Document:

<Page>

EXHIBIT 10.5.1

NEITHER THIS OPTION NOR THE UNDERLYING COMMON SHARES HAVE BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933. THE CORPORATION WILL NOT TRANSFER THIS OPTION OR THE
UNDERLYING COMMON SHARES UNLESS (i) THERE IS AN EFFECTIVE REGISTRATION COVERING
SUCH OPTION OR SUCH SHARES, AS THE CASE MAY BE, UNDER THE SECURITIES ACT OF 1933
AND APPLICABLE STATE SECURITIES LAWS, (ii) IT FIRST RECEIVES A LETTER FROM AN
ATTORNEY, ACCEPTABLE TO THE BOARD OF DIRECTORS OR ITS AGENTS, STATING THAT IN
THE OPINION OF THE ATTORNEY THE PROPOSED TRANSFER IS EXEMPT FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933 AND UNDER ALL APPLICABLE STATE SECURITIES LAWS,
OR (iii) THE TRANSFER IS MADE PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF
1933.

Void after 11:59 P.M., Omaha, Nebraska USA Time on September 25, 2006.

                        OPTION TO PURCHASE COMMON SHARES
                                       OF
                            BALLANTYNE OF OMAHA, INC.

THIS IS TO CERTIFY THAT, in consideration of his agreement to serve as Chairman
of the Board of BALLANTYNE OF OMAHA, INC., a Delaware Corporation
("Corporation") by WILLIAM F. WELSH II ("Optionee") , Optionee or permitted
transferees are together entitled to purchase, subject to the provisions of this
Option from the Corporation, at a price of $.485 (48.5 cents) (US) per Share, up
to One Hundred Thousand (100,000) common shares of the Corporation ("Shares") at
any time during the period commencing 12:01 A.M. on September 26, 2001, and
terminating on 11:59 P.M. on September 25, 2006.

         The Shares deliverable upon the exercise of this Option are hereinafter
sometimes referred to as the "Underlying Shares" or the "Option Shares" and the
exercise price per share of this Option to purchase is hereinafter sometimes
referred to as the "Exercise Price."

1SECTION.       EXERCISE OF OPTION. Subject to the provisions hereof, this
Option may be exercised, in whole or in part, by presentation and surrender
hereof to the Corporation at its principal office, with the purchase form
annexed hereto duly

PAGE 1 - OPTION TO PURCHASE COMMON SHARES
<Page>

executed, and accompanied by payment of the Exercise Price
for the number of shares specified in such form. Upon receipt by the Corporation
of this Option at its principal office, in proper form for exercise, the
Optionee shall be deemed to be the holder of record of the Option Shares
issuable upon such exercise, notwithstanding that the share transfer books of
the Corporation shall then be closed or that certificates representing such
Option Shares shall not then be actually delivered to the Optionee.

2SECTION.       RESERVATION AND STATUS OF SHARES. The Corporation hereby
agrees that at all times there shall be reserved for issuance and delivery upon
exercise of this Option such number of its common shares as shall be required
for issuance and delivery upon exercise of this Option, and that such shares,
when issued in accordance with the terms of this Option, shall be validly
issued, fully paid, and non-assessable.

3SECTION.       FRACTIONAL SHARES.  Fractional Shares will not be issued.

4SECTION.       NO ASSIGNMENT, TRANSFER UPON DEATH, EXCHANGE, OR LOSS OF
OPTION.

4.1      This Option shall not be assignable except that it may be transferred,
upon the death of the Optionee, to the beneficiaries of the Optionee by
testamentary instrument or to the heirs of the Optionee by operation of law.

4.2      This Option is exchangeable, without expense, at the option of the
Optionee, upon presentation and surrender hereof to the Corporation at its
principal office, for other Options of different denominations entitling the
Optionee to purchase, in the aggregate, the same number of Shares purchasable
hereunder.

4.3      Upon receipt by the Corporation of evidence satisfactory to it of the
loss, theft, destruction, or mutilation of this Option, and (in the case of
loss, theft, or destruction) of reasonably satisfactory indemnification, and (in
the case of mutilation) upon surrender and cancellation of this Option, the
Corporation will execute and deliver a new Option, in lieu of the original.

5SECTION.       RIGHTS OF THE OPTIONEE. Except as provided in the last sentence
of Section 1, the Optionee shall not, by virtue hereof, be entitled to any
rights of a shareholder in the Corporation, either at law or equity. The rights
of the Optionee are limited

PAGE 2 - OPTION TO PURCHASE COMMON SHARES
<Page>

to those expressed in this Option and are not enforceable against the
Corporation except to the extent set forth herein.

6SECTION.       ANTI-DILUTION PROVISIONS. The number and kind of securities
purchasable upon the exercise of this Option and the Exercise Price shall be
subject to adjustment from time to time as follows:

6.1      In case the Corporation shall (i) pay a dividend or make a distribution
on the outstanding Common Shares payable in Common Shares, (ii) subdivide the
outstanding Common Shares into a greater number of shares, (iii) combine the
outstanding Common Shares into a lesser number of shares, or (iv) issue by
reclassification of the Common Shares any Common Shares of the Corporation, the
Optionee of this Option shall thereafter be entitled, upon exercise, to receive
the number and kind of shares which, if this Option had been exercised
immediately prior to the happening of such event, the Optionee would have owned
upon such exercise and been entitled to receive upon such dividend,
distribution, subdivision, combination, or reclassification. Such adjustment
shall become effective on the day next following (x) the record date of such
dividend or distribution or (y) the day upon which such subdivision,
combination, or reclassification shall become effective.

6.2      In case the Corporation shall consolidate or merge into or with another
corporation, or in case the Corporation shall sell or convey to any other person
or persons all or substantially all the property of the Corporation, the
Optionee of this Option shall thereafter be entitled, upon exercise, to receive
the kind and amount of shares, other securities, cash, and property receivable
upon such consolidation, merger, sale, or conveyance by a holder of the number
of Common Shares which might have been purchased upon exercise of this Option
immediately prior to such consolidation, merger, sale, or conveyance, and shall
have no other conversion rights. In any such event, effective provision shall be
made, in the certificate or articles of incorporation of the resulting or
surviving corporation, in any contracts of sale and conveyance, or otherwise so
that, so far as appropriate and as nearly as reasonably may be, the provisions
set forth herein for the protection of the rights of the Optionee of this Option
shall thereafter be made applicable.

6.3      Whenever the number of shares purchasable upon exercise of this Option
is adjusted pursuant to this Section 6, the Exercise

PAGE 3 - OPTION TO PURCHASE COMMON SHARES
<Page>

Price per share shall be adjusted simultaneously by multiplying that Exercise
Price per share in effect immediately prior to such adjustment by a fraction, of
which the numerator shall be the number of shares purchasable upon exercise of
this Option immediately prior to such adjustment, and of which the denominator
shall be the number of shares so purchasable immediately after such adjustment,
so that the aggregate exercise price of this Option remains the same.

6.4      In the event that at any time, as a result of an adjustment made
pursuant to this Section 6, the Optionee shall become entitled to receive upon
exercise of this Option cash, property, or securities other than Shares, then
references to Shares in this Section 6 shall be deemed to apply, so far as
appropriate and as nearly as may be, to such cash, property, or other
securities.

6.5      Irrespective of any adjustments in the Exercise Price or in the number
or kind of Shares purchasable upon exercise of this Option, the form of Options
theretofore or thereafter issued may continue to express the same price and
number and kind of shares as are stated in this Option.

7SECTION.        OFFICER'S CERTIFICATE. Whenever the number or kind of
securities purchasable upon exercise of this Option or the Exercise Price shall
be adjusted as required by the provisions of Section 6, the Corporation shall
forthwith file with its Secretary or Assistant Secretary at its principal office
an officer's certificate showing the adjusted number or kind of securities
purchasable upon exercise of this Option and the adjusted Exercise Price
determined as herein provided and setting forth in reasonable detail such facts
as shall be necessary to show the reason for and the manner of computing such
adjustments. Each such officer's certificate shall be made available at all
reasonable times for inspection by the Optionee and the Corporation shall,
forthwith after each such adjustment, mail by certified mail a copy of such
certificate to the Optionee.

8SECTION.        NOTICE. Any notice or other communication required or
permitted to be given hereunder shall be in writing and shall be mailed by
certified mail, return receipt requested, or delivered against receipt, if to
the Optionee, to:

                  William F. Welsh II
                  21917 Quail Ridge Drive
                  Elkhorn, Nebraska 68022

PAGE 4 - OPTION TO PURCHASE COMMON SHARES
<Page>

and if to the Corporation, at its principal office:

                  Ballantyne of Omaha, Inc.
                  4350 McKinley Street
                  Omaha, Nebraska  68112

or such other addresses as a party shall so notify the other party in writing.
Any notice or other communication given by certified mail shall be deemed given
at the time of certification thereof, except for a notice changing a party's
address which shall be deemed given at the time of receipt thereof.

9SECTION.       BINDING EFFECT. The provisions of this Option shall be binding
upon and inure to the benefit of (A) the parties hereto, (B) the successors and
assigns of the Corporation, and (C) the heirs and personal representative of the
Optionee.

10SECTION.       LAW GOVERNING. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, United States of
America.

11SECTION.       TITLES AND CAPTIONS. All section titles or captions contained
in this Agreement are for convenience only and shall not be deemed part of the
context nor effect the interpretation of this Agreement.

12SECTION.       PRESUMPTION. This Agreement or any section thereof shall not
be construed against any party due to the fact that said Agreement or any
section thereof was drafted by said party.

13SECTION.       FURTHER ACTION. The parties hereto shall execute and deliver
all documents, provide all information and take or forbear from all such action
as may be necessary or appropriate to achieve the purposes of the Agreement.

14SECTION.       PARTIES IN INTEREST. Nothing herein shall be construed to be
to the benefit of any third party, nor is it intended that any provision shall
be for the benefit of any third party.

Dated: September 25, 2001

   BALLANTYNE OF OMAHA, INC.

PAGE 5 - OPTION TO PURCHASE COMMON SHARES
<Page>

   a Delaware corporation

by: /s/ John Wilmers
    --------------------------
    JOHN WILMERS, PRESIDENT

PAGE 6 - OPTION TO PURCHASE COMMON SHARES
<Page>

                                   EXHIBIT "A"

                            BALLANTYNE OF OMAHA, INC.

                       NOTICE OF EXERCISE OF STOCK OPTION

TO:  Corporate Secretary

     I hereby exercise my Stock Option granted by Ballantyne of Omaha, Inc. (the
"Corporation") on September 25, 2001, subject to all the terms and provisions
thereof, and notify you of my desire to purchase ______________ shares of Common
Stock of the Corporation which were offered to me pursuant to said Option.
Enclosed is my check in the sum of $_________ in *full/partial payment for such
shares. Also enclosed, if applicable, are certificates and related transfer
documents, duly endorsed for transfer, for shares of Common Stock of the
Corporation which I am tendering in payment of the balance of the purchase
price.

     Dated this _______ day of ______________________,________.

                                   Name

                                   Signature

* Circle applicable provision.

PAGE 7 - OPTION TO PURCHASE COMMON SHARES<Page>

                             STOCK OPTION AGREEMENT

          THIS AGREEMENT made as of the 3rd day of July, 2001, between
BALLANTYNE OF OMAHA, INC., a Delaware corporation, having its principal office
at 4350 McKinley Street, Omaha, Nebraska 68112 (the "Company"), and the
undersigned, RONALD H. ECHTENKAMP, a Non-Employee Director of the Company (the
"Optionee").

                                   WITNESSETH

     WHEREAS, the Company has adopted the 2001 Non-Employee Directors Stock
Option Plan (the "Plan") for outside directors of the Company; and

     WHEREAS, the purpose of the Plan is (i) to enable the Company to grant
options to purchase Company stock to its Non-Employee Directors in lieu of all
or part of the cash retainer otherwise paid to them for service on the Board, in
order to provide incentives which are linked directly to increases in
stockholder value so that they will be encouraged to serve on the Board and
exert their best efforts on behalf of the Company and (ii) to preserve cash for
the Company, and

     WHEREAS, pursuant to the provisions of the Plan, all stock options
("Options") granted pursuant to the Plan shall be evidenced by a Stock Option
Agreement which has been approved by the Board of Directors, and

     WHEREAS, pursuant to the provisions of the Plan, the Optionee has elected
to receive one-half of his retainer fee for serving as a Director of the Company
for the Plan Year beginning July 1, 2001, and is therefore is entitled to a
grant of Options as set forth below,

     NOW, THEREFORE, in consideration of the mutual promises, representations
and agreements herein contained, and other good and valuable consideration, it
is agreed by and between the parties hereto, as follows:

          1.   OPTION TO PURCHASE. The Company hereby grants to the Optionee the
right to purchase, on the terms and conditions hereinafter set forth, and
subject to all of the provisions of the Plan, all or any part of an aggregate of
twenty-nine thousand four hundred twelve (29,412) shares of Common Stock of the
Company, $.01 par value. This Option is not intended to qualify as an incentive
stock option as defined in Section 422 of the Internal Revenue Code of 1986, as
amended.

          2.   The purchase price for the Option shares shall be Sixty-Eight
Cents ($.68) per share.

          3.   TIME OF EXERCISE. Except as otherwise provided herein or under
the Plan, all Options granted to Optionee hereunder shall vest and become first
exercisable, as follows:

<Page>

               a.   Seven thousand three hundred fifty-three (7,353) shares on
                    September 30, 2001.

               b.   Seven thousand three hundred fifty-three (7,353) shares on
                    December 31, 2001.

               c.   Seven thousand three hundred fifty-three (7,353) shares on
                    March 31, 2002.

               d.   Seven thousand three hundred fifty-three (7,353) shares on
                    June 30, 2002.

In all events, the Options granted hereby, if not exercised, shall expire five
(5) years from the date granted, unless terminated earlier as provided in
Sections 8(h) or 10 of the Plan.

          4.   METHOD OF EXERCISE. The aforesaid Options, or any part thereof,
shall be exercised by giving a Notice of Exercise to the Secretary of the
Company, specifying the number of shares to be purchased and accompanied by
payment of the aggregate Option price for the number of shares purchased. Such
Notice of Exercise shall be sufficient if given in the form attached hereto as
Exhibit "A".

          5.   NONTRANSFERABILITY. Except as otherwise provided in the Plan, the
said Option and the rights and privileges confirmed by this Agreement shall not
be transferred, assigned, pledged or hypothecated in any way, whether by the
operation of law or otherwise. Upon any attempt to so transfer, assign, pledge,
hypothecate or otherwise dispose of said Option or any right or privilege
confirmed hereby contrary to the provisions hereof, said Option and the rights
and privileges confirmed hereby shall immediately become null and void.

          6.   NOTICE. Any notice to be given to the Company shall be addressed
to the Secretary of the Company at its principal office, 4350 McKinley Street,
Omaha, Nebraska 68112, and any notice given to the Optionee shall be addressed
to the address then appearing in the personal records of the Company for such
Optionee, or at such other address as either party may hereafter designate in
writing to the other.

          7.   OTHER BENEFITS. Nothing herein contained shall affect the right
of the Optionee to participate in and receive any other benefits granted to
Non-Employee Directors or Directors of the Company.

          8.   BINDING AGREEMENT. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and the successors or assigns of the
Company, but neither this Agreement nor any rights hereunder shall be assignable
by the Optionee except as otherwise provided in the Plan.

                                        2
<Page>

          9.   PLAN CONTROLLING. Notwithstanding anything herein contained, this
Agreement shall be subject to all the terms and provisions of the Plan, a copy
of which will be provided to Optionee upon request.

                                               BALLANTYNE OF OMAHA, INC.

/s/ Ronald H. Echtenkamp                   By: /s/ John P. Wilmers
------------------------------                 ------------------------------
RONALD H. ECHTENKAMP, Optionee                 JOHN P. WILMERS, President

                                        3
<Page>

                                   EXHIBIT "A"

                            BALLANTYNE OF OMAHA, INC.
                 2001 NON-EMPLOYEE DIRECTORS' STOCK OPTION PLAN

                       NOTICE OF EXERCISE OF STOCK OPTION

TO:  Corporate Secretary

     I hereby exercise my Stock Option granted by Ballantyne of Omaha, Inc. (the
"Company"), subject to all the terms and provisions thereof and of the 2001
Non-Employee Directors' Stock Option Plan referred to therein, and notify you of
my desire to purchase ______________ shares of Common Stock of the Company which
were offered to me pursuant to said Option. Enclosed is my check in the sum of
$_________ in *full/partial payment for such shares.

     Dated this _______ day of ______________________, ________.

                                            Name

                                            Signature

* Circle applicable provision

                                        4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}]]