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                                                               EXHIBIT 4(b)

                                 AMENDMENT NO. 1
                                       TO

              THE BRUSH WELLMAN INC. KEY EMPLOYEE SHARE OPTION PLAN

     Brush Wellman Inc., an Ohio corporation, hereby adopts this Amendment No. 1
to the Brush Wellman Inc. Key Employee Share Option (the "Plan").

                                       I.

     Section 1.6 of the Plan is amended to provide as follows:

     1.6 "CORPORATION" means Brush Wellman Inc., an Ohio corporation, in respect
of periods prior to the Effective Time, and Brush Engineered
Materials Inc., an Ohio corporation, in respect of periods from and after the
Effective Time, and any successor to Brush Engineered Materials, Inc.

                                       II.

     A new Section 1.8A is added to the Plan to provide as follows:

     1.8A "EFFECTIVE TIME" means the "Effective Time" as defined in that certain
Agreement of Merger executed or to be executed by and among Brush
Merger Co., Brush Wellman Inc. and Brush Engineered Materials Inc.

                                      III.

     Section 1.17 of the Plan is amended to provide as follows:

     1.17 "PLAN" means the Brush Wellman Inc. Key Employee Share Option Plan in
respect of periods prior to the Effective Time and the Brush Engineered
Materials Inc. Key Employee Share Option Plan in respect of periods from and
after the Effective Time, as the same may be amended or restated from time to
time.

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                                       IV.

     Section 2.2 of the Plan is amended to provide as follows:

     2.2 AWARDING OF OPTIONS. The recipients of Options are determined from time
to time by the Committee. No Committee member may take part in any way in
determining any award of Options to himself. The Committee may condition the
award and/or effectiveness of any Option on the surrender by the Participant of
his right to receive salary, bonus, or other cash compensation otherwise payable
in the future by the Corporation or a Subsidiary to the Participant or on the
Participant's agreement to surrender or cancellation of any previously granted
Options. Awards become effective as of the Grant Date. No award of an Option
will become effective, however, unless the Participant timely executes and
returns to the Committee the Option Agreement with respect to the Option and
such other instruments or documents as the Committee may require. Awards may be
made at any time on or after the Effective Date and prior to the termination of
the Plan.

                                       V.

     Section 2.4 of the Plan is amended to provide as follows:

     2.4 EFFECT OF CASH DIVIDENDS AND CASH DISTRIBUTIONS ON DESIGNATED PROPERTY.
As of the first Business Day of each calendar year, an Option will be granted
automatically with respect to any cash dividends or other cash distributions
occurring during the immediately preceding calendar year with respect to
Designated Property purchasable under an unexercised Option (a) either (i) the
Grant Date of which coincided with or preceded the date of occurrence of such
cash dividends or cash distributions, or (ii) which was granted in consideration
of the cancellation or surrender of another Option the Grant Date of which
coincided with or preceded the date of occurrence of such cash dividends or cash
distributions, and (b) that has not expired as of such first Business Day (the
aggregate of such cash dividends and cash distributions occurring during such
immediately preceding calendar year being hereinafter referred to as the
"Additional Amount") in favor of the Participant holding such unexercised Option
on terms identical to those set forth in the Option Agreement pertaining to such
unexercised Option, except that the Grant Date of such automatically granted
Option will be such first Business Day of such calendar year and the amount of
Designated Property purchasable under such automatically granted Option will be
the amount of Designated Property that could be purchased, based on the Fair
Market Value on such Grant Date of such Designated Property, with an amount
equal to the Additional Amount divided by three fourths (3/4). If as of the
first Business Day of such calendar year the applicable Designated Property (of
the same kind) is not reasonably available, the provisions of Section 2.5 will
apply.

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                                       VI.

     Article II of the Plan is amended by adding at the end thereof the
following:

     2.7 SPECIAL ELECTION Notwithstanding any other provision of the Plan to the
contrary, except Article IV (as contemplated in this Section 2.7), each
Participant may elect to forego all rights and benefits under the Plan with
respect to all of his Options with Grant Dates prior to the Effective Time by
consenting and agreeing to the cancellation of all such Options in consideration
of an award of Options as of the Effective Time, in accordance with the
following and such rules and procedures as may be established by the Committee
consistent with the following:

     (i)  Each such election may be made only by delivery prior to the Effective
          Time by the Participant to the Corporation of an executed written
          Election and Consent on a form prescribed therefor by the Committee,
          which form shall be substantially in the form of Exhibit I attached
          hereto and made a part hereof, and shall be effective as of the
          Effective Time;

     (ii) Except as otherwise provided herein, in the case of a Participant who
          makes the election provided for under this Section 2.7, and provided
          the Effective Time occurs, neither the Participant, the Participant's
          Beneficiary, nor any other person claiming through or under the
          Participant shall thereafter have any rights under or with respect to
          any of his Options with Grant Dates prior to the Effective Time, and
          all provisions of the Plan shall be construed, interpreted, and
          applied accordingly;

     (iii) In the event the Effective Time does not occur, the election of a
          Participant provided for in this Section 2.7 shall be void ab initio
          and of no force or effect and all of the outstanding Options in
          respect of which the election was made shall remain in full force and
          effect;

     (iv) The terms and conditions of Options awarded under the Plan as of the
          Effective Time to a Participant in respect of any election under this
          Section 2.7 shall be determined under the provisions of this Section
          2.7 and of the Option Agreement for such Options and, to the extent
          not inconsistent therewith, the other provisions of the Plan;

     (v)  Such election shall include a consent to Amendment No. 1 to the Plan
          in accordance with Article IV of the Plan;

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     (vi) Except as otherwise provided herein or in the election, such election
          shall be irrevocable after delivery thereof to the Corporation and
          shall become effective at the Effective Time; and

     (vii) In the event the Effective Time occurs, each Participant with an
          effective election under this Section 2.7 shall be entitled to receive
          Options as of and at the Effective Time on terms, including but not
          limited to Exercise Price and Designated Property, identical to the
          terms of the cancelled Options, except that (a) Brush Engineered
          Materials Inc. shall be the grantor of (and the sole obligor with
          respect to) the Options, (b) the Options may not be exercised prior to
          the 184th day after the date on which the Effective Time occurs, and
          (c) the period during which such Options may be exercised as provided
          for under Section 3.1 of the Plan shall be extended by 184 days.

                                      VII.

     Paragraph (b) of Section 3.1 of the Plan is amended to provide as follows:

          (b)  the fifteenth anniversary of the Grant Date of such Option, or if
               such Option was granted in consideration of the cancellation or
               surrender of another Option the fifteenth anniversary of the
               Grant Date of such canceled or surrendered Option.

                                      VIII.

     Section 3.2 of the Plan is amended to provide as follows:

     3.2 PROCEDURE FOR EXERCISING OPTION. A Participant may exercise an Option
by giving written notice to the Committee. Such written notice of exercise must
be in such form as the Committee may require, must be properly completed and
include the Option Agreement for each Option to be exercised, and must be mailed
or delivered to the Committee as provided in Section 7.4. In the case of an
Option Agreement covering more than one Option, the Committee will note the
particular Option that was exercised on the Option Agreement and, if the Option
Agreement covers another unexercised Option or Options, return the Option
Agreement to the Participant. Options may be exercised in any combinations or
amounts subject to the restrictions set forth in the Plan, except that the
Committee may from time to time require a minimum number of Options to be
exercised at one time, but such minimum number will not be designed to impose
any substantial restriction on a Participant's ability to exercise Options. In
no case may part of an Option be exercised. Except as otherwise provided in the
Plan or in any Option Agreement, the "Exercise Date" of an Option will be the
first Business Day on which the Committee is in actual receipt of the written
notice of exercise. Upon exercise of an

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Option, the Participant must pay the Exercise Price of the Option to the
Corporation. The consideration to be paid in satisfaction of the Exercise Price
will be cash in the form of currency, check, or other cash equivalent, in each
case acceptable to the Corporation. The Exercise Price must be paid in full
before delivery of the Designated Property will be made in accordance with
Section 3.5.

                                       IX.

     The foregoing changes to the Plan shall be effective as of the "Effective
Time" as defined in that certain Agreement of Merger executed or to be executed
by an among Brush Merger Co., Brush Wellman Inc. and Brush Engineered Materials
Inc.; provided, however, that subject to express terms thereof, the provisions
of Section VI hereof shall be effective immediately.

     Executed at Cleveland, Ohio, this 10th day of May, 2000.

                                   BRUSH WELLMAN INC.

                                   By: /s/ Michael C. Hasychak
                                      -----------------------------------------
                                      Title: Secretary

                                   And  /s/ William M. Christoff
                                      -----------------------------------------
                                       Title: Assistant Treasurer

     Effective as of the "Effective Time" (as hereinbefore defined), Brush
Engineered Materials Inc. hereby assumes the status of the "Corporation" under
the Plan.

     Executed at Cleveland, Ohio, this 10th day of May, 2000.

                                    BRUSH ENGINEERED MATERIALS INC.

                                   By: /s/ Michael C. Hasychak
                                      -----------------------------------------
                                      Title: Secretary

                                   And /s/ William M. Christoff
                                      -----------------------------------------
                                       Title: Assistant Treasurer

                                       -5-<PAGE>   1

                                                                    Exhibit 4(b)

                               BRUSH WELLMAN INC.
                                       AND
                         BRUSH ENGINEERED MATERIALS INC.

            AMENDMENT TO BRUSH WELLMAN INC. 1995 STOCK INCENTIVE PLAN

                  Brush Wellman Inc., an Ohio corporation ("BRUSH"), and Brush
Engineered Materials Inc., an Ohio corporation ("BEM"), hereby amend the Brush
Wellman Inc. 1995 Stock Incentive Plan (the "1995 PLAN") for the purpose of
substituting BEM for Brush under the 1995 Plan and to otherwise reflect the
terms of the reorganization of Brush through the merger of Brush Merger Co. into
Brush and the conversion of shares of common stock of Brush, par value $1.00 per
share, into shares of BEM, without par value:

         1. The 1995 Plan is hereby named the Brush Engineered Materials Inc.
1995 Stock Incentive Plan.

         2. In accordance with Section 16 of the 1995 Plan, Section 18 is hereby
added thereto, to read, in its entirety, as follows:

         "        10. BRUSH ENGINEERED MATERIALS INC. AS SUCCESSOR.
         Notwithstanding anything contained herein to the contrary, from and
         after the consummation of a merger of Brush Merger Co. into the
         Corporation on the terms approved by the shareholders of the
         Corporation on May 2, 2000 (the "Merger")

                  (a)      Brush Engineered Materials Inc. ("BEM") will (i)
                           automatically succeed to the Corporation as the
                           issuer under this Plan, (ii) be assigned, accept and
                           assume all the powers, rights, liabilities,
                           obligations and duties of the Corporation immediately
                           prior to the time BEM succeeded to this Plan and
                           (iii) perform the terms of this Plan in the same
                           manner and to the same extent as the Corporation was
                           required to perform them immediately prior to the
                           succession;

                  (b)      The terms of this Plan will be binding upon and inure
                           to the benefit of BEM;

                  (c)      The term "Common Shares" will be interpreted to mean
                           shares of common stock of BEM, without par value,
                           subject to any adjustments authorized by Section 9 of
                           this Plan;

                  (d)      Each agreement entered into pursuant to this Plan
                           will be interpreted to be consistent with this Plan
                           to the extent that it would have been consistent with
                           this Plan had BEM not succeeded to Brush as issuer
                           hereunder; and

                  (3)      The Directors of Brush Engineered Materials Inc.
                           serving immediately after the Merger will be deemed
                           "Approved Directors" for purposes of this Plan."

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                  IN WITNESS WHEREOF, each of the undersigned has caused the
foregoing amendment to be duly executed and delivered.

                                   BRUSH WELLMAN INC.

                                   /s/ Michael C. Hasychak
                                   -------------------------------------------
                                   By:  Michael C. Hasychak
                                        Vice President, Secretary and Treasurer

                                   BRUSH ENGINEERED MATERIALS INC.

                                   /s/ Michael C. Hasychak
                                   -------------------------------------------
                                   By:  Michael C. Hasychak
                                        Vice President, Secretary and Treasurer

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