EXHIBIT 10
                                                                      ----------

                         EXECUTIVE EMPLOYMENT AGREEMENT

     This Executive Employment Agreement  ("Agreement") is made and entered into
on the date set forth below by and  between  Allied  First  Bancorp,  Inc.  (the
"Holding  Company")  and  Allied  First  Bank,  sb,  Naperville,  Illinois ( the
"Bank"),  and Kenneth L. Bertrand (the "Employee").
The Holding Company and the Bank are hereinafter  sometimes  referred to as "the
Employer."

                                    RECITALS

     The Employee is currently  serving as President and Chief Executive Officer
of the Employer; and

     The Board of  Directors of the Holding  Company and the Bank (`the  Board")
believe it is in the best interests of the Employer to enter into this Agreement
with the Employee in order to assure  continuity  of  management of the Employer
and to reinforce and encourage  the  continued  attention and  dedication of the
Employee to the Employee's assigned duties;

     Now  therefore,  in  consideration  of the foregoing and of the  respective
covenants and agreements of the parties herein, the parties agree as follows:

     1.   EMPLOYMENT.  The Employee is hereby  employed as  President  and Chief
          Executive Officer of the Holding Company and of the Bank. As such, the
          Employee shall render  administrative  and management  services as are
          customarily   performed  by  persons  situated  in  similar  executive
          capacities,  and shall have such other powers and duties of an officer
          of the Holding  Company and the Bank as the Board may  prescribe  from
          time to time.  The Employee  shall  diligently  consult with the Board
          concerning the Employer's  policies and shall devote his full business
          time and attention and his best efforts to his duties as President and
          Chief Executive Officer of the Employer.

     2.   COMPENSATION. The compensation for the Employee shall be as follows:

          A.   Base Salary.  The Employer shall pay the Employee during the term
               of this  Agreement a base salary of  $140,000  per year,  or such
               additional amount as may be established by the Board from time to
               time. The  Employee's  base salary shall be reviewed by the Board
               on at least an annual basis.

          B.   Performance  Bonus.  The Employee shall be eligible for an annual
               performance bonus, in the complete discretion of the Board, of up
               to fifteen percent (15%) of the Employee's base salary based upon
               (i) his  performance  in meeting the goals and  objectives of the
               Employer  set forth in  Exhibit  A,  attached  hereto,  as may be
               modified or amended by the Board from time to time,  and (ii) the
               overall performance and profitability of the Employer.

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     3.   BENEFITS.  The Employer  shall provide the following  benefits for the
          Employee:

          A.   Expenses.  The  Employee  shall be  entitled  to  receive  prompt
               reimbursement  for  all  reasonable   expenses  incurred  by  the
               Employee  in  performing   services   under  this   Agreement  in
               accordance  with the policies and  procedures  applicable  to the
               executive  officers of the  Employer,  provided that the Employee
               accounts for such  expenses as required  under such  policies and
               procedures and in accordance with law.

          B.   Retirement  and Employee  Benefit  Plans.  The Employee  shall be
               entitled to  participate in all plans relating to stock and stock
               options, pension, thrift,  profit-sharing,  group life insurance,
               medical and dental coverage,  education,  cash bonuses, and other
               retirement  (including   supplemental   retirement)  or  employee
               benefits  or  combinations   thereof,  in  which  the  Employer's
               executive officers  participate from time to time during the term
               of this  Agreement in accordance  with the terms of such plans or
               programs.

          C.   Other  Fringe  Benefits.   The  Employee  shall  be  eligible  to
               participate  in, and receive  benefits  under,  any other  fringe
               benefit  plans  which  are  or  may  become   applicable  to  the
               Employer's  executive  officers.   The  Employee  shall  also  be
               entitled to tuition reimbursement for such continuing educational
               expenses as may be necessary in order to maintain his CPA.

          D.   Vacations;  The  Employee  shall be entitled to paid  vacation of
               twenty  (20)  days  per  year in  accordance  with  the  policies
               established by the Bank for executive  officers.  Unused vacation
               days may not be carried over to a subsequent  year.  The Employee
               shall also be entitled to such paid  holidays as are  provided to
               all other employees.

          E.   Death  Benefits.  The Employer  shall (i) contribute up to $1,000
               per year towards the premiums on a $400,000 life insurance policy
               on the  life  of  the  Employee  with  the  beneficiary  to be as
               designated by the  Employee;  and (ii) provide  health  insurance
               benefits  comparable to other executive employees of the Employer
               for the  dependants  of the Employee for (A) one (1) year; or (B)
               the balance of the term of this Agreement, whichever is greater.

          F.   Disability  Benefits.  The Employer shall contribute up to $3,000
               per year towards the premiums on a long term disability insurance
               policy on the  Employee  for the  benefit of the  Employee in the
               amount of at least  $72,000 per year with a limitation  period of
               ninety (90) days.

          G.   Nonqualified  Retirement  Plan.  The Employer  shall  establish a
               nonqualified retirement plan for the benefit of the Employee that
               will (i) be funded by the  Employer  with a minimum of $8,500 per
               year;  and (ii) include


<PAGE>

               provisions  for (A)  twenty  percent  (20%)  annual  vesting on a
               rolling  basis;  (B) one hundred  percent (100%) vesting upon the
               death, disability or termination of employment of the Employee by
               the Employer without cause; and (C) payment of the benefit to the
               Employee  upon his death,  disability,  retirement  after  having
               attained  age  sixty-two   (62);  or  (D)  having   attained  age
               sixty-five (65), whichever shall first occur.

     4.   TERM.  This  Agreement  shall be effective as of January 1, 2002 ("the
          Commencement  Date"),  and  subject  to  the  provisions  for  earlier
          termination, shall run through and including December 31, 2004.

     5.   TERMINATION:

          A.   Without  Cause by  Employee:  The  Employee's  employment  may be
               voluntarily  terminated  by the  Employee  at any  time  upon one
               hundred  eighty (180) days' written  notice to the  Employer,  or
               such  shorter  period as may be agreed upon  between the Employee
               and the Board. In such event,  the Employer shall continue to pay
               the  Employee's  salary and  benefits  only  through  the Date of
               Termination  at the time such  payments are due, and the Employer
               shall  have no  further  obligation  to the  Employee  under this
               Agreement.

          B.   Without Cause by Employer: The Board may terminate the Employee's
               employment at any time without cause. In such event, the Employer
               (i) shall pay to the Employee the  Employee's  salary at the rate
               in  effect  immediately  prior to the date of  termination  for a
               period of one (1) year payable at such times as such salary would
               have been payable to the Employee; and (ii) shall provide for the
               Employee and his dependants such health insurance benefits as are
               maintained by the Bank for the benefit of its executive  officers
               from time to time for a period of one (1) year.

               The Employee's  employment  shall be considered  without cause in
               the  event  that  there  is  (i) a  material  diminution  of  the
               Employee's duties, responsibilities and benefits as President and
               Chief  Executive  Officer of the  Employer;  (ii) a change in the
               principal  workplace of the  Employee to a location  outside of a
               seventy-five (75) mile radius from the Bank's headquarters office
               as of the date hereof; (iii) a material demotion of the Employee;
               (iv) a material  reduction  in the number or  seniority  of other
               Bank  personnel  reporting  to the  Employee;  or (v) a  material
               reduction in the  frequency  with which,  or in the nature of the
               matters with respect to which,  such  personnel  are to report to
               the Employee,  other than as part of a general  reduction in Bank
               or Holding Company staff.

          C.   With Cause by Employer:  The Employer may  terminate the Employee
               because  of the  Employee's  personal  dishonesty,  incompetence,
               willful

<PAGE>


               misconduct, breach of a fiduciary duty involving personal profit,
               intentional  failure to perform stated duties,  willful violation
               of any law, rule,  regulation  (other than traffic  violations or
               similar  offenses)  or  final  cease-and-desist   order,  or  any
               material breach of any provision of this Agreement.  In the event
               of a termination  of the Employee for cause,  the Employer  shall
               pay the Employee  the  Employee's  salary and all other  benefits
               through the date of  termination,  and the Employer shall have no
               further obligation to the Employee under this Agreement.

          D.   Upon the death of the Employee;.  If this Agreement terminates as
               a result of the death of the Employee, the Employer shall pay the
               Employee's base salary and all other benefits through the date of
               the  Employee's  death,  and the  Employer  shall have no further
               obligation to the Employee  under this  Agreement.

          E.   Upon the disability of the Employee.. If the Employee (i) becomes
               disabled as defined in any disability policy that the Employer is
               providing for the Employee,  or (ii) is otherwise unable to carry
               out his duties in a normal and customary  manner as President and
               Chief  Executive  Officer  as a result  of a mental  or  physical
               condition  which  continues  for at least  ninety  (90) days,  as
               determined by the Board in its sole and absolute discretion, then
               the  Employer may  terminate  this  Agreement  upon notice to the
               Employee.  If  this  Agreement  is  terminated  pursuant  to this
               provision,  the Employer shall pay the Employee's base salary and
               all other  benefits  through the date of the  termination of this
               Agreement,  and the Employer shall have no further  obligation to
               the Employee under this Agreement.

     6.   SUSPENSION OR PROHIBITION.

          A.   Temporary.  If  the  Employee  is  suspended  and/or  temporarily
               prohibited  from  participating  in the conduct of the Employer's
               affairs by a notice served under Section 8(e)(3) or (g)(1) of the
               FDIC,  12  U.S.C.ss.   1818(e)(3)  and  (g)(1),   the  Employer's
               obligations  under this  Agreement  shall be  suspended as of the
               date of service unless stayed by appropriate proceedings.  If the
               charges in the notice are  dismissed,  the  Employer  may, in its
               discretion,  (i) pay the Employee all or part of the compensation
               withheld  while  its   obligations   under  this  Agreement  were
               suspended;  and  (ii)  reinstate  in  whole or in part any of its
               obligations which were suspended.

          B.   Permanent.   If  the  Employee  is  removed  and/or   permanently
               prohibited  from  participating  in the conduct of the Employer's
               affairs by an order issued under Section 8(e)(4) or (g)(1) of the
               FDIC, 12  U.S.C.ss.1818(e)(4)  and (g)(1), all obligations of the
               Employer under this Agreement shall


<PAGE>


               terminate  as of the  effective  date of the  order,  but  vested
               rights  of both  the  Employer  and  the  Employee  shall  not be
               affected.

     7.   DEFAULT OF THE EMPLOYER.  If the Employer is in default (as defined in
          Section  3(x)(1) of the FDIC),  all  obligations  under this Agreement
          shall  terminate as of the date of default,  but this provision  shall
          not affect any vested rights of both the Employer and the Employee.

     8.   TERMINATION BY REGULATORS.  All obligations under this Agreement shall
          be terminated,  except to the extent  determined that  continuation of
          this  Agreement  is  necessary  for  the  continued  operation  of the
          Employer  (i) at the time the FDIC enters into an agreement to provide
          assistance  to or on  behalf  of  the  Employer  under  the  authority
          contained  in  Section  13(c) of the FDIC;  or (ii) by the OBRE or the
          FDIC, at the time it approves a supervisory merger to resolve problems
          related  to  operation  of  the  Employer  or  when  the  Employer  is
          determined to be in an unsafe or unsound condition.  Any rights of the
          parties that have already  vested,  however,  shall not be affected by
          any such action.

     9.   CERTAIN REDUCTION OF PAYMENTS BY THE EMPLOYER.

          A.   Excessive  Benefits.  Notwithstanding any other provision of this
               Agreement,  if the value  and  amounts  of  benefits  under  this
               Agreement,  together  with any  other  amounts  and the  value of
               benefits received or to be received by the Employee in connection
               with a Change in Control of the Holding  Company  would cause any
               amount to be nondeductible by the Employer for federal income tax
               purposes  pursuant to Section 280G of the Code, then such amounts
               and benefits under this Agreement  shall be reduced (but not less
               than to zero) to the extent  necessary so as to maximize  amounts
               and the value of benefits  to the  Employee  without  causing any
               amount to become  nondeductible by the Employer pursuant to or by
               reason of such Section  280G.  The Employee  shall  determine the
               allocation of such  reduction  among payments and benefits to the
               Employee.

          B.   Compliance:  Any payments  made to the Employee  pursuant to this
               Agreement or otherwise are subject to and conditioned  upon their
               compliance   with  12   U.S.C.ss.1828(k)   and  any   regulations
               promulgated thereunder.

     10.  CERTAIN INCREASE OF PAYMENTS BY THE EMPLOYER.

          A.   Excessive Parachute  Payments.  In the event that any payments or
               benefits  provided  or to be provided  to the  Employee,  whether
               pursuant  to this  Agreement  or  otherwise,  constitute  "excess
               parachute  payments"  under  Section  280G of the  Code  that are
               subject  to  excise  tax  under  Section  4999 of the  Code,  the
               Employer  shall pay to the Employee in cash an additional


<PAGE>


               amount equal to the amount of the Gross Up Payment. The "Gross Up
               Payment"  shall be the amount  equal to the  aggregate of (i) the
               excise tax payable by the  Employee  pursuant to Section  4999 of
               the Code (the  "Penalty  Tax");  and (ii) the amount that,  on an
               after-tax  basis,  would fully  reimburse  the  Employee  for the
               Penalty Tax,  utilizing the maximum  effective rate of tax of the
               Employee including federal, state, local and medicare tax rates.

          B.   Gross Up Payment.  For purposes of determining  the amount of the
               Gross Up Payment, the value of any non-cash benefits and deferred
               payments  or  benefits  subject  to  the  Penalty  Tax  shall  be
               determined by the Employer's  independent  auditors in accordance
               with the principles of Section 280G(d)(3) and (4) of the Code. In
               the event that, after the Gross Up Payment is made, the amount of
               the  Penalty  Tax  is  determined  to be  less  than  the  amount
               calculated  in the  determination  of the actual Gross Up Payment
               made by the Employer,  the Employee  shall repay to the Employer,
               at the time that such  reduction  in the amount of Penalty Tax is
               finally   determined,   the  portion  of  the  Gross  Up  Payment
               attributable  to such  reduction,  plus interest on the amount of
               such repayment at the applicable  federal rate under Section 1274
               of the Code from the date of the Gross Up  Payment to the date of
               the  repayment.  The  amount  of the  reduction  of the  Gross Up
               Payment shall reflect any subsequent reduction in the Penalty Tax
               resulting from such repayment.

          C.   Penalty  Tax.  In the event  that,  after the Gross Up Payment is
               made,  the amount of the Penalty Tax is  determined to exceed the
               amount anticipated at the time the Gross Up Payment was made, the
               Employer  shall pay to the  Employee,  in  immediately  available
               funds, at the time that such additional  amount of Penalty Tax is
               finally determined,  an additional payment (the "Additional Gross
               Up Payment") equal to the aggregate of (i) such additional amount
               of Penalty Tax (the  "Additional  Penalty Tax");  (ii) the amount
               that, on an after-tax  basis,  would fully reimburse the Employee
               for the Additional  Penalty Tax,  utilizing the maximum effective
               rate of tax of the Employee including  federal,  state, local and
               medicare  taxes,  over the  Additional  Penalty  Tax;  and  (iii)
               interest and penalties, if any, owed by the Employee with respect
               to such Additional  Penalty Tax and other tax attributable to the
               Additional Gross Up Payment.

          D.   Employer  Challenge Rights.  The Employer shall have the right to
               challenge,   on  the  Employee's   behalf,  any  Penalty  Tax  or
               Additional  Penalty  Tax  assessment  against him as to which the
               Employee is entitled to (or would be entitled if such  assessment
               is  finally  determined  to be  proper)  an Gross Up  Payment  or
               Additional Gross Up Payment, provided that all costs and expenses
               incurred in such a challenge  shall be borne by the  Employer and
               the Employer shall  indemnify the Employee and hold him


<PAGE>

               harmless, on an after-tax basis, from any Penalty Tax, Additional
               Penalty Tax or other tax  (including  interest and penalties with
               respect  thereto)  imposed as a result of such payment  costs and
               expenses by the Employer.

     11.  NO  MITIGATION.  The  Employee  shall not be required to mitigate  the
          amount of any salary or other payment or benefit  provided for in this
          Agreement by seeking other comparable employment, nor shall the amount
          of any payment or benefit provided for in this Agreement be reduced by
          any compensation earned by the Employee as the result of employment by
          another employer, by retirement benefits after the Date of Termination
          or otherwise.

     12.  NO ASSIGNMENTS.

          A.   Nonassignment.  This Agreement is personal to each of the parties
               hereto,  and  neither  party may  assign or  delegate  any of its
               rights or  obligations  hereunder  without  first  obtaining  the
               written  consent of the other party;  provided  that the Employer
               shall  require  any  successor  or  assign   (whether  direct  or
               indirect, by purchase, merger, consolidation or otherwise) to all
               or  substantially  all  of  the  business  and/or  assets  of the
               Employer,  by an  assumption  agreement  in  form  and  substance
               satisfactory  to the Employee,  to expressly  assume and agree to
               perform this  Agreement in the same manner and to the same extent
               that the  Employer  would be  required  to  perform it if no such
               succession or assignment had taken place. Failure of the Employer
               to obtain such an assumption agreement prior to the effectiveness
               of any such  succession or  assignment  shall be a breach of this
               Agreement and shall entitle the Employee to compensation from the
               Employer  in  the  same  amount  and  on the  same  terms  as the
               compensation  pursuant to Section  5(b)  hereof.  For purposes of
               implementing  the provisions of this Section  12(A),  the date on
               which any such succession  becomes  effective shall be deemed the
               Date of Termination.

          B.   Inurement  of  Benefits.  This  Agreement  and all  rights of the
               Employee   hereunder  shall  inure  to  the  benefit  of  and  be
               enforceable by the Employee's personal and legal representatives,
               executors,   administrators,   successors,  heirs,  distributees,
               devisees  and  legatees.  If the  Employee  should  die while any
               amounts  would still be payable to the Employee  hereunder if the
               Employee  had  continued  to  live,  all  such  amounts,   unless
               otherwise  provided herein,  shall be paid in accordance with the
               terms of this  Agreement to the  Employee's  devisee,  legatee or
               other  designee,  or  if  there  is  no  such  designee,  to  the
               Employee's estate.

     13.  DISCLOSURE OF INFORMATION.  The Employee hereby  acknowledges  that he
          will have access to  confidential  information of the Employer and its
          affiliates, including without limitation,  subsidiaries, and that such
          information  constitutes valuable,  special and unique property of the
          Employer and such affiliates.  The Employee shall not,

<PAGE>

          during or after the term of his  employment  hereunder,  disclose  any
          such  confidential  information to any person or entity for any reason
          or  purpose  whatsoever,  except  as may be  required  by law.  If the
          Employee  becomes  legally  compelled  to  disclose  any  confidential
          information,  the Employee shall provide to the Employer prompt notice
          thereof  so that the  Employer  may seek a  protective  order or other
          appropriate  remedy and the Employee shall cooperate with the Employer
          in that  effort.  If such  protective  order  or other  remedy  is not
          obtained,  the  Employee  (i) shall  furnish  only that portion of the
          confidential  information  that the  Employee  is  advised  by written
          opinion of counsel is legally  required;  and (ii) shall  exercise his
          best effort to obtain reliable  assurance that confidential  treatment
          will be accorded such confidential information.

          In the event of a breach or  threatened  breach by the Employee of the
          provisions  of this  Section,  the  Employer  shall be  entitled to an
          injunction  restraining the Employee from  disclosing,  in whole or in
          part, any of such  information,  or from rendering any services to any
          person,  firm,  corporation,  association or other entity to whom such
          information,  in whole or in part, has been disclosed or is threatened
          to be disclosed.  Nothing herein shall be construed as prohibiting the
          Employer  from pursuing any other  remedies  available to the Employer
          for such  breach or  threatened  breach,  including  the  recovery  of
          damages from the Employee.

     14.  AGREEMENT NOT TO SOLICIT EMPLOYEES,  CUSTOMERS OR AGENTS. The Employee
          agrees,  that for a period of two (2) years  following the termination
          of his  employment  with the  Employer  for any reason,  he shall not,
          directly  or  indirectly,  either  alone or on behalf of any  business
          engaged in competition with the Employer, solicit or induce, or in any
          manner  attempt to solicit or induce any person who is employed  by, a
          customer  of, or an agent of, the  Employer  to  terminate  his or her
          employment,  business or agency relationship, as the case may be, with
          the Employer.

          In the event of a breach or  threatened  breach by the Employee of the
          provisions  of this  Section,  the  Employer  shall be  entitled to an
          injunction  restraining  the Employee  from in any manner  interfering
          with such employment, business or agency relationship, as the case may
          be, of the Employer.  Nothing herein shall be construed as prohibiting
          the  Employer  from  pursuing  any  other  remedies  available  to the
          Employer for such breach or threatened breach,  including the recovery
          of damages from the Employee.

     15.  RETURN OF DOCUMENTS. The Employee agrees, that upon termination of his
          employment  with  the  Employer,  whether  voluntary,  involuntary  or
          otherwise,  the  Employee  shall  deliver to the  Employer  all notes,
          letters, documents,  electronic files, records,  equipments(computers,
          fax  machines,  etc.),  credit  cards,  keys,  etc.  that are Employer
          property or may contain proprietary  information which are then in his
          possession  or  control  and  shall  destroy  any and all  copies  and
          summaries thereof not returned to the Employer.


<PAGE>


     16.  NOTICE.  For the  purposes  of this  Agreement,  notices and all other
          communications  provided for in the Agreement  shall be in writing and
          shall be deemed to have been duly given (i) when personally delivered;
          (ii) upon the  earlier of actual  receipt or three (3)  business  days
          after posting if sent by certified  mail,  return  receipt  requested,
          postage  prepaid;  (iii) the next business day after  confirmation  of
          transmission,  if sent by  facsimile;  and (iv) the next  business day
          after delivery,  if sent by a nationally  recognized overnight courier
          service.  Any  such  notice  for  the  Employer  shall  be sent to the
          principal office of the Employer,  to the attention of the Chairman of
          the Board, with a copy to the Secretary of the Employer,  and any such
          notice  for the  Employee  shall be sent to his home or to such  other
          address as the Employee has most  recently  provided in writing to the
          Employer.

     17.  AMENDMENTS.  No  amendments  or additions to this  Agreement  shall be
          binding unless in writing and signed by both parties, except as herein
          otherwise provided.

     18.  HEADINGS.  The headings used in this Agreement are included solely for
          convenience and shall not affect,  or be used in connection  with, the
          interpretation of this Agreement.

     19.  SEVERABILITY.  The  provisions  of  this  Agreement  shall  be  deemed
          severable  and the  invalidity  or  unenforceability  of any provision
          shall  not  affect  the  validity  or   enforceability  of  the  other
          provisions hereof.

     20.  GOVERNING  LAW.  This  Agreement  shall be governed by the laws of the
          United  States to the extent  applicable  and otherwise by the laws of
          the State of Illinois without regard to its laws of conflicts.

<PAGE>


     The parties have executed this Executive Employment  Agreement,  consisting
of  eleven  pages,  Exhibit  A  included,  this 8th day of  August, 2002,  to be
effective as of January 1, 2002.

Employer:                                   Employee:
Holding Company:
Allied First Bancorp, Inc.

By: /s/ John G. Maxwell, Jr.                   /s/ Kenneth L. Bertrand
    ---------------------------------          ---------------------------
         John G. Maxwell, Jr.,                 Kenneth L. Bertrand
         Chairman of the Board


Bank:
Allied First Bank, sb


By:  /s/ John G. Maxwell, Jr.
     -------------------------
         John G. Maxwell, Jr.,
         Chairman of the Board

<PAGE>



                                    EXHIBIT A
                              GOALS AND OBJECTIVES

     The main  focus for the  Employee  and the  Employer  during  2002 is asset
growth.  The goal is budgeted assets growth and  profitability for the remainder
of this  calendar  year.  The budget will be  readjusted at mid calendar year to
establish a budget for the new fiscal  year.  These new figures will then become
the goals for this calendar year.  ROA, ROE and  Efficiency  Ratio are extremely
important, however status quo or any improvement in these three (3) areas should
be considered a positive factor in determining the President's bonus for 2002.

     The parties  understand and agree that the  profitability and the Employers
ability  to pay will  also be a  significant  factor  in the  determination  the
President's bonus for 2002.