Document:

Exhibit 10

            CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in this Post-Effective Amendment
No. 36 to Registration Statement No. 2-99473 on Form N-1A of our report dated
November 17, 2005, relating to the financial statements and financial highlights
of Merrill Lynch New York Municipal Bond Fund (the "Fund") of Merrill Lynch
Multi-State Municipal Series Trust (to be renamed BlackRock New York Municipal
Bond Fund of BlackRock Multi-State Municipal Series Trust) appearing in the
Annual Report on Form N-CSR of the Fund for the year ended September 30, 2005,
and to the references to us under the headings "Financial Highlights" in the
Prospectus and "Financial Statements" in the Statement of Additional
Information, which are parts of such Registration Statement.

/s/ Deloitte & Touche LLP

Princeton, New Jersey
August 24, 2006EXHIBIT 10.1

     

    
      

      

    

     

    
      Exhibit
        10.1

      

      CREE,
        INC.

      

      FISCAL
        2007

      MANAGEMENT
        INCENTIVE COMPENSATION PLAN

      

      

      The
        following Management Incentive Compensation Plan (the “Plan”) is adopted by
        Cree, Inc. and its consolidated subsidiaries (collectively, the “Company”) for
        its fiscal year ending June 24, 2007 (the “Plan Year”): 

      

      1.
         Purpose.
        The
        purpose of the Plan is to motivate and reward excellent performance, to attract
        and retain outstanding senior management, to create a strong link between
        strategic and corporate operating plans and individual performance, to achieve
        greater corporate performance by focusing on results, and to encourage teamwork
        at the highest levels within the organization. The Plan rewards participants
        with incentives based on their contributions and the attainment of specific
        corporate and individual performance goals. Incentives may be calculated
        in part
        based on a performance measurement multiplied by the participant’s annual target
        award level. Annual target award levels vary according to the position.

      

      2.
         Eligibility.
        The
        Company’s Chairman, its Chief Executive Officer (CEO), senior level managers of
        the Company who report directly to the Company’s CEO, and other key managers of
        the Company who have been identified by the CEO are eligible to participate
        in
        this Plan upon approval by the Compensation Committee in the case of executive
        officers, or by the CEO in all other cases, of such individual’s target award
        level for the Plan Year. No participant or other employees have a right to
        be
        selected for participation in the Plan despite having participated in any
        predecessor Plan. If an eligible participant’s duties and responsibilities
        materially change during the Plan Year, the Compensation Committee in the
        case
        of executive officers or the CEO in all other cases shall have the option
        to
        terminate the participant’s eligibility to participate in the Plan due to such
        change. 

      

      3.
         Plan
        Awards:
        

      

      3.1 Target
        Award Levels.
        Annual
        target award levels are expressed as a percentage of base salary and vary
        by
        position. The target award level specified for each participant represents
        the
        award level for 100% achievement of all objectives by that participant. The
        actual award amount is determined by multiplying the participant’s base salary
        during the award period by various percentages, as provided in Paragraph
        3.2
        below.

      

      3.2 Determination
        of Awards.
        Except
        as expressly provided otherwise in this Plan, each eligible participant’s base
        salary for all award periods in the Plan Year will be determined by reference
        to
        the participant’s base salary in effect on the last day of the first fiscal
        quarter of the Plan Year (as provided in the Company’s human resources
        management system). If the participant’s base salary changes after the first
        fiscal quarter of the Plan Year, the base salary for the award period in
        which
        the change occurs will be the weighted average base salary for the award
        period
        determined by multiplying each base salary in effect during that award period
        by
        a fraction, the numerator of which is the number of calendar days in the
        award
        period in which such base salary was in effect and the denominator of which
        is
        the number of calendar days in the award period, and the base salary for
        all
        subsequent award periods will be the new base salary (subject to any further
        changes). For the positions of Chairman and Chief Executive Officer, unless
        otherwise approved by the Compensation Committee, awards are based 100% on
        achieving predetermined corporate goals. Awards for all other eligible positions
        are determined based

      
        
           

           

        

        
           

          
            

          

        

        
           

        

      

      on
        performance against goals in two categories: corporate and individual. Unless
        otherwise approved by the Compensation Committee in the case of executive
        officers or by the CEO in all other cases, 60% of a participant’s target award
        level will be allocated to achievement of corporate goals and 40% of a
        participant’s target award level will be allocated to achievement of individual
        goals. Performance against individual goals will be measured quarterly on
        a
        scale of 0% to 100% and performance against corporate goals will be measured
        annually on a scale of 0% to 150%. Actual awards will be determined for each
        participant (other than the Chairman and the Chief Executive Officer) in
        accordance with the following formulas:

      

      Quarterly
        Awards:        
        A
        x (B x
        C) x E

      

      Annual
        Award:  A
        x (B x
        D) x F

      

      Where:

      

      A
        equals
        the base salary for the award period

      B
        equals
        the target award level for the participant (expressed as a
        percentage)

      C
        equals
        the percentage of the target award level allocated to individual performance
        goals for that quarter (e.g., 1⁄4 of 40%)

      D
        equals
        the percentage of the target award level allocated to corporate performance
        goals

      E
        equals
        the participant’s aggregate performance measurement against individual goals for
        the fiscal quarter (expressed as a percentage)

      F
        equals
        the performance measurement against corporate goals for the fiscal year
        (expressed as a percentage)

      

      Actual
        awards for the Chairman and the Chief Executive Officer will be determined
        in
        accordance with the following formula:

      

      Annual
        Award:  A
        x B x
        F

      

      3.3 Individual
        Goals.
        At the
        beginning of each fiscal quarter, each participant who is subject to individual
        performance measurements under the Plan will develop a minimum of three (3)
        performance goals specific to his or her unit’s performance for that fiscal
        quarter and assign a weight to each goal (expressed as a percentage) such
        that
        the aggregate weight of all goals is equal to 100%. The participant’s proposed
        goals and assigned weights will be submitted to the CEO for approval.
        Performance goals are standards for evaluating success associated with a
        specific performance objective and should be expressed both as a minimum
        goal
        and a target goal. Minimum goals are the lowest level of competent performance
        that is eligible for an award. Performance of an individual goal at the minimum
        level will yield a performance measurement of 25% for that individual goal.
        Target goals are the expected level of performance. Performance of an individual
        goal at the target level will yield a performance measurement of 100% for
        that
        individual goal. Performance of an individual goal below the minimum level
        will
        result in a performance measurement of 0% for that individual goal. Performance
        measurements for individual goals will be approved by the CEO after the end
        of
        each fiscal quarter and multiplied by the weight assigned to that goal to
        arrive
        at the participant’s aggregate performance measurement against individual goals
        for the fiscal quarter. Any corresponding awards will be paid to eligible
        participants following approval of the CEO. 

      

      3.4 Corporate
        Goals.
        Performance against corporate goals is measured based on the Company meeting
        or
        exceeding the revenue, net income, and earnings per share (EPS) targets for
        the
        Plan 

      
        
           

           

        

        
          -
            2
            -

          
            

          

        

        
           

        

      

      Year
        recommended by the CEO and approved by the Compensation Committee. If the
        minimum established revenue, net income, and EPS targets are not met, the
        performance measurement against corporate goals will be 0%. After the end
        of the
        Plan Year, the Compensation Committee will assess the Company’s financial
        performance for the Plan Year using competent and reliable information,
        including but not limited to audited financial statements, if available,
        and
        will determine in good faith and in its sole discretion the Company’s financial
        performance measurement for the Plan Year. Any corresponding awards will
        be paid
        to eligible participants following approval of the amount by the Compensation
        Committee in the case of executive officers and by the CEO in all other cases.
        

      

      4. Other
        Provisions:
        

      

      4.1 Termination
        of Employment.
        Unless
        otherwise approved by the Compensation Committee in the case of an executive
        officer or by the CEO in any other case, and except in the case of termination
        of employment due to the participant’s death or disability or termination of
        employment after a Change In Control as provided in this paragraph, the
        participant must be continuously employed by the Company for that part of
        the
        award period that the individual is eligible to participate in the Plan up
        through and including the date of the payment in order to have a right to
        payment, and any participant whose employment with the Company terminates
        prior
        to the date of payment, with or without cause, shall forfeit his or her rights
        to any unpaid award. If a participant’s employment terminates prior to the
        payment date for an award period on account of the employee’s death or
        disability (as determined under the Company’s long-term disability plan), the
        participant will be entitled to receive an award for any award period in
        which
        he or she was employed by the Company as otherwise determined in accordance
        with
        this Plan. However, the base salary used for purposes of calculating such
        participant’s award(s) will be reduced proportionately to equate to the base
        salary applicable to the number of calendar days the participant was employed
        during the award period. If there is a Change In Control, as that term is
        defined in the Cree, Inc. Equity Compensation Plan (“Change In Control”), and a
        participant’s employment terminates for any reason (including death or
        disability) subsequent to the Change in Control but prior to the payment
        date
        for an award period, the participant will be entitled to receive an award
        for
        all award periods for the Plan Year in accordance with this Plan as if the
        participant remained employed through the payment date for the award period.
        The
        base salary used for purposes of calculating such participant’s awards will be
        determined as provided in Paragraph 3.2 above, except that the base salary
        for
        such purposes may not be decreased after the Change in Control without the
        Participant’s approval.

      

      4.2 New
        Hires; Newly Eligible Employees; Leave Periods.
        Unless
        otherwise provided in the individual’s employment offer letter, if a new hire is
        eligible to participate in the Plan, he or she will commence participation
        in
        the Plan as of the date of hire and his or her base salary for the Plan Year
        will be as provided in his or her offer letter (subject to change as provide
        in
        Paragraph 3.2 above); provided that the base salary used for purposes of
        calculating the participant’s awards for the first quarter of participation and
        the annual award will reduced proportionately to equate to the base salary
        applicable to the number of calendar days the participant was employed during
        such award periods. If an existing employee of the Company first becomes
        eligible to participate in the Plan after the start of the Plan Year, he
        or she
        will commence participation in the Plan as of the start date approved by
        the
        Compensation Committee in the case of an executive officer or by the CEO
        in all
        other cases. The base salary used for purposes of calculating such participant’s
        awards will be determined as provided in Paragraph 3.2 above, provided that
        the
        base salary used for purposes of calculating the participant’s awards for the
        first quarter of participation and the annual award will reduced proportionately
        to equate to the base salary applicable to the number of calendar days the
        participant was eligible to participate in the Plan during such award periods.
        If a participant is on unpaid personal leave for all or part of an award
        period,
        to the extent permitted by applicable law (e.g., the Family and Medical Leave
        Act (FMLA) or the Uniformed Services Employment and Reemployment Rights Act
        (USERRA)), the base salary for such award period will be reduced proportionately
        to equate to a base salary applicable to the number of calendar days the
        

      
        
           

           

        

        
          -
            3
            -

          
            

          

        

        
           

        

      

      participant
        was not on unpaid personal leave during such award period. No reduction will
        be
        made to base salary for participants on paid leave during an award period.
        If a
        participant in the Plan remains employed by the Company, but after the start
        of
        the Plan Year becomes ineligible to participate in the Plan, unless otherwise
        approved by the Compensation Committee in the case of an executive officer
        or by
        the CEO in all other cases, the participant will not be eligible for an award
        for any award period that is partially completed as of the date he or she
        becomes ineligible to participate in the Plan. 

      

      4.3 Exceptions.
        In
        order to ensure that the Company’s best interests are met, the amount of a
        payment on an award otherwise calculated in accordance with this Plan can
        be
        increased, decreased, or eliminated, at any time prior to payment, in the
        sole
        discretion of the CEO, except that no change with respect to any award to
        the
        Chairman, the Chief Executive Officer or any executive officer of the Company
        shall be made without Compensation Committee approval, and payments due as
        a
        result of a Change In Control, as otherwise provided in the Plan, cannot
        be
        decreased or eliminated. 

      

      4.4 Amendment;
        Termination.
        The
        Company has no obligation to implement this Plan for any fiscal year and
        has the
        right to amend, modify or terminate the Plan at any time without prior notice
        to
        participants; provided that the Company may not amend, modify or terminate
        the
        Plan in a manner that affects a payment that has already become payable
        hereunder to an eligible employee. 

      

      4.5 Earned
        Upon Payment.
        Except
        as provided in Paragraph 4.1 above, no award amount shall be considered earned
        by any participant under the Plan until it is received by the participant
        from
        the Company. 

      

      4.6 Change
        In Control.
        In the
        event a Change In Control occurs during the Plan Year, notwithstanding any
        language in this Plan to the contrary, each participant’s performance
        measurement against individual goals for any award period ending after the
        effective date of the Change In Control will be 100% and the performance
        measurement against corporate goals for the Plan Year will be the greater
        of
        100% or such performance measurement as is determined in accordance with
        this
        Plan, regardless of whether such participant is employed during or at the
        end of
        the applicable award period. 

      

      4.7 Priority
        of Written Agreement.
        Notwithstanding any language in this Plan to the contrary, the terms and
        conditions of any written agreement between the Company and a participant
        regarding payment of one or more awards under this Plan upon termination
        of
        employment for any reason or in the event of a Change In Control shall supersede
        and control with respect to payment of such awards to the participant under
        this
        Plan, provided that the written agreement was approved by the Compensation
        Committee if the participant was an executive officer at the time of execution
        of the agreement or by the CEO in any other case.

      

      4.8 Non-Transferability.
        No
        right or interest of any participant in this Plan is assignable or transferable,
        or subject to any lien, directly, by operation of law, or otherwise, including
        execution, levy, garnishment, attachment, pledge, and bankruptcy. 

      

      4.9 No
        Rights to Company Assets.
        No Plan
        participant nor any other person will have a right in, nor title to, any
        assets,
        funds or property of the Company or any of its subsidiaries through this
        Plan.
        Any earned incentives will be payable from the Company’s general assets. Nothing
        contained in this Plan constitutes a guarantee by the Company or any of its
        subsidiaries that the assets of the Company and its subsidiaries will be
        sufficient to pay any earned incentives. 

      
        
           

           

        

        
          -
            4
            -

          
            

          

        

        
           

        

      

      5. Administration:

      

      5.1 The
        Compensation Committee is the Plan Administrator with respect to all decisions
        under the Plan concerning, affecting or related to the compensation of executive
        officers, and the CEO is the Plan Administrator with respect to all other
        aspects of the Plan. The Plan Administrators, in their respective capacities,
        have the authority to interpret the Plan, and the Plan Administrators’
interpretations, in their respective capacities, shall be final and binding
        on
        all Plan participants.

      

      5.2 This
        Plan
        shall be operated at all times in accordance with the requirements of section
        409A of the Internal Revenue Code of 1986, as amended (the “Code”). Any
        provision in this Plan that is determined to violate and/or any action taken
        by
        the Company in violation of the requirements of Code section 409A shall be
        void
        and without effect. If any failure to act is determined to violate Code section
        409A, then to the extent it is possible thereby to avoid a violation of Code
        section 409A, the rights and effects under this Plan, as applicable, shall
        be
        altered to avoid such violation. In addition, any provision that is required
        to
        appear in this Plan to satisfy the requirements of Code section 409A, but
        that
        is not expressly set forth, shall be deemed to be set forth herein, and this
        Plan shall be administered in all respects as if such provision were expressly
        set forth. In all cases, the provisions of this paragraph shall apply
        notwithstanding any contrary provisions in this Plan.

      

      5.3 When
        awarded, payments under the Plan will be made as soon as practicable after
        the
        end of the applicable award period, and in any event, payments will be made
        no
        later than the end of the second fiscal quarter following the award period
        to
        which the payments relate. Notwithstanding the foregoing, if a participant
        is
        eligible for payment of: (a) all or part of an annual award as a result of
        his
        or her death or disability as provided in Paragraph 4.1 above, the payment
        will
        be made no later than the 15th
        day of
        the third month after the later of the end of the Company’s tax year in which
        such death or disability occurs or the end of the participant’s tax year in
        which such death or disability occurs; (b) 100% of a quarterly award as provided
        in Paragraph 4.6 above due to a Change In Control, payment will be made without
        exception on or before the 15th day of third month following the end of the
        award period; and/or (c) 100% or more of an annual award as provided in
        Paragraph 4.6 above due to a Change In Control, payment will be made without
        exception no later than the 15th
        day of
        the third month after the later of the end of the Company’s tax year in which
        the Change In Control occurs or the end of the participant’s tax year in which
        the Change In Control occurs. 

      

      5.4 This
        Plan
        shall not be construed to give participants a right of continued employment
        with
        the Company. 

       

      

      
        
           

        

        
          -
            5
            -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]