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                                                                   Exhibit 10.21

                     FY06 ANNUAL INCENTIVE COMPENSATION PLAN

                       ESTERLINE TECHNOLOGIES CORPORATION

1.   PURPOSE. The Board of Directors has established this Plan to encourage
     Esterline officers and senior managers to make prudent decisions that will
     strengthen current year financial results for shareholders. The Plan is
     designed to reward participants for successful achievement of an earnings
     objective, and to provide incentives for them to achieve outstanding
     results.

2.   MEMBERSHIP. The Board will appoint selected officers and senior managers
     from among Esterline's corporate staff to Plan membership. Individuals
     become members upon return of a signed acceptance.

3.   OBJECTIVE. The Plan's earnings objective will be determined by the Board's
     Compensation Committee, and approved by the Board at the beginning of the
     fiscal year.

4.   INCENTIVE FORMULA.

     A.   TARGET INCENTIVE COMPENSATION. The Board will establish a target
          incentive compensation award level for each member ("target IC"),
          which will range from 5% to 60% of the member's base salary as of
          fiscal year-end. Esterline will pay the target IC amount if the
          corporation achieves its earnings objective, subject to other terms of
          this Plan.

     B.   THRESHOLD. Members will earn no IC if the corporation's earnings fall
          below a minimum established by the Board ("Plan threshold"). At the
          Plan threshold, members will earn 25% of their target IC.

     C.   MAXIMUM. Members may earn up to 200% of their target IC for
          exceptional achievement if corporate earnings exceed the Plan's
          objective and reach this "Plan maximum". Plan members will earn no
          additional IC for achievement above the Plan maximum.

     D.   PROPORTIONATE AWARDS. Between the Plan threshold and Plan maximum,
          member earnings will increase or decrease from target levels in direct
          proportion to incremental achievement.

5.   GENERAL TERMS.

     A.   PLAN ADMINISTRATION. The Board has delegated administrative authority
          to its Compensation Committee, which shall consider any issues arising
          under the Plan, oversee Plan award calculations, and make
          recommendations to the Board for final approval.

     B.   ADJUSTMENTS. The Compensation Committee may exercise its discretion to
          recommend the Board either subtract from or add to computed awards,
          provided, however, that the Compensation committee may not adjust
          awards for any member who is a covered

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          employee for purposes of Section 162(m) of the Internal Revenue Code
          of 1986 in such a manner as would increase the amount of compensation
          otherwise payable to that employee. The maximum range of such
          adjustments is limited to either 25% of the member's computed award or
          25% of the member's target IC, whichever is greater.

     C.   CALCULATIONS. Esterline will calculate earnings per share on a
          fully-diluted basis, as audited, and before extraordinary items.

     D.   PAYMENT. Esterline will pay Plan awards within 60 days following
          fiscal year-end, provided:

          -    Company auditors have issued an opinion that supports earnings
               calculations;

          -    The Board has approved the proposed awards; and,

          -    Members remain employed through the entire fiscal year and
               through the payment date, except as provided in sections 5f and
               5g below.

     E.   EMPLOYMENT. This Plan does not affect members' terms of employment,
          except as specifically provided here. This Plan does not guarantee
          continued employment. Members remain subject to usual Esterline
          policies and practices.

     F.   PARTIAL YEAR MEMBERSHIP. If an employee is appointed to the Plan
          mid-year, Esterline will pay a pro-rata amount based on the member's
          period of employment, and on the terms under which they were appointed
          to the Plan.

     G.   TERMINATION. If a member leaves Esterline employment prior to the Plan
          payment date for any reason, whether voluntary or involuntary, s/he
          shall forfeit any IC award otherwise earned, except:

          i.   The Board may exercise its discretion to grant a pro-rata award
               to a terminated employee based on his/her period of employment;
               or,

          ii.  If a member leaves due to retirement, disability or death,
               Esterline will pay a pro-rata amount based on the member's period
               of active employment.

     H.   ENTIRE AGREEMENT. This Plan, together with the member's appointment
          letter and signed acknowledgement, comprise the entire agreement
          between the member and Esterline with respect to these subjects.

     I.   MODIFICATION. The Board may modify or terminate this Plan at any time,
          provided it pays members on a pro-rata basis for any IC earned prior
          to such change.

Approved by the Board and issued on its behalf:


/s/ Robert W. Cremin
-------------------------------------
Robert W. Cremin
Chairman, President & CEO

December 8, 2005


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                                         FY06 Annual Incentive Compensation Plan
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