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Exhibit 10.7.4    
  

 
  Fourth Amendment to Ballantyne of Omaha, Inc.
  1995 Stock Option Plan    
  

        The Ballantyne of Omaha, Inc. 1995 Stock Option Plan is hereby amended as follows: 

	1.
	Section 9(i) of
the Plan, Termination of Options, is hereby amended at subparagraph (iii) to read as follows:

	"(iii)
	in
the event a Participant is no longer a Director, Officer or Employee other than for the reasons set forth in Section 9 (i)(i), or 9(i)(ii),
all Options which remain unvested at the time the Participant is no longer a Director, Officer or Employee, as the case may be, shall expire immediately. All Options granted prior to
December 12, 2001, and which have vested prior to the time the Participant's status as a Director, Officer or Employee is terminated, shall expire twelve months after such termination, unless
by their terms they expire sooner. All Options granted on or after December 12, 2001, and which have vested prior to the time the Participant's status as a Director, Officer or Employee is
terminated, shall expire three months after such termination, unless by their terms they expire sooner. Notwithstanding, the foregoing, the time by which any options granted hereunder must be
exercised may be extended by the Committee." 

	2.
	All
other terms, conditions and provisions of said Plan as heretofore amended, shall remain the same. 

        DATED
this 12th day of December, 2001. 

	 	 	BALLANTYNE OF OMAHA, INC.
	

 	
 	

By:	
 	

/s/  JOHN WILMERS      
 John Wilmers, President

	

 	
 	

Attest:	
 	

/s/  BRAD FRENCH      
 Brad French, Secretary

        I
hereby certify that the above amendment to the Ballantyne of Omaha, Inc., 1995 Stock Option Plan was approved by the Board of Directors of the corporation at the regular
quarterly meeting of the Board of Directors duly called and held on the 12th day of December, 2001. 

        DATED
at Omaha, Nebraska, this 12th day of December, 2001. 

	 	 	 	 	/s/  BRAD FRENCH      
 Brad French, Secretary

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Exhibit 10.7.4

Fourth Amendment to Ballantyne of Omaha, Inc. 1995 Stock Option PlanQuickLinks
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  Exhibit 10.8.3    
  

 
  THIRD AMENDMENT TO
  BALLANTYNE OF OMAHA, INC.
  1995 OUTSIDE DIRECTORS' STOCK OPTION PLAN    
  

        The Ballantyne of Omaha, Inc. 1995 Outside Directors' Stock Option Plan, as amended, is further amended to read as follows: 

	1.
	Paragraph 2(f)
is amended by adding thereto the following sentence: "A Chairman of the Board who is not also an employee of the company shall not be considered an Officer."

	2.
	All
other terms, conditions and provisions of said Plan, and the first and second amendments thereto, shall remain the same. 

        Dated
as of the 12th day of December, 2001. 

	 	 	BALLANTYNE OF OMAHA, INC.
	

 	
 	

By:	
 	

/s/  JOHN WILMERS      
 John Wilmers, President

	

 	
 	

Attest:	
 	

/s/  BRAD FRENCH      
 Brad French, Secretary

        I
hereby certify that the above Amendment to the Ballantyne of Omaha, Inc. 1995 Outside Directors' Stock Option Plan was approved by the Board of Directors of the corporation at a
meeting of the Board held on the 12th day of December, 2001. 

        DATED
at Omaha, Nebraska, this 12th day of December, 2001. 

	 	 	 	 	/s/  BRAD FRENCH      
 Brad French, Secretary

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Exhibit 10.8.3

THIRD AMENDMENT TO BALLANTYNE OF OMAHA, INC. 1995 OUTSIDE DIRECTORS' STOCK OPTION PLANQuickLinks
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Exhibit 10.8.6    
  

 
  FIRST AMENDMENT TO THE
  BALLANTYNE OF OMAHA, INC.
  2001 NON-EMPLOYEE DIRECTORS' STOCK OPTION PLAN    
  

        The Ballantyne of Omaha, Inc. 2001 Non-Employee Directors' Stock Option Plan is hereby amended as follows: 

	1.
	Section 2(1)
is hereby amended by adding thereto the following sentence: 

"A
Chairman of the Board who is not an employee of the Company shall not be considered an Officer." 

	2.
	All
other terms, conditions and provisions of said Plan shall remain the same. 

        DATED
as of the 12th day of December, 2001. 

	 	 	BALLANTYNE OF OMAHA, INC.
	

 	
 	

By:	
 	

/s/  JOHN WILMERS      
 John Wilmers, President

	

 	
 	

Attest:	
 	

/s/  BRAD FRENCH      
 Brad French, Secretary

        I
hereby certify that the above amendment to the Ballantyne of Omaha, Inc. 2001 Non-Employee Directors' Stock Option Plan was approved by the Board of Directors of the
corporation at a meeting of the Board held on the 12th day of December, 2001. 

        DATED
at Omaha, Nebraska, this 12th day of December, 2001. 

	 	 	 	 	/s/  BRAD FRENCH      
 Brad French, Secretary

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Exhibit 10.8.6

FIRST AMENDMENT TO THE BALLANTYNE OF OMAHA, INC. 2001 NON-EMPLOYEE DIRECTORS' STOCK OPTION PLAN<Page>

1

                                                                     Exhibit 4.1

COMMON SHARES                                                   COMMON SHARES
  NUMBER                                                            SHARES

               [UNIVERSAL ACCESS GLOBAL HOLDINGS INC. LOGO]   CUSIP 902580 10 9
                                                              SEE REVERSE FOR
                                                                 DEFINITIONS

                      UNIVERSAL ACCESS GLOBAL HOLDINGS INC.

              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

THIS CERTIFIES THAT

IS THE RECORD HOLDER OF

            FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK,
                          PAR VALUE $0.01 PER SHARE, OF

                      UNIVERSAL ACCESS GLOBAL HOLDINGS INC.

transferable only on the books of the Corporation by the holder hereof in person
or by duly authorized Attorney upon surrender of this Certificate properly
endorsed. This Certificate is not valid unless countersigned and registered by
the Transfer Agent and Registrar.

     In Witness Whereof, the Corporation has caused this Certificate to be
executed and attested to by the manual or facsimile signatures of its duly
authorized officers, under a facsimile of its corporate seal to be affixed
hereto.

Dated:

                                     [SEAL]

/s/ Scott D. Fehlan                                   /s/ Patrick C. Shutt

      SECRETARY                                               PRESIDENT

COUNTERSIGNED AND REGISTERED:
         WELLS FARGO BANK MINNESOTA, N.A.
                  TRANSFER AGENT AND REGISTRAR
                       AUTHORIZED SIGNATURE

<Page>

2

                      UNIVERSAL ACCESS GLOBAL HOLDINGS INC.

     Upon request the Corporation will furnish any holder of shares of Common
Stock of the Corporation, without charge, with a full statement of the powers,
designations, preferences, and relative, participating, optional or other
special rights of any class or series of capital stock of the Corporation, and
the qualifications, limitations or restrictions of such preference and/or
rights.

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

     TEN COM --  as tenants in common
     TEN ENT --  as tenants by the
                 entireties
     JT TEN  --  as joint tenants with
                 right of survivorship
                 and not as tenants in
                 common

     UNIF GIFT MIN ACT --             Custodian
                          ---------------------------------
                             (Cust)                  (Minor)
                          under Uniform Gifts to Minors Act
                                             (State)

     Additional abbreviations may also be used though not in the above list.

     FOR VALUE RECEIVED, ___________________________ hereby sell, assigns and
transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE

---------------------------------------

---------------------------------------

________________________________________________________________________________
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________ Shares
of Common Stock represented by this Certificate, and does hereby irrevocably
constitute and appoint

______________________________________________________________________ Attorney
to transfer the said stock on the books of the Corporation with full power of
substitution in the premises.

Dated                                        X
     --------------------------------        ---------------------------------
                                             THE SIGNATURE TO THIS ASSIGNMENT
In presence of                               MUST CORRESPOND WITH THE NAME AS
                                   NOTICE:   WRITTEN UPON THE FACE OF THE
X                                            CERTIFICATE IN EVERY PARTICULAR,
 ------------------------------------        WITHOUT ALTERATION OR ENLARGEMENT
                                             OR ANY CHANGE WHATEVER.

By
  -----------------------------------

THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN
AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO SEC RULE
17Ad-15.

THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS
AS SET FORTH IN A RIGHTS AGREEMENT BETWEEN UNIVERSAL ACCESS, INC. AND WELLS
FARGO BANK MINNESOTA, N.A., AS THE RIGHTS AGENT, DATED AS OF JULY 31, 2000 (THE
"RIGHTS AGREEMENT"), THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY
REFERENCE. THE RIGHTS, DUTIES AND OBLIGATIONS OF UNIVERSAL ACCESS, INC. UNDER
THE RIGHTS AGREEMENT HAVE BEEN ASSUMED BY UNIVERSAL ACCESS GLOBAL HOLDINGS INC.,
AND A COPY OF THE RIGHTS AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES
OF UNIVERSAL ACCESS GLOBAL HOLDINGS INC. UNDER CERTAIN CIRCUMSTANCES, AS SET
FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL BE EVIDENCED BY SEPARATE
CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS CERTIFICATE. UNIVERSAL
ACCESS GLOBAL HOLDINGS INC. WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A COPY
OF THE RIGHTS AGREEMENT WITHOUT CHARGE AFTER RECEIPT OF A WRITTEN REQUEST
THEREFOR. UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS
ISSUED TO, OR HELD BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON OR
ANY AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS
AGREEMENT), WHETHER CURRENTLY HELD BY OR ON BEHALF OF SUCH PERSON OR BY ANY
SUBSEQUENT HOLDER, MAY BECOME NULL AND VOID.

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