MONY INCENTIVE COMPENSATION AGREEMENT

EXHIBIT NO. 10.80

MONY INCENTIVE COMPENSATION AGREEMENT

THIS INCENTIVE COMPENSATION AGREEMENT (the “Agreement”) is made this 16th day of December, 2003 between The MONY Group Inc. (“MONY”), a Delaware corporation, and Grant W. Kurtz (the “Executive”).

WHEREAS, MONY has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with AXA Financial, Inc., a Delaware corporation, that contemplates a wholly owned subsidiary of AXA Financial, Inc. to be merged with and into MONY and each share of MONY’s common stock to be converted into a right to receive $31.00 in cash (the “Merger”);

WHEREAS, the Executive is a party to a [Third] Amended and Restated Change in Control Agreement with MONY Life Insurance Company, a New York corporation and a wholly owned subsidiary of MONY, dated July 30, 2003 (the “CIC Agreement”);

WHEREAS, the Compensation Committee of the MONY Board of Directors has adopted, and the MONY Board of Directors has approved, resolutions approving the adjustment of certain incentive compensation arrangements applicable in 2003 for individuals covered by the CIC Agreements, including the Executive, that will become effective in the event that the Merger is completed following December 31, 2003;

WHEREAS, the Merger Agreement expressly permits MONY to take actions necessary to effectuate the incentive compensation resolutions; and

WHEREAS, the Executive has represented to MONY his intention to continue in employment with MONY Life until the completion of the Merger.

NOW, THEREFORE, in consideration of the mutual covenants and representations contained herein, and for other good and valuable consideration the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:

The Executive has been granted an award with respect to 2,000 units (the “LTPP Units”) under MONY’s Long Term Performance Plan (the “LTPP”) for the 2001-2003 plan cycle. The Executive hereby waives the right to any payment of the LTPP Units under the terms of the LTPP. In lieu of such payment, subject to Section 4 hereof, the Executive shall receive a cash payment of $200,000 (less applicable tax withholdings) upon the Effective Time. In the event that any payment in respect of the LTPP Units is made at the sole discretion of MONY prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.

The Executive has a target bonus opportunity equal to 177 % of base salary under MONY’s Annual Incentive Compensation Plan (the “AICP”) for the 2003 bonus year. The Executive hereby waives the right to any payment for 2003 under the terms of the AICP. In lieu of such payment, subject to Section 4 hereof, the Executive shall receive a cash payment of $800,000 (less applicable tax withholdings) upon the Effective Time. In the event that any payment in respect of the AICP target bonus is made at the sole discretion of MONY prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.

The payment and benefits provided to the Executive under this Agreement shall be effective only upon the satisfaction of the following conditions:

the Merger shall be consummated in accordance with the terms of the Merger Agreement, as it may be amended with the approval of the MONY Board of Directors, and the Effective Time shall occur on a date subsequent to December 31, 2003; and

the Executive shall be employed by MONY Life immediately preceding the Effective Time; provided, however, that the Executive shall continue to be entitled to the payments and benefits hereunder in the event that employment is terminated prior to the Effective Time by reason of the Executive’s death or “Disability,” by MONY Life without “Cause”.

All amounts that become payable to the Executive pursuant to this Agreement shall be paid by wire transfer of immediately available funds to an account designated by the Executive to MONY within five business days following the Effective Time. All payments shall be subject to applicable tax withholdings.

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

This Agreement shall be construed, interpreted and enforced in accordance with the laws of the State of New York, without giving effect to the choice of law principles thereof.

2

[SIGNATURES ON NEXT PAGE]

3

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of December 16, 2003.

4