<DOCUMENT>
<TYPE>EX-99.23
<SEQUENCE>10
<FILENAME>p68096_13da7feb9x9923.txt
<DESCRIPTION>OPTION EXERCISE
<TEXT>
                                                                   Exhibit 99.23


                                 OPTION EXERCISE


     THIS AGREEMENT is entered into as of the 31st day of December, 2004, by and
between Johnson Bank, as trustee of the Helen P. Johnson-Leipold Third Party
Gift and Inheritance Trust (the "Purchaser"), and Imogene P. Johnson and Johnson
Bank, as co-trustees of the Samuel C. Johnson 1988 Trust Number One (the
"Seller").

                                    RECITALS

     A. On July 8, 2003, Samuel C. Johnson, as trustee of the Samuel C. Johnson
1988 Trust Number One, entered into an option agreement (the "Option Agreement")
with Helen P. Johnson-Leipold.

     B. Pursuant to the Option Agreement, Helen P. Johnson-Leipold has the right
to purchase 485,000 Class A shares of Johnson Outdoors, Inc., a Wisconsin
corporation (the "Option Assets"), from the Seller prior to January 7, 2005.

     C. Pursuant to the Option Agreement, the price to be paid for the Option
Assets is $13.04 per share.

     D. Prior to the execution of this instrument, Helen P. Johnson-Leipold
assigned to Purchaser all of her rights pursuant to the Option Agreement.

                                    AGREEMENT

     1. Exercise of Option. Purchaser hereby exercises its option to purchase
485,000 Class A shares of Johnson Outdoors, Inc. Seller hereby sells 485,000
Class A shares of Johnson Outdoors, Inc. to Purchaser.

     2. Purchase Price. In exchange for the Option Assets, Purchaser herewith
executes and delivers to Seller a secured promissory note for $6,324,400.00
substantially in the form of Exhibit A attached hereto.

     3. Parties in Interest. This agreement binds the parties hereto and their
respective executors, administrators, legal representatives, trustees, heirs,
distributees, legatees, successors and assigns. Nothing expressed or implied in
this agreement is intended or may be construed to confer on any other person any
rights, remedies, obligations or liabilities under or by reason of this
agreement.

     4. Entire Transaction. This agreement contains the entire understanding
among the parties hereto with respect to the transaction contemplated hereby and
supersedes all other agreements and understandings between the parties with
respect to the transaction.

<PAGE>

     5. Applicable Law. The internal laws of the State of Wisconsin govern this
agreement.

     6. Severability. If any provisions hereof shall be or become unenforceable
for any reason, the validity and effect of all other provisions shall not be
affected thereby.

     7. Headings. The headings contained in this agreement are for reference
purposes only and will not affect the meaning or interpretation of any provision
hereof.

     8. Counterparts. This agreement may be executed in multiple counterparts.


     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.



PURCHASER:                                  SELLER:

HELEN P. JOHNSON-LEIPOLD THIRD              SAMUEL C. JOHNSON 1988 TRUST
PARTY GIFT AND INHERITANCE TRUST            NUMBER ONE

JOHNSON BANK, trustee


 /s/ Brian L. Lucareli
Brian L. Lucareli, Senior Vice President     /s/ Imogene Powers Johnson
                                            ------------------------------------
                                            Imogene Powers Johnson, co-trustee



                                            JOHNSON BANK, co-trustee


                                            /s/ Brian L. Lucareli
                                            ------------------------------------
                                            Brian L. Lucareli, Senior Vice
                                            President

<PAGE>

                                    EXHIBIT A

                             SECURED PROMISSORY NOTE



$6,324,400.00                                                  Racine, Wisconsin
                                                               December 31, 2004



     Johnson Bank, as trustee of the Helen P. Johnson-Leipold Third Party Gift
and Inheritance Trust ("Borrower"), hereby promises to pay to the order of
Imogene P. Johnson and Johnson Bank, as trustees of the Samuel C. Johnson 1988
Trust Number One ("Lender"), on the "maturity date" (defined below) the
principal sum of Six Million Three Hundred Twenty-Four Thousand Four Hundred
Dollars ($6,324,400.00), together with interest on the unpaid principal balance
from time to time outstanding at the rate of 4.68% per annum until the day
preceding the maturity date. Interest and principal is due and payable annually
on December 31st of each year in accordance with the attached repayment
schedule, with a final payment in an amount necessary to pay all principal and
interest then outstanding on December 31, 2019 (the "maturity date"). Interest
shall accrue on any interest or principal which remains unpaid after 15 days
from its due date at the applicable federal rate under Internal Revenue Code
Section 1274(d) in effect on such due date.

     To secure payment of this Note, Borrower has pledged to Lender Borrower's
interest in and to 485,000 Class A shares of Johnson Outdoors, Inc, a Wisconsin
corporation, and all proceeds thereof ("Collateral"). Borrower warrants that,
while any obligation under this Note remains outstanding, Borrower will (i)
refrain from additional borrowing or making of any loan without the approval of
the Lender and (ii) keep the Collateral free and clear of all other liens,
encumbrances and security interests. In the event of default under this Note,
the Lender may take possession of the Collateral without notice or hearing.

     Borrower may prepay any part or all of the principal amount of this note at
any time and from time to time without penalty, provided that any such
prepayment must be accompanied by a payment of the interest accrued to the date
of the prepayment on the principal amount which is being prepaid.

     All payments made hereunder, including any prepayments, will be deemed to
have been made on the date of receipt by Lender. All payments must be made to
Lender at 555 Main Street, Suite 260, Racine, Wisconsin 53403, or at another
place designated by Lender in a written notice to Borrower.

     The internal laws of the State of Wisconsin govern and control the
construction, enforceability, validity and interpretation of this note.

     The parties hereto waive presentment for payment, notice of dishonor,
protest and notice of protest.

<PAGE>

     IN WITNESS WHEREOF, Borrower has signed and delivered this Note as of the
date first above written.



                                       HELEN P. JOHNSON-LEIPOLD THIRD PARTY GIFT
                                       AND INHERITANCE TRUST

                                       JOHNSON BANK, trustee


                                           /s/ Brian L. Lucareli
                                       -----------------------------------------
                                       Brian L. Lucareli, Senior Vice President

<PAGE>

                                 PROMISSORY NOTE

                               REPAYMENT SCHEDULE



Date            Total Payment  Interest Due   Principal Due  Principal Balance
--------------------------------------------------------------------------------
31-Dec-04       $      --      $      --      $      --      $   6,324,400.00
31-Dec-05       $   596,199.20 $   295,981.92 $   300,217.28 $   6,024,182.72
31-Dec-06       $   596,199.20 $   281,931.75 $   314,267.45 $   5,709,915.27
31-Dec-07       $   596,199.20 $   267,224.03 $   328,975.17 $   5,380,940.10
31-Dec-08       $   596,199.20 $   251,828.00 $   344,371.20 $   5,036,568.90
31-Dec-09       $   596,199.20 $   235,711.42 $   360,487.78 $   4,676,081.12
31-Dec-10       $   596,199.20 $   218,840.60 $   377,358.60 $   4,298,722.52
31-Dec-11       $   596,199.20 $   201,180.21 $   395,018.99 $   3,903,703.53
31-Dec-12       $   596,199.20 $   182,693.33 $   413,505.87 $   3,490,197.66
31-Dec-13       $   596,199.20 $   163,341.25 $   432,857.95 $   3,057,339.71
31-Dec-14       $   596,199.20 $   143,083.50 $   453,115.70 $   2,604,224.01
31-Dec-15       $   596,199.20 $   121,877.68 $   474,321.52 $   2,129,902.49
31-Dec-16       $   596,199.20 $    99,679.44 $   496,519.76 $   1,633,382.73
31-Dec-17       $   596,199.20 $    76,442.31 $   519,756.89 $   1,113,625.84
31-Dec-18       $   596,199.20 $    52,117.69 $   544,081.51 $     569,544.33
31-Dec-19       $   596,199.00 $    26,654.67 $   569,544.33 $        --
</TEXT>
</DOCUMENT>
