Document:

<PAGE>

Exhibit 10.4.9

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 STATES 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 5:00 P.M., Omaha, Nebraska USA Time on October 26, 2000

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

THIS IS TO CERTIFY THAT, FOR VALUE RECEIVED, RAY F. BOEGNER, or permitted
transferees ("Optionee") are together entitled to purchase, subject to the
provisions of this Option, from BALLANTYNE OF OMAHA, INC., a Delaware
corporation ("Corporation"), at a price of $5.50 (US) per Share, up to
Twenty-Five Thousand (25,000) common shares of the Corporation ("Shares") at any
time during the period commencing 12:01 A.M. on October 26, 1999 and terminating
on 11:59 P.M. on the date on which a sale of substantially all of the capital
stock or substantially all of the assets of the Corporation is consummated;
provided, however,

          (1)  that the occurrence of such sale and the closing thereof on or
before October 26, 2000, shall be a condition precedent to the exercise of the
option herein granted, and

          (2)  that the option rights granted herein shall expire in any event
at 5:00 P.M., Omaha, Nebraska USA Time, on October 26, 2000.

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

SECTION 1. 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
executed and accomplished 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 shares 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.

                                      -1-
<PAGE>

SECTION 2. 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.

SECTION 3. FRACTIONAL SHARES. Fractional Shares or script representing
Fractional Shares may be issued upon the exercise of this Option.

SECTION 4. 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.

SECTION 5. 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 to those expressed in this Option and are not enforceable
against the Corporation except to the extent set forth herein.

SECTION 6. 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 an 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
this kind and amount of shares, other securities, cash, and property receivable

                                      -2-
<PAGE>

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 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 Share 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.

SECTION 7. 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.

SECTION 8. 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:

          Ray F. Boegner
          1144 South 185th Circle
          Omaha, Nebraska 68130

                                      -3-
<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.

SECTION 9. 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.

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

SECTION 11. 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.

SECTION 12. 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.

SECTION 13. 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.

SECTION 14. 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:

     BALLANTYNE OF OMAHA, INC.
     A Delaware Corporation

By:  /s/ Arnold Tenney
     -----------------------------
     (OFFICER'S NAME & TITLE)
     Arnold Tenney, Chairman

                                      -4-<PAGE>

                                                                   EXHIBIT 10.13

                            GABLES RESIDENTIAL TRUST

                             As of January 31, 2000

Mr. Marcus E. Bromley
6 Paces West Terrace
Atlanta, GA 30327

Dear Marc:

     In light of various changes in the senior executive management of Gables
Residential Trust (the "Company") as detailed in the Company's press release
dated December 16, 1999, the Company accepts your resignation effective January
1, 2000 (the "Effective Date") from the office of Executive Chairman. The Board
of Trustees has approved a separation package described below to be provided to
you by the Company. In return for your agreements contained herein, including
your release of certain claims as described below and subject to your
performance of your obligations under this agreement, the Company agrees, upon
your execution of this letter, to the following:

1)       The Company will pay your base salary at your current rate ($225,000
         per year), less applicable withholding and payroll taxes, through the
         Effective Date. On account of your performance during fiscal year 1999,
         the Compensation Committee of the Board of Trustees of the Company
         resolved on January 17, 2000 to award you a cash bonus of One Hundred
         Sixty Eight Thousand, Nine Hundred Fifty-eight Dollars ($168,958) and a
         restricted share award of 9,810 common shares of the Company. Such
         bonus and share award will be paid to you in accordance with the
         Company's practice for its senior executive officers.

2)       The Company will pay you Six Hundred Fifteen Thousand, Nine Hundred
         Nine Dollars ($615,909) in one lump sum, subject to such tax-related
         deductions and withholdings as the Company determines to be legally
         required, which amount represents the sum of (i) your base salary at
         your current rate ($225,000 per year) through December 31, 2000, (ii)
         an amount equal to your 1999 cash bonus ($168,958), and (iii) an amount
         equal to Two Hundred Twenty-one Thousand, Nine Hundred Fifty-one
         Dollars ($221,951) representing the fair market value of your 1999
         performance share award (9,810 shares) based on the closing price of
         the Company's common shares as reported on the NYSE on January 18, 2000
         ($22.625 per share). The foregoing amount represents severance
         compensation payable to you pursuant to your employment agreement with
         the Company dated January 1, 1999. Such payment will be made to you by
         the Company on or about February 15, 2000.

<PAGE>

3)       The Company agrees to pay to you, as additional severance on account of
         your role as one of the founders of the Company, an aggregate amount of
         Three Hundred Thousand Dollars ($300,000). Such payment will be made to
         you by the Company in cash on or about February 15, 2000.

4)       The Company will not make any additional contributions to your 401(k)
         plan.

5)       If it has not previously done so, the Company shall provide you with
         notice of your rights to continue health insurance benefits after the
         Effective Date at your own cost pursuant to the law known as "COBRA."
         Notwithstanding the terms of the COBRA notice, the Company shall pay
         the premium cost of COBRA coverage for you and your dependents for the
         period following the Effective Date through June 30, 2001 (or until
         your eligibility for COBRA ceases, if earlier). Pursuant to applicable
         benefit plan terms and benefit practices, your eligibility to
         participate in the Company's other employee benefit plans and programs
         ceased, effective on the Effective Date. Your rights to benefits, if
         any, are governed by the terms of those benefit plans and programs.
         Subsequent to June 30, 2001, to the extent that you are eligible to
         continue to participate in the Company's group health plan pursuant to
         COBRA, all COBRA premiums, to the extent you choose to participate,
         will be your financial responsibility.

6)       All stock options issued to you will become vested as of the Effective
         Date. You will have until the later of December 31, 2002 or the date
         upon which you are no longer a member of the Board of Trustees of the
         Company to exercise the following stock options:

         (i) 33,668 options dated January 26, 1994 at the exercise price of
         $22.50.
         (ii) 20,000 options dated May 16, 1995 at the exercise price
         of $20.375.
         (iii) 200,000 options dated October 10, 1998 at the exercise price
         of $26.75.

7)       All restricted share awards granted to you as of the Effective Date,
         totaling 7,662 (excluding the 9,810 shares granted to you with respect
         to 1999 effective January 17, 2000), will be deemed fully vested as of
         the Effective Date. With respect to the 9,810 restricted shares awarded
         to you with respect to 1999, effective January 17, 2000, the 7,358
         shares that would otherwise have vested over the next three years will
         be deemed fully vested as of the date of grant, with the remaining
         2,452 being fully vested as of the date of grant under the terms of the
         award itself.

8)       The Company agrees to release you from the terms of the non-competition
         provisions set forth in Section 9 of the Employment Agreement you
         entered into with the Company on January 1, 1999. However, the release
         of the non-competition provision in no way releases you from your
         confidentiality obligations as set forth below.

9)       You have agreed to maintain an office at the Company's Atlanta location
         until December 31, 2000, if requested by the Company, and consistent
         with your other business commitments, to make yourself available for
         meetings with management and other personnel of the Company at the
         Company's Atlanta offices.

10)      You will remain as a Class I (term  expires in 2001) member of the
         Board of Trustees of the Company  after the Effective Date.

<PAGE>

11)      Insofar as you elected to participate in the deferred compensation plan
         established by the Company during 1999, your deferred compensation
         ($54,367.75, consisting of 50% of your base salary between July 30,
         1999 and December 31, 1999) will be paid to you with interest over a
         5-year period after the Effective date in accordance with the terms of
         the plan.

12)      The Company agrees that, should you be sued in your capacity as a
         member of the Company's Board of Trustees, you will be entitled to
         coverage under the Board of Directors' errors and omissions insurance
         to the extent applicable, and the Company agrees to indemnify you to
         the same extent as all other members of the Board of Trustees. The
         indemnification agreement dated January 26, 1994 between you and the
         Company shall continue to be in effect and, notwithstanding any other
         terms within this agreement, you shall be entitled to all rights and
         remedies as stipulated in such indemnification agreement.

         In consideration of the Company's agreement to provide you with the
benefits set forth in provisions 1) through 12) above, which you acknowledge to
be good and valid consideration, you voluntarily and knowingly agree as follows:

         a)   You agree to cooperate with the Company in the transitioning of
              your duties and responsibilities.

         b)   You further agree to cooperate with the Company subsequent to the
              Effective Date with respect to any ongoing projects that remain
              uncompleted at the time of your departure. You further agree to
              cooperate with, assist, and provide testimony at the request of
              the Company or its attorneys in any currently pending or future
              litigation involving the Company.

         c)   For all times hereafter, you agree to protect and preserve
              the confidentiality of and safeguard the Company's
              proprietary and/or confidential information and to not use,
              directly or indirectly, for your benefit or for the benefit
              of another, or disclose to another, any of the Company's
              proprietary and/or confidential information unless
              disclosures that are deemed confidential to the Company are
              required by or pursuant to a court order or the demands of a
              public agency. Confidential information will include,
              without limitation, information concerning the Company's
              financial affairs, strategic plans and objectives, business
              plans, proprietary statistics, reports, pricing information,
              customer data and contracts, except to the extent that the
              information is available to the public.

         d)   Prior to the Effective Date, you agree to deliver to the Company
              all documents embodying any of the Company's proprietary and/or
              confidential information.

         e)   Prior to the Effective Date, you agree to deliver to the Company
              all property owned by the Company and in your possession.

         f)   You agree to abide by the non-solicitation provisions of Section
              10 of the Employment Agreement you entered into with the Company
              on January 1, 1999.

<PAGE>

     As further consideration for the Company's obligations set forth herein,
you voluntarily and knowingly, irrevocably and unconditionally, fully and
completely and forever release the Company and its current or former trustees,
officers, shareholders, employees, agents and attorneys, and all successors,
assigns and affiliates of the foregoing or persons acting on behalf or through
the foregoing (any and all of whom are hereinafter referred to as "Gables"),
from any and all charges, complaints, claims, liabilities, obligations,
promises, agreements, controversies, damages, actions, causes of action, suits,
rights, demands, costs, losses, debts and expenses, including attorney's fees
and costs actually incurred, of any nature whatsoever, known or unknown
(collectively, "Claims"), that you now have, own or hold or claim to have, own,
or hold, or that you at any time had, owned, or held or claimed to have had,
owned, or held against Gables. This general release of Claims includes, without
implication of limitation, the complete release of all Claims of breach of
express or implied contract; all Claims of wrongful termination of employment,
whether in contract or tort; all Claims of intentional, reckless, or negligent
infliction of emotional distress; all Claims of breach of any express or implied
covenant of employment, including the covenant of good faith and fair dealing;
all Claims of interference with contractual or advantageous relations, whether
prospective or existing; all Claims of deceit or misrepresentation; all Claims
of discrimination under state or federal law, including, without implication of
limitation, Title VII of the Civil Rights Act of 1964, 42 U.S.C. 2000e ET SEQ.,
as amended, the Age Discrimination in Employment Act of 1967, 29 U.S.C.Section
621 ET SEQ., as amended; all Claims of defamation or damage to reputation; all
Claims for reinstatement; all Claims for punitive or emotional distress damages;
all Claims for wages, bonuses, severance pay, vacation pay, back or front pay or
other forms of compensation (other than payments and benefits expressly promised
in this agreement); all Claims for attorney's fees and costs; and all Claims
arising from any and all acts or failures to act in contravention of the
Constitution, statutes or regulations of the United States or the constitution
or regulations of any state or local government, including, but not limited to,
state or federal securities laws, claims of fraud, breach of fiduciary duty,
deceptive trade practices and similar statutes in any state, or the Federal
Racketeer Influenced and Corrupt Organizations Act. This general release of
Claims shall not be construed to include a release of Claims that arise from the
Company's obligations under this agreement.

     Likewise, the Company agrees to release you from any and all claims,
actions, demands and causes of action of whatever kind or character, whether now
known or unknown, that it may have or claim to have against you that are in any
way connected with your employment with the Company.

     In addition, you covenant and agree to keep the terms, conditions and
circumstances of your resignation from the Company, including this letter,
confidential and to not aid, abet, assist or render assistance in any form to
any person or entity pursuing, or that may in the future pursue, any claim
against the Company or its trustees, officers, shareholders, employees, agents,
attorneys or affiliates of any nature unless required to do so by law.

     This letter is intended by you and the Company to be a legally valid and
binding agreement, to be construed in accordance with the laws of the State of
Georgia, You and the Company agree that this letter is not to be construed as an
admission of liability to you whatsoever. You and we agree that any legal
proceedings instituted hereunder shall be conducted and litigated in the State
of Georgia and the parties hereto consent to the jurisdiction and venue in the
courts of the State of Georgia. Nothing herein shall in any way limit or abridge
the Company's right to seek injunctive or similar equitable relief for the
enforcement of its right hereunder.

<PAGE>

     In the event of any dispute, this agreement will be construed as a whole,
will be interpreted in accordance with its fair meaning, and will not be
construed strictly for or against either you or the Company. In the event that
any provision or portion of a provision of this agreement shall be determined to
be unenforceable, the remainder of this agreement shall be enforced to the
fullest extent possible, as if such provision or portion of a provision were not
included. This agreement may be modified only by a written agreement signed by
you and an authorized representative of the Company.

     This agreement sets forth the entire agreement between you and the Company
and its trustees, officers, employees, agents, attorney and representatives
relating to the separation of your employment from the Company, and fully
supersedes any and all prior agreements or understandings between the parties
hereto, including the January 1, 1999 Employment Agreement executed by you and
the Company, pertaining to the subject matter hereof.

Very truly yours,

GABLES RESIDENTIAL TRUST

By:  /s/CHRIS D. WHEELER
   --------------------------------------
     Chris D. Wheeler
     Chairman and Chief Executive Officer

     The law requires that you be advised and you are hereby advised to consult
with an attorney prior to executing this agreement and release. If you accept
the terms of this agreement and release, it must be signed by you and returned
to Joni Bastuba on or before twenty-one (21) days from your receipt of this
agreement and release. After the execution of this agreement and release, you
have a period of seven (7) days in which you may revoke this agreement and
release. Notification of revocation should be in writing and returned to Joni
Bastuba. The effective date of this agreement and release is eight (8) days
after you execute this agreement and release.

     I have read and understood the foregoing agreement and release, have been
advised to and have had the opportunity to discuss it with anyone I desire,
including an attorney of my own choice, agree to its terms, acknowledge receipt
of a copy of same, and the sufficiency of payments recited therein, and sign
this agreement and release voluntarily.

Date:    February 1, 2000

/s/ MARCUS E. BROMLEY
-------------------------
Marcus E. Bromley

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}]]