Prepared by MERRILL CORPORATION www.edgaradvantage.com


EXHIBIT 10.1


COMMUNITY FIRST BANKSHARES, INC.


ANNUAL INCENTIVE PLAN


1999








1999 AIP



	GROUP
	 	TARGET INCENTIVE
	 	MAXIMUM

	I	 	CEO	 	50%	 	100%
	II	 	VICE CHAIRS/ EVP'S	 	35%	 	70%
	III	 	SVP'S	 	25%	 	50%
	IV	 	VP'S	 	15%	 	30%





SPLIT 50% INTERNAL & 50% EXTERNAL



	TARGET
	 	INTERNAL
	 	EXTERNAL

	I	 	50%	 	25%	 	25%
	II	 	35%	 	17.5%	 	17.5%
	III	 	25%	 	12.5%	 	12.5%
	IV	 	15%	 	7.5%	 	7.5%



INTERNAL AWARD CALCULATION


    Based on performance versus plan EPS as target. No award if less than 90% of plan. Double internal amount @ 110% of plan (see schedule). Round up at .5 (plan)
and down at < .5.



	 
	 	 
	 	Award % of Base Salary

	% of Plan
	 	Fully Diluted

EPS

	 	I
	 	II
	 	III
	 	IV

	90.00	 	$	1.413	 	0.000%	 	0.000%	 	0.000%	 	0.000%
	91.00	 	$	1.429	 	2.500%	 	1.750%	 	1.250%	 	0.750%
	92.00	 	$	1.444	 	5.000%	 	3.500%	 	2.500%	 	1.500%
	93.00	 	$	1.460	 	7.500%	 	5.250%	 	3.750%	 	2.250%
	94.00	 	$	1.476	 	10.000%	 	7.000%	 	5.000%	 	3.000%
	95.00	 	$	1.492	 	12.500%	 	8.750%	 	6.250%	 	3.750%
	96.00	 	$	1.507	 	15.000%	 	10.500%	 	7.500%	 	4.500%
	97.00	 	$	1.523	 	17.500%	 	12.250%	 	8.750%	 	5.250%
	98.00	 	$	1.539	 	20.000%	 	14.000%	 	10.000%	 	6.000%
	99.00	 	$	1.554	 	22.500%	 	15.750%	 	11.250%	 	6.750%
	100.00	 	$	1.570	 	25.000%	 	17.500%	 	12.500%	 	7.500%
	101.00	 	$	1.586	 	27.500%	 	19.250%	 	13.750%	 	8.250%
	102.00	 	$	1.601	 	30.000%	 	21.000%	 	15.000%	 	9.000%
	103.00	 	$	1.617	 	32.500%	 	22.750%	 	16.250%	 	9.750%
	104.00	 	$	1.633	 	35.000%	 	24.500%	 	17.500%	 	10.500%
	105.00	 	$	1.649	 	37.500%	 	26.250%	 	18.750%	 	11.250%
	106.00	 	$	1.664	 	40.000%	 	28.000%	 	20.000%	 	12.000%
	107.00	 	$	1.680	 	42.500%	 	29.750%	 	21.250%	 	12.750%
	108.00	 	$	1.696	 	45.000%	 	31.500%	 	22.500%	 	13.500%
	109.00	 	$	1.711	 	47.500%	 	33.250%	 	23.750%	 	14.250%
	110.00	 	$	1.727	 	50.000%	 	35.000%	 	25.000%	 	15.000%



EXTERNAL AWARD CALCULATION


    SNL peer group (30 banks) for current performance year based on group as of 12/31/98.


    Combines
incentive for Return on Equity (ROE) and Total Shareholder Return (TSR) (see matrix).


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SNL 20 BANK GROUP



	Percentile	 	85th or higher	 	100%	 	150%	 	200%
	ROE	 	50th*	 	50%	 	100%	 	150%
	 	 	49th or lower	 	0%	 	50%	 	100%
	 	 	 	 	49th or lower	 	50th*	 	85th or higher



Percentile
TSR




	*
	Award
will be prorated from 50th % to 85th %



External
award calculation:







	 
	 	 
	 	% of Salary at Performance Level

	TARGET
	 	50%
	 	100%
	 	150%
	 	200%

	I	 	25%	 	12.50%	 	25%	 	3.75%	 	50%
	II	 	17.5%	 	8.75%	 	17.5%	 	26.25%	 	35%
	III	 	12.5%	 	6.25%	 	12.5%	 	18.75%	 	25%
	IV	 	7.5%	 	3.75%	 	7.5%	 	11.25%	 	15%



    The
Selected Peer Group reflects our selection of the 29 other institutions most like
the subject institution to be used as a peer group in comparing relative compensation levels. The automated process searches in sequence for:


    1.  Banks
in the same state within 40% of total assets.


    2.  Banks
in the same region within 40% of total assets.


    3.  Banks
in the same state within 80% of total assets.



    4.  Banks
in the same region within 80% of total assets.


    5.  Any
bank within 40% of total assets.


    6.  Any
bank within 80% of total assets.


    7.  Banks
closest in asset size.


    If
at any point in the sequence 29 banks are found, the sequence stops and those banks form the Selected Peer Group. If step six is reached and there are still not 29 other banks, the
banks closest in asset size anywhere in the country are chosen to round out the peer group.


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