptly (i)
deliver to the Holder and/or the Owner, as appropriate, that portion of the
Option Repurchase Price or the Option Share Repurchase Price that Issuer is not
prohibited from delivering; and (ii) deliver, as appropriate, either (A) to the
Holder, a new Stock Option Agreement evidencing the right of the Holder to
purchase that number of shares of Common Stock obtained by multiplying the
number of shares of Common Stock for which the surrendered Stock Option
Agreement was exercisable at the time of delivery of the notice of repurchase by
a fraction, the numerator of which is the Option Repurchase Price less the
portion thereof theretofore delivered to the Holder and the denominator of which
is the Option Repurchase Price, or (B) to the Owner, a certificate for the
Option Shares it is then so prohibited from repurchasing.

              (d)    For purposes of this Section 7, a Repurchase Event shall be
deemed to have occurred (i) upon the consummation of any merger, consolidation
or similar transaction involving Issuer or any purchase, lease or other
acquisition of all or a substantial portion of the assets of Issuer, other than
any such transaction which would not constitute an Acquisition Transaction
pursuant to the provisos to Section 2(b)(i) hereof or (ii) upon the acquisition
by any person of beneficial ownership of 50% or more of the then outstanding
shares of Common Stock, provided that no such event shall constitute a
Repurchase Event unless a Subsequent Triggering Event shall have occurred prior
to an Exercise Termination Event. The parties hereto agree that Issuer's
obligations to repurchase the Option or Option Shares under this Section 7 shall
not terminate upon the occurrence of an Exercise Termination Event unless no
Subsequent Triggering Event shall have occurred prior to the occurrence of an
Exercise Termination Event.

              8.     (a) In the event that, prior to an Exercise Termination
Event, Issuer shall enter into an agreement (i) to consolidate with or merge
into any person, other than Grantee or one of its Subsidiaries, and shall not be
the continuing or surviving corporation of such consolidation or merger, (ii) to
permit any person, other than Grantee or one of its Subsidiaries, to merge into
Issuer and Issuer shall be the continuing or surviving corporation, but, in
connection with such merger, the then outstanding shares of Common Stock shall
be changed into or exchanged for stock or other securities of any other person
or cash or any other property or the then outstanding shares of Common Stock
shall after such merger represent less than 50%


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<PAGE>   10

of the outstanding voting shares and voting share equivalents of the merged
company, or (iii) to sell or otherwise transfer all or substantially all of its
assets to any person, other than Grantee or one of its Subsidiaries, then, and
in each such case, the agreement governing such transaction shall make proper
provision so that the Option shall, upon the consummation of any such
transaction and upon the terms and conditions set forth herein, be converted
into, or exchanged for, an option (the "Substitute Option"), at the election of
the Holder, of either (x) the Acquiring Corporation (as hereinafter defined) or
(y) any person that controls the Acquiring Corporation.

              (b)    The following terms have the meanings indicated:

                     (i)    "Acquiring Corporation" shall mean (A) the
       continuing or surviving corporation of a consolidation or merger with
       Issuer (if other than Issuer), (B) Issuer in a merger in which Issuer is
       the continuing or surviving person, and (C) the transferee of all or
       substantially all of Issuer's assets.

                     (ii)   "Substitute Common Stock" shall mean the common
       stock issued by the issuer of the Substitute Option upon exercise of the
       Substitute Option.

                     (iii)  "Assigned Value" shall mean the Market/Offer Price,
       as defined in Section 7.

                     (iv)   "Average Price" shall mean the average closing price
       of a share of the Substitute Common Stock for the one year immediately
       preceding the consolidation, merger or sale in question, but in no event
       higher than the closing price of the shares of Substitute Common Stock on
       the day preceding such consolidation, merger or sale; provided that if
       Issuer is the issuer of the Substitute Option, the Average Price shall be
       computed with respect to a share of common stock issued by the person
       merging into Issuer or by any company that controls or is controlled by
       such person, as the Holder may elect.

              (c)    The Substitute Option shall have the same terms as the
Option, provided, that if the terms of the Substitute Option cannot, for legal
reasons, be the same as the Option, such terms shall be as similar as possible
and in no event less advantageous to the Holder. The issuer of the Substitute
Option shall also enter into an agreement with the then Holder or Holders of the
Substitute Option in substantially the same form as this Agreement, which shall
be applicable to the Substitute Option.

              (d)    The Substitute Option shall be exercisable for such number
of shares of Substitute Common Stock as is equal to the Assigned Value
multiplied by the number of shares of Common Stock for which the Option is then
exercisable, divided by the Average Price. The exercise price of the Substitute
Option per share of Substitute Common Stock shall then be equal to the Option
Price multiplied by a fraction, the numerator of which shall be the number of
shares of Common Stock for which the Option is then exercisable and the
denominator of which shall be the number of shares of Substitute Common Stock
for which the Substitute Option is exercisable.

              (e)    In no event, pursuant to any of the foregoing paragraphs,
shall the Substitute Option be exercisable for more than 19.9% of the shares of
Substitute Common Stock


                                       10
<PAGE>   11

outstanding prior to exercise of the Substitute Option. In the event that the
Substitute Option would be exercisable for more than 19.9% of the shares of
Substitute Common Stock outstanding prior to exercise but for this clause (e),
the issuer of the Substitute Option (the "Substitute Option Issuer") shall make
a cash payment to Holder equal to the excess of (i) the value of the Substitute
Option without giving effect to the limitation in this clause (e) over (ii) the
value of the Substitute Option after giving effect to the limitation in this
clause (e). This difference in value shall be determined by a nationally
recognized investment banking firm selected by the Holder or the Owner, as the
case may be, and reasonably acceptable to the Acquiring Corporation.

              (f)    Issuer shall not enter into any transaction described in
subsection (a) of this Section 8 unless the Acquiring Corporation and any person
that controls the Acquiring Corporation assume in writing all the obligations of
Issuer hereunder.

              9.     (a) At the request of the holder of the Substitute Option
(the "Substitute Option Holder"), the Substitute Option Issuer shall repurchase
the Substitute Option from the Substitute Option Holder at a price (the
"Substitute Option Repurchase Price") equal to the amount by which (i) the
Highest Closing Price (as hereinafter defined) exceeds (ii) the exercise price
of the Substitute Option, multiplied by the number of shares of Substitute
Common Stock for which the Substitute Option may then be exercised, and at the
request of the owner (the "Substitute Share Owner") of shares of Substitute
Common Stock (the "Substitute Shares"), the Substitute Option Issuer shall
repurchase the Substitute Shares at a price (the "Substitute Share Repurchase
Price") equal to the Highest Closing Price multiplied by the number of
Substitute Shares so designated. The term "Highest Closing Price" shall mean the
highest closing price for shares of Substitute Common Stock within the six-month
period immediately preceding the date the Substitute Option Holder gives notice
of the required repurchase of the Substitute Option or the Substitute Share
Owner gives notice of the required repurchase of the Substitute Shares, as
applicable. The Substitute Option Repurchase Price and the Substitute Share
Repurchase Price shall be payable in immediately available funds to such account
as shall be designated by the Substitute Option Holder or Substitute Share
Owner, as applicable.

              (b)    The Substitute Option Holder and the Substitute Share
Owner, as the case may be, may exercise its respective right to require the
Substitute Option Issuer to repurchase the Substitute Option and the Substitute
Shares pursuant to this Section 9 by surrendering for such purpose to the
Substitute Option Issuer, at its principal office, the agreement for such
Substitute Option (or, in the absence of such an agreement, a copy of this
Agreement) and certificates for Substitute Shares accompanied by a written
notice or notices stating that the Substitute Option Holder or the Substitute
Share Owner, as the case may be, elects to require the Substitute Option Issuer
to repurchase the Substitute Option and/or the Substitute Shares in accordance
with the provisions of this Section 9. As promptly as practicable, and in any
event within five business days after the surrender of the Substitute Option
and/or certificates representing Substitute Shares and the receipt of such
notice or notices relating thereto, the Substitute Option Issuer shall deliver
or cause to be delivered to the Substitute Option Holder the Substitute Option
Repurchase Price and/or to the Substitute Share Owner the Substitute Share
Repurchase Price therefor or, in either case, the portion thereof which the
Substitute Option Issuer is not then prohibited under applicable law and
regulation from so delivering.


                                       11
<PAGE>   12

              (c)    To the extent that the Substitute Option Issuer is
prohibited under applicable law or regulation from repurchasing the Substitute
Option and/or the Substitute Shares in part or in full, the Substitute Option
Issuer following a request for repurchase pursuant to this Section 9 shall
immediately so notify the Substitute Option Holder and/or the Substitute Share
Owner and thereafter deliver or cause to be delivered, from time to time, to the
Substitute Option Holder and/or the Substitute Share Owner, as appropriate, the
portion of the Substitute Option Repurchase Price or the Substitute Share
Repurchase Price, respectively, which it is no longer prohibited from
delivering, within five business days after the date on which the Substitute
Option Issuer is no longer so prohibited; provided, however, that if the
Substitute Option Issuer is at any time after delivery of a notice of repurchase
pursuant to subsection (b) of this Section 9 is prohibited under applicable law
or regulation from delivering to the Substitute Option Holder and/or the
Substitute Share Owner, as appropriate, the Substitute Option Repurchase Price
and the Substitute Share Repurchase Price, respectively, in full (and the
Substitute Option Issuer shall use its best efforts to obtain all required
regulatory and legal approvals, in each case as promptly as practicable, in
order to accomplish such repurchase), the Substitute Option Holder or Substitute
Share Owner may revoke its notice of repurchase of the Substitute Option or the
Substitute Shares either in whole or to the extent of the prohibition,
whereupon, in the latter case, the Substitute Option Issuer shall promptly (i)
deliver to the Substitute Option Holder or Substitute Share Owner, as
appropriate, that portion of the Substitute Option Repurchase Price or the
Substitute Share Repurchase Price that the Substitute Option Issuer is not
prohibited from delivering; and (ii) deliver, as appropriate, either (A) to the
Substitute Option Holder, a new Substitute Option evidencing the right of the
Substitute Option Holder to purchase that number of shares of the Substitute
Common Stock obtained by multiplying the number of shares of the Substitute
Common Stock for which the surrendered Substitute Option was exercisable at the
time of delivery of the notice of repurchase by a fraction, the numerator of
which is the Substitute Option Repurchase Price less the portion thereof
theretofore delivered to the Substitute Option Holder and the denominator of
which is the Substitute Option Repurchase Price, or (B) to the Substitute Share
Owner, a certificate for the Substitute Common Shares it is then so prohibited
from repurchasing.

              10.    The periods for exercise of certain rights under this
Agreement, and the date of termination of the right to exercise the Option
pursuant to Section 19 hereof, shall be extended: (i) to the extent necessary to
obtain all regulatory approvals for the exercise of such rights and for the
expiration of all statutory waiting periods; (ii) to the extent necessary to
avoid liability under Section 16(b) of the 1934 Act by reason of such exercise;
and (iii) during any period in which Grantee is precluded from exercising such
rights due to an injunction or other legal restriction, plus in each case such
additional period as is reasonably necessary for the exercise of such rights
promptly following the obtaining of such approvals or the expiration of such
periods.

              11.    Issuer hereby represents and warrants to Grantee as
follows:

              (a)    Issuer has full corporate power and authority to execute
and deliver this Agreement and to consummate the transactions contemplated
hereby. The execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby have been duly and validly authorized by the
Board of Directors of Issuer and no other corporate proceedings on the part of
Issuer are necessary to authorize this Agreement or to consummate the



                                       12
<PAGE>   13

transactions so contemplated. This Agreement has been duly and validly executed
and delivered by Issuer.

              (b)    Issuer has taken all necessary corporate action to
authorize and reserve and to permit it to issue, and at all times from the date
hereof through the termination of this Agreement in accordance with its terms
will have reserved for issuance upon the exercise of the Option, that number of
shares of Common Stock equal to the maximum number of shares of Common Stock at
any time and from time to time issuable hereunder, and all such shares, upon
issuance pursuant hereto, will be duly authorized, validly issued, fully paid,
nonassessable, and will be delivered free and clear of all claims, liens,
encumbrance and security interests and not subject to any preemptive rights.

              (c)    Issuer has taken all action (including if required
redeeming all of the Rights or amending or terminating the Rights Agreement) so
that the entering into of this Agreement, the acquisition of shares of Common
Stock hereunder and the other transactions contemplated hereby do not and will
not result in the grant of any rights to any person under the Advest Rights
Agreement or enable or require the Rights to be exercised, distributed or
triggered and so that no "fair price", "moratorium" "control share acquisition"
or other form of antitakeover statute or regulation is applicable to the
entering of this Agreement, the acquisition of shares of Common Stock hereunder
and the other transactions contemplated hereby.

              12.    Grantee hereby represents and warrants to Issuer that:

              (a)    Grantee has all requisite corporate power and authority to
enter into this Agreement and, subject to any approvals or consents referred to
herein, to consummate the transactions contemplated hereby. The execution and
delivery of this Agreement and the consummation of the transactions contemplated
hereby have been duly authorized by all necessary corporate action on the part
of Grantee. This Agreement has been duly executed and delivered by Grantee.

              (b)    The Option is not being, and any shares of Common Stock or
other securities acquired by Grantee upon exercise of the Option will not be,
acquired with a view to the public distribution thereof and will not be
transferred or otherwise disposed of except in a transaction registered or
exempt from registration under the 1933 Act.

              13.    Neither of the parties hereto may assign any of its rights
or obligations under this Option Agreement or the Option created hereunder to
any other person, without the express prior written consent of the other party,
except that in the event a Subsequent Triggering Event shall have occurred prior
to an Exercise Termination Event, Grantee, subject to the express provisions
hereof, may assign in whole or in part its rights and obligations hereunder
within 90 days following such Subsequent Triggering Event (or such later period
as provided in Section 10); provided, however, that until the date 15 days
following the date on which the OTS approves an application by Grantee under the
HOLA to acquire the shares of Common Stock subject to the Option, Grantee may
not assign its rights under the Option except in (i) a widely dispersed public
distribution, (ii) a private placement in which no one party acquires the right
to purchase in excess of 2% of the voting shares of Issuer, (iii) an assignment
to a single party (e.g.,


                                       13
<PAGE>   14

a broker or investment banker) for the purpose of conducting a widely dispersed
public distribution on Grantee's behalf, or (iv) any other manner approved by
the OTS.

              14.    Each of Grantee and Issuer will use its best efforts to
make all filings with, and to obtain consents of, all third parties and
governmental authorities necessary to the consummation of the transactions
contemplated by this Agreement, including without limitation making application
to list the shares of Common Stock issuable hereunder on the New York Stock
Exchange upon official notice of issuance and applying to the OTS and the
Commissioner of Banking for the State of Connecticut under the Home Owner's Loan
Act and the Connecticut General Statute, and to the NASD, for approval to
acquire the shares issuable hereunder, but Grantee shall not be obligated to
apply for such approval to acquire the shares of Common Stock issuable hereunder
until such time, if ever, as it deems appropriate to do so.

              15.    (a) Grantee in its sole discretion may, at any time during
which Issuer would be required to repurchase the Option or any Option Shares
pursuant to Section 7, surrender the Option (together with any Option Shares
issued to and then owned by the Holder) to Issuer in exchange for a cash payment
equal to the Surrender Price (as hereinafter defined); provided, however, that
Grantee may not exercise its rights pursuant to this Section 15 if Issuer has
previously repurchased the Option (or any portion thereof) or any Option Shares
pursuant to Section 7. The "Surrender Price" shall be equal to (i) $10,000,000,
plus (ii) if applicable, the aggregate purchase price previously paid pursuant
hereto by Grantee with respect to any Option Shares, minus (iii) if applicable,
the excess of (A) the net cash, if any, received by Grantee pursuant to the
arm's-length sale of Option Shares (or any other securities into which such
Option Shares were converted or exchanged) to any party not affiliated with
Grantee, over (B) the purchase price paid by Grantee with respect to such Option
Shares. The Surrender Price shall be payable in immediately available funds to
such account as shall be designated by Grantee.

              (b)    Grantee may exercise its right to surrender the Option and
any Option Shares pursuant to this Section 15 by surrendering for such purchase
to Issuer, at its principal office, a copy of this Agreement, together with
certificates for Option Shares, if any, accompanied by a written notice stating
(i) that Grantee elects to surrender the Option and Option Shares, if any, in
accordance with the provisions of this Section 15 and (ii) the Surrender Price.
Within two business days after the surrender of the Option and the Option
Shares, if applicable, Issuer shall deliver or cause to be delivered to Grantee
the Surrender Price.

              (c)    To the extent that the Issuer is prohibited under
applicable law or regulation from paying the Surrender Price to Grantee in full,
Issuer shall immediately so notify Grantee and thereafter deliver, or cause to
be delivered, from time to time, to Grantee, that portion of the Surrender Price
that Issuer is not or no longer prohibited from paying, within two business days
after the date on which Issuer is no longer so prohibited; provided, however,
that if Issuer at any time after delivery of a notice of Surrender pursuant to
Section 15(b) is prohibited under applicable law or regulation from paying to
Grantee the Surrender Price in full, (i) Issuer shall (A) use its best efforts
to obtain all required regulatory and legal approvals and to file any required
notices as promptly as practicable in order to make such payments, (B) within
two business days of the submission or receipt of any documents relating to any
such regulatory and legal approvals, provide Grantee with copies of the same,
and (C) keep Grantee advised of both


                                       14
<PAGE>   15

the status of any such request for regulatory and legal approvals and any
discussions with any relevant regulatory or other third party reasonably related
to the same, and (ii) Grantee may revoke such notice of surrender by delivery of
a notice of revocation and the Exercise Termination Event shall be extended to a
date six months from the date on which the Exercise Termination Event would have
occurred if not for the provisions of this Section 15(c) (during which period
Grantee may exercise any of its rights hereunder, including any and all rights
pursuant to this Section 15).

              (d)    Grantee shall have rights substantially identical to those
set forth in paragraphs (a), (b) and (c) of this Section 15 with respect to the
Substitute Option and the Substitute Option Issuer during any period in which
the Substitute Option Issuer would be required to repurchase the Substitute
Option pursuant to Section 9.

              16.    Notwithstanding any other provision of this Agreement, in
no event shall Grantee's Total Profit (as hereinafter defined) exceed
$10,000,000 and, if it otherwise would exceed such amount, Grantee, at its sole
election, shall either (a) deliver to Issuer for cancellation Option Shares
previously purchased by Grantee, (b) pay cash or other consideration to Issuer,
(c) reduce the cash payable to Grantee in connection with Issuer's repurchase of
the Option or Option Shares pursuant to Section 7(a) hereof or surrender of the
Option and Option Shares pursuant to Section 15 hereof, or (d) undertake any
combination thereof, so that Grantee's Total Profit shall not exceed $10,000,000
after taking into account the foregoing actions.

              Notwithstanding any other provision of this Agreement, this Option
may not be exercised for a number of shares of Common Stock as would, as of the
date of the written notice of the exercise of the Option, result in a Notional
Total Profit (as defined below) of more than $10,000,000 and, if exercise of the
Option otherwise would exceed such amount, Grantee, at its discretion, may
increase the Option Price for that number of shares of Common Stock set forth in
the aforesaid notice of exercise so that the Notional Total Profit shall not
exceed $10,000,000; provided, that nothing in this sentence shall restrict any
exercise of the Option permitted hereby on any subsequent date at the Option
Price set forth in Section 1 (a) hereof.

              As used herein, the term "Total Profit" shall mean the aggregate
amount (before taxes) of the following: (i) the amount of cash received by
Grantee pursuant to Section 7.5 of the Merger Agreement and in connection with
Issuer's repurchase of the Option or Option Shares pursuant to Section 7(a)
hereof and surrender of the Option and Option Shares pursuant to Section 15
hereof, (less Grantee's purchase price for such Option Shares (unless already
taken into account for purposes of calculation of the Surrender Price)) and (ii)
(x) the net cash amounts received by Grantee pursuant to the sale of Option
Shares (or any other securities into which such Option Shares are converted or
exchanged) to any unaffiliated party (unless already taken into account for
purposes of calculation of the Surrender Price), less (y) Grantee's purchase
price for such Option Shares (unless already taken into account for purposes of
calculation of the Surrender Price).

              As used herein, the term "Notional Total Profit" with respect to
any number of shares of Common Stock as to which Grantee may propose to exercise
this Option shall be the Total Profit determined as of the date of the written
notice of the exercise of the Option assuming that this Option were exercised on
such date for such number of shares of Common Stock and


                                       15
<PAGE>   16

assuming that such shares of Common Stock, together with all other shares of
Common Stock held by Grantee and its affiliates as of such date, were sold for
cash at the closing market price for the Common Stock as of the close of
business on the preceding trading day (less customary brokerage commissions).

              17.    The parties hereto acknowledge that damages would be an
inadequate remedy for a breach of this Agreement by either party hereto and that
the obligations of the parties hereto shall be enforceable by either party
hereto through injunctive or other equitable relief.

              18.    If any term, provision, covenant or restriction contained
in this Agreement is held by a court or a federal or state regulatory agency of
competent jurisdiction to be invalid, void or unenforceable, the remainder of
the terms, provisions and covenants and restrictions contained in this Agreement
shall remain in full force and effect, and shall in no way be affected, impaired
or invalidated. If for any reason such court or regulatory agency determines
that the Holder is not permitted to acquire, or Issuer or Substitute Option
Issuer, as the case may be, is not permitted to repurchase pursuant to Section 7
or Section 9, as the case may be, the full number of shares of Common Stock
provided in Section 1(a) hereof (as adjusted pursuant to Section 1(b) or 5
hereof), or Issuer or Substitute Option Issuer is not permitted to pay the full
Surrender Price, it is the express intention of Issuer (which shall be binding
on the Substitute Option Issuer) to allow the Holder to acquire or to require
Issuer or the Substitute Option Issuer, as the case may be, to repurchase such
lesser number of shares, or to pay such portion of the Surrender Price, as may
be permissible, without any amendment or modification hereof.

              19.    The right to exercise the Option granted pursuant to this
Agreement shall terminate at the earlier of (i) the Effective Time (as defined
in the Merger Agreement) and (ii) 90 days after the date that is the first
anniversary of the date the Merger Agreement was terminated pursuant to the
terms thereof (or, if later, 90 days after Parent becomes entitled to a fee
pursuant to Section 7.5(a)(i) of the Merger Agreement) (the date referred to in
clause (ii) being hereinafter referred to as the "Option Termination Date"),
provided that, the Option Termination Date shall be extended as provided in
Section 10 hereof.

              20.    All notices, requests, claims, demands and other
communications hereunder shall be deemed to have been duly given when delivered
in person, by cable, telegram, telecopy or telex, or by registered or certified
mail (postage prepaid, return receipt requested) at the respective addresses of
the parties set forth in the Merger Agreement.

              21.    This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, regardless of the laws that
might otherwise govern under applicable principles of conflicts of laws thereof
(except to the extent that mandatory provisions of federal law apply).

              22.    This Agreement may be executed in two or more counterparts,
each of which shall be deemed to be an original, but all of which shall
constitute one and the same agreement.


                                       16
<PAGE>   17

              23.    Except as otherwise expressly provided herein, each of the
parties hereto shall bear and pay all costs and expenses incurred by it or on
its behalf in connection with the transactions contemplated hereunder, including
fees and expenses of its own financial consultants, investment bankers,
accountants and counsel.

              24.    Except as otherwise expressly provided herein or in the
Merger Agreement, this Agreement contains the entire agreement between the
parties with respect to the transactions contemplated hereunder and supersedes
all prior arrangements or understandings with respect thereof, written or oral.
The terms and conditions of this Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective successors and permitted
assigns. Nothing in this Agreement, expressed or implied, is intended to confer
upon any party, other than the parties hereto, and their respective successors
and permitted assigns, any rights, remedies, obligations or liabilities under or
by reason of this Agreement, except as expressly provided herein.

              25.    Capitalized terms used in this Agreement and not defined
herein shall have the meanings assigned thereto in the Merger Agreement.


                                       17
<PAGE>   18





                   IN WITNESS WHEREOF, each of the parties has caused this
Agreement to be executed on its behalf by its officers thereunto duly
authorized, all as of the date first above written.



                                  THE ADVEST GROUP, INC.



                                  By:
                                     ------------------------------------------
                                     Name:  Grant W. Kurtz
                                     Title: President & Chief Executive Officer




                                  THE MONY GROUP, INC.



                                  By:
                                     ------------------------------------------
                                     Name:   Michael I. Roth
                                     Title:  Chairman & Chief Executive Officer










</TEXT>
</DOCUMENT>
