EXHIBIT 10.1

COMMUNITY FIRST BANKSHARES, INC.

ANNUAL INCENTIVE PLAN

1999





|GROUP |  | TARGET INCENTIVE   |  | MAXIMUM
|----- |  | ------------------ |  | -------
|I     |  | CEO                |  | 50%    
|II    |  | VICE CHAIRS/ EVP'S |  | 35%    
|III   |  | SVP'S              |  | 25%    
|IV    |  | VP'S               |  | 15%    



|TARGET |  | INTERNAL |  | EXTERNAL
|------ |  | -------- |  | --------
|I      |  | 50%      |  | 25%     
|II     |  | 35%      |  | 17.5%   
|III    |  | 25%      |  | 12.5%   
|IV     |  | 15%      |  | 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
|------ |  | - | ----- | ----------------------
|
|
|90.00  |  | $ | 1.413 |                       
|91.00  |  | $ | 1.429 |                       
|92.00  |  | $ | 1.444 |                       
|93.00  |  | $ | 1.460 |                       
|94.00  |  | $ | 1.476 |                       
|95.00  |  | $ | 1.492 |                       
|96.00  |  | $ | 1.507 |                       
|97.00  |  | $ | 1.523 |                       
|98.00  |  | $ | 1.539 |                       
|99.00  |  | $ | 1.554 |                       
|100.00 |  | $ | 1.570 |                       
|101.00 |  | $ | 1.586 |                       
|102.00 |  | $ | 1.601 |                       
|103.00 |  | $ | 1.617 |                       
|104.00 |  | $ | 1.633 |                       
|105.00 |  | $ | 1.649 |                       
|106.00 |  | $ | 1.664 |                       
|107.00 |  | $ | 1.680 |                       
|108.00 |  | $ | 1.696 |                       
|109.00 |  | $ | 1.711 |                       
|110.00 |  | $ | 1.727 |                       

EXTERNAL AWARD CALCULATION

SNL peer group (30 banks) forcurrent performance yearbased 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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|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

---

External
award calculation:

|    |  |       |  | % of Salary at Performance Level
|--- |  | ----- |  | --------------------------------
|
|I   |  | 25%   |  | 12.50%                          
|II  |  | 17.5% |  | 8.75%                           
|III |  | 12.5% |  | 6.25%                           
|IV  |  | 7.5%  |  | 3.75%                           

TheSelected Peer Groupreflects our selection of the29 other institutionsmost 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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