<PAGE>

                                                                     EXHIBIT 4.5

     THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
     AS AMENDED, OR ANY STATE SECURITIES LAWS.  THEY MAY NOT BE SOLD, OFFERED
     FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
     REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY
     BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH
     REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE
     STATE SECURITIES LAWS.

                                 WARRANT AGREEMENT

               To Purchase Shares of the Series G Preferred Stock of


                            OmniCell Technologies, Inc.

                  Dated as of July 7, 1995 (the "Effective Date")


       WHEREAS, Omnicell Technologies, Inc., a California corporation (the
"Company") has entered into a Receivables Loan and Security Agreement dated as
of July 7, 1995, (the "Loan Agreement") and a Promissory Note dated July 7, 1995
(the "Note") with Comdicso, Inc., a Delaware corporation (the "Warrantholder");
and

       WHEREAS, the Company desires to grant to Warrantholder, in consideration
for such Loan Agreement and Promissory Note, the right to purchase shares of its
Series Preferred Stock;

       NOW, THEREFORE, in consideration of the Warrantholder executing and
delivering such Loan Agreement and Promissory Note and in consideration of
mutual covenants and agreements contained herein, the Company and Warrantholder
agree as follows:

1.     GRANT OF THE RIGHT TO PURCHASE PREFERRED STOCK.

       The Company hereby grants to the Warrantholder, and the Warrantholder is
entitled, upon the terms and subject to the conditions hereinafter set forth, to
subscribe to and purchase from the Company, 11,102 fully paid and non-assessable
shares of the Company's Series G Preferred Stock ("Preferred Stock") at a
purchase price of $6.15 per share (the "Exercise Price").  The number and
purchase price of such shares are subject to adjustment as provided in Section 8
hereof.

2.     TERM OF THE WARRANT AGREEMENT.

       Except as otherwise provided for herein, the term of this Warrant
Agreement and the right to purchase Series G Preferred Stock as granted herein
shall commence on the Effective Date and shall be exercisable for a period of
(i) ten (10) years or (ii) five (5) years from the effective date of the
Company's initial public offering, whichever is longer.

3.     EXERCISE OF THE PURCHASE RIGHTS.

       The purchase rights set forth in this Warrant Agreement are exercisable
by the Warrantholder, in whole or in part, at any time, or from time to time,
prior to the expiration of the term set forth in Section 2 above, by tendering
to the Company at its principal office a notice of exercise in the form attached
hereto as Exhibit I (the "Notice of Exercise"), duly completed and executed.
Promptly upon receipt of the Notice of Exercise and the payment of the purchase
price in accordance with the terms set forth below, and in no event later than
twenty-one (21) days thereafter, the Company shall issue to the Warrantholder a
certificate for the number of shares of Preferred Stock purchased and shall
execute the Notice of Exercise indicating the number of shares which remain
subject to future purchases, if any and an acknowledgment of exercise duly
completed and executed in the form attached hereto as Exhibit III.


                                          1
<PAGE>

       The Exercise Price may be paid at the Warrantholder's election either (i)
by cash or check, (ii) by cancellation by Warrantholder or indebtedness of the
Company under the Loan Agreement and Note to Warrantholder, (iii) by surrender
of Warrants ("Net Issuance") as determined below, or (iv) by a combination of
(i), (ii), and (iii).  If the Warrantholder elects the Net Issuance method, the
Company will issue Preferred Stock in accordance with the following formula:

              X = Y(A-B)
                     A

Where:  X = the number of shares of Preferred Stock to be issued to the
Warrantholder.

       Y =   the number of shares of Preferred Stock requested to be exercised
under this Warrant Agreement.

       A = the fair market value of one (1) share of Preferred Stock (at the
date of calculation).

       B = the Exercise Price (as adjusted to the date of calculation).

       For purposes of the above calculation, current fair market value of
Preferred Stock shall mean with respect to each share of Preferred Stock:

       (i)    if the exercise is in connection with an initial public offering,
              and if the Company's Registration Statement relating to such
              public offering has been declared effective by the SEC, then the
              fair market value per share shall be the product of (x) the
              "Initial Price to Public" specified in the final prospectus with
              respect to the offering and (y) the number of shares of Common
              Stock into which each share of Preferred Stock is convertible at
              the time of such exercise:

       (ii)   If this Warrant is exercised after, and not in connection with the
              Company's initial public offering, and:

              (a)    if traded on a securities exchange, the fair market value
                     shall be deemed to be the product of (x) the average of the
                     closing prices over a twenty-one (21) day period ending
                     three days before the day the current fair market value of
                     the securities is being determined and (y) the number of
                     shares of Common Stock into which each share of Preferred
                     Stock is convertible at the time; or

              (b)    if actively traded over-the-counter, the fair market value
                     shall be deemed to be the produce of (x) the average of the
                     closing bid and asked prices quoted on the NASDAQ system
                     (or similar system) over the twenty-one (21) day period
                     ending three days before the day the current fair market
                     value of the securities is being determined and (y) the
                     number of shares of Common Stock into which each share of
                     Preferred Stock is convertible at the time of such
                     exercise;

       (iii)  if at any time the Common Stock is not listed on any securities
              exchange or quoted in the NASDAQ System or the over-the-counter
              market, the current fair market value of Preferred Stock shall be
              the product of (x) the highest price per share which the Company
              could obtain from a willing buyer (not a current employee or
              director) for shares of Common Stock sold by the Company, from
              authorized but unissued shares, as determined in good faith by its
              Board of Directors, and (y) the number of shares of Common Stock
              into which each share of Preferred Stock is convertible at the
              time of such exercise, unless the Company shall become subject to
              a merger, acquisition or other consolidation pursuant to which the
              Company is not the surviving party, in which case the fair market
              value of Common Stock shall be deemed to be the value received by
              the holders of the Company's Preferred Stock on a common
              equivalent basis pursuant to such merger or acquisition.

       Upon partial exercise by any method, the Company shall promptly issue an
amended Warrant Agreement representing the remaining number of shares
purchasable hereunder.  All other terms and conditions of such


                                          2
<PAGE>

amended Warrant Agreement shall be identical to those contained herein,
including, but not limited to the Effective Date hereof.

4.     RESERVATION OF SHARES.

       (a)    Authorization and Reservation of Shares.  During the term of this
Warrant Agreement, the Company will at all times have authorized and reserved a
sufficient number of shares of its Preferred Stock to provide for the exercise
of the rights to purchase Preferred Stock as provided for herein.

       (b)    Registration or Listing.  If any shares of Preferred Stock
required to be reserved hereunder require registration with or approval of any
governmental authority under any Federal or State law (other than any
registration under the 1933 Act, as then in effect, or any similar Federal
statute then enforced, or any state securities law, required by reason of any
transfer involved in such conversion), or listing on any domestic securities
exchange, before such shares may be issued upon conversion, the Company will, at
its expense and as expeditiously as possible, use its best efforts to cause such
shares to be duly registered, listed or approved for listing on such domestic
securities exchange, as the case may be.

5.     NO FRACTIONAL SHARES OR SCRIP.

       No fractional shares or scrip representing fractional shares shall be
issued upon the exercise of the Warrant, but in lieu of such fractional shares
the Company shall make a cash payment therefor upon the basis of the Exercise
Price then in effect.

6.     NO RIGHTS AS SHAREHOLDER.

       This Warrant Agreement does not entitle the Warrantholder to any voting
rights or other rights as a shareholder of the Company prior to the exercise of
the Warrant.

7.     WARRANTHOLDER REGISTRY.

       The Company shall maintain a registry showing the name and address of the
registered holder of this Warrant Agreement.

8.     ADJUSTMENT RIGHTS.

       The purchase price per share and the number of shares of Preferred Stock
purchasable hereunder are subject to adjustment, as follows:

       (a)    Merger and Sale of Assets.  If at any time there shall be a
capital reorganization of the shares of the Company's stock (other than a
combination, reclassification, exchange or subdivision of shares otherwise
provided for herein), or a merger or consolidation of the Company with or into
another corporation when the Company is not the surviving corporation, or the
sale of all or substantially all of the Company's properties and assets to any
other person (hereinafter referred to as a "Merger Event"), then, as a part of
such Merger Event, lawful provision shall be made so that the Warrantholder
shall thereafter be entitled to receive, upon exercise of the Warrant, the
number of shares of preferred stock or other securities of the successor
corporation resulting from such Merger Event, equivalent in value to that which
would have been issuable if Warrantholder had exercised this Warrant immediately
prior to the Merger Event.  In any such case, appropriate adjustment (as
determined in good faith by the Company's Board of Directors) shall be made in
the application of the provisions of this Warrant Agreement with respect to the
rights and interest of the Warrantholder after the Merger Event to the end that
the provisions of this Warrant Agreement (including adjustments of the Exercise
Price and number of shares of Preferred Stock purchasable) shall be applicable
to the greatest extent possible.

       (b)    Reclassification of Shares.  If the Company at any time shall, by
combination, reclassification, exchange or subdivision of securities or
otherwise, change any of the securities as to which purchase rights under this
Warrant Agreement exist into the same or a different number of securities of any
other class or classes, this Warrant Agreement shall thereafter represent the
right to acquire such number and kind of securities as would have


                                          3
<PAGE>

been issuable as the result of such change with respect to the securities which
were subject to the purchase rights under this Warrant Agreement immediately
prior to such combination, reclassification, exchange, subdivision or other
change.

       (c)    Subdivision or Combination of Shares.  If the Company at any time
shall combine or subdivide its Preferred Stock, the Exercise Price shall be
proportionately decreased in the case of a subdivision, or proportionately
increased in the case of a combination.

       (d)    Stock Dividends.  If the Company at any time shall pay a dividend
payable in, or make any other distribution (except any distribution specifically
provided for in the foregoing subsections (a) or (b)) of the Company's stock,
then the Exercise Price shall be adjusted, from and after the record date of
such dividend or distribution, to that price determined by multiplying the
Exercise Price in effect immediately prior to such record date by a fraction (i)
the numerator of which shall be the total number of all shares of the Company's
stock outstanding immediately prior to such dividend or distribution, and (ii)
the denominator of which shall be the total number of all shares of the
Company's stock outstanding immediately after such dividend or distribution.
The Warrantholder shall thereafter be entitled to purchase, at the Exercise
Price resulting from such adjustment, the number of shares of Preferred Stock
(calculated to the nearest whole share) obtained by multiplying the Exercise
Price in effect immediately prior to such adjustment by the number of shares of
Preferred Stock issuable upon the exercise hereof immediately prior to such
adjustment and dividing the product thereof by the Exercise Price resulting from
such adjustment.

       (e)    Right to Purchase Additional Stock.  If the principal under the
Note is not repaid in full on or before _______________________, then on the
first day of each month commencing on _________________, the Warrantholder shall
have the right to purchase from the Company, at the Exercise Price per share
specified in Section 1 (which price may be subject to adjustment from time to
time as provided for in this Section 8), an additional number of shares of
Preferred Stock, which number shall be determined by (i) multiplying the
Principal Amount of the Note outstanding on each such date by one percent (1%),
and (ii) dividing the product thereof by the Exercise Price per share referenced
above.  The Warrantholder shall be entitled to receive additional shares subject
to Warrant pursuant to the above provision until such time as the principal is
repaid in full.  The above grant of rights to purchase additional shares of
Preferred Stock does not, and is not intended to, replace or limit any other
rights or remedies the Warrantholder, Lender or their affiliates may have with
respect to the Company, under the Loan Agreement, the Note or otherwise.

       (f)    Antidilution Rights.  Additional antidilution rights applicable to
the Preferred Stock purchasable hereunder are as set forth in the Company's
Articles of Incorporation, as amended through the Effective Date, a true and
complete copy of which is attached hereto as Exhibit IV (the "Charter").  The
Company shall promptly provide the Warrantholder with any restatement,
amendment, modification or waiver of the Charter.  The Company shall provide
Warrantholder with prior written notice of any issuance of its stock or other
equity security to occur after the Effective Date of this Warrant, which notice
shall include (a) the price at which such stock or security is to be sold, (b)
the number of shares to be issued, and (c) such other information as necessary
for Warrantholder to determine if a dilutive event has occurred.

       (g)    Notice of Adjustments.  If:  (i) the Company shall declare any
dividend or distribution upon its stock, whether in cash, property, stock or
other securities; (ii) the Company shall offer for subscription prorata to the
holders of any class of its Preferred or other convertible stock any additional
shares of stock of any class or other rights; (iii) there shall be any Merger
Event; (iv) there shall be a public offering; or (v) there shall be any
voluntary or involuntary dissolution, liquidation or winding up of the Company;
then, in connection with each such event, the Company shall send to the
Warrantholder:  (A) at least twenty (20) days' prior written notice of the date
on which the books of the Company shall close or a record shall be taken for
such dividend, distribution, subscription rights (specifying the date on which
the holders of Preferred Stock shall be entitled thereto) or for determining
rights to vote in respect of such Merger Event, dissolution, liquidation or
winding up; (B) in the case of any such Merger Event, dissolution, liquidation
or winding up, at least twenty (20) days' prior written notice of the date when
the same shall take place (and specifying the date on which the holders of
Preferred Stock shall be entitled to exchange their Preferred Stock for
securities or other property deliverable upon such Merger Event, dissolution,
liquidation or winding up); and (C) in the case of a public offering, the
Company shall give Warrantholder at least twenty (20) days written notice prior
to the effective date thereof.


                                          4
<PAGE>

       Each such written notice shall set forth, in reasonable detail, (i) the
event requiring the adjustment, (ii) the amount of the adjustment, (iii) the
method by which such adjustment was calculated,  (iv) the Exercise Price, and
(v) the number of shares subject to purchase hereunder after giving effect to
such adjustment, and shall be given by first class mail, postage prepaid,
addressed to the Warrantholder, at the address as shown on the books of the
Company.

       (h)    Timely Notice.  Failure to timely provide such notice required by
subsection (g) above shall entitle Warrantholder to retain the benefit of the
applicable notice period notwithstanding anything to the contrary contained in
any insufficient notice received by Warrantholder.  The notice period shall
begin on the date Warrantholder actually receives a written notice containing
all the information specified above.

9.     REPRESENTAIONTS, WARRANTIES AND COVENANT S OF THE COMPANY.

       (a)    Reservation of Preferred Stock.  The Preferred Stock issuable upon
exercise of the Warrantholder's rights has been duly and validly reserved and,
when issued in accordance with the provisions of this Warrant Agreement, will be
validly issued, fully paid and non-assessable, and will be free of any taxes,
liens, charges or encumbrances of any nature whatsoever; provided, however, that
the Preferred Stock issuable pursuant to this Warrant Agreement may be subject
to restrictions on transfer under state and/or Federal securities laws.  The
Company has made available to the Warrantholder true, correct and complete
copies of its Charter and Bylaws, as amended, and minutes of the Board of
Directors (including all committees of the Board of Directors, if any) meeting
of April 4, 1995.  The issuance of certificates for shares of Preferred Stock
upon exercise of the Warrant Agreement shall be made without charge to the
Warrantholder for any issuance tax in respect thereof, or other cost incurred by
the Company in connection with such exercise and the related issuance of shares
of Preferred Stock.  The Company shall not be required to pay any tax which may
be payable in respect of any transfer involved and the issuance and delivery of
any certificate in a name other than that of the Warrantholder.

       (b)    Due Authority.  The execution and delivery by the Company of this
Warrant Agreement and the performance of all obligations of the Company
hereunder, including the issuance to Warrantholder of the right to acquire the
shares of Preferred Stock, have been duly authorized by all necessary corporate
action on the part of the Company, and the Loan Agreement, Note and this Warrant
Agreement are not inconsistent with the Company's Charter or Bylaws, do not
contravene any law or governmental rule, regulation or order applicable to it,
do not and will not contravene any provision of, or constitute a default under,
any indenture, mortgage, contract or other instrument to which it is a party or
by which it is bound, and the Loan Agreement, Note and this Warrant Agreement
constitute legal, valid and binding agreements of the Company, enforceable in
accordance with their respective terms.

       (c)    Consents and Approvals.  No consent or approval of, giving of
notice to, registration with, or taking of any other action in respect of any
state, Federal or other governmental authority or agency is required with
respect to the execution, delivery and performance by the Company of its
obligations under this Warrant Agreement, except for the filing of notices
pursuant to Regulation D under the 1933 Act, if any, and applicable state
securities law, which filings will be effective by the time required thereby.

       (d)    Issued Securities.  All issued and outstanding shares of Common
Stock, Preferred Stock or any other securities of the Company have been duly
authorized and validly issued and are fully paid and nonassessable.  All
outstanding shares of Common Stock, Preferred Stock and any other securities
were issued in full compliance with all Federal and state securities laws.  In
addition:

       (i)    The authorized capital of the Company consists of (A) 20,000,000
shares of Common Stock, of which 1,602,557 shares are issued and outstanding,
and (B) 7,000,000 shares of Preferred stock, of which 4,933,113 shares are
issued and outstanding, such Preferred stock consisting of (1) 240,000 shares of
Series A of which 240,000 are issued and outstanding; (2) 160,333 shares of
Series B of which 160,333 are issued and outstanding; (3) 850,000 shares of
Series C of which 850,000 are issued and outstanding; (4) 664,000 shares of
Series D of which 654,742 are issued and outstanding; (5) 983,000 shares of
series E of which 982,631 are issued and outstanding; (6) 2,000,000 shares of
Series F of which 1,948,090 are outstanding; and (7) 1,000,000 shares of Series
G of which 97,317 are issued and outstanding, and are convertible into 5,872,734
shares of Common Stock.


                                          5
<PAGE>

       (ii)   The Company has reserved 2,610,000 shares of Common Stock for
issuance under its Incentive Stock Option Plan, under which 2,370,987 options
are outstanding at an average price of $.50-.75 per share.  There are no other
options, warrants, conversion privileges or other rights presently outstanding
to purchase or otherwise acquire any authorized but unissued shares of the
Company's capital stock or other securities of the Company.

       (iii)  In accordance with the Company's Charter, no shareholder of the
Company has preemptive rights to purchase new issuances of the Company's capital
stock.

       (e)    Insurance.  The Company has in full force and effect insurance
policies, with extended coverage, insuring the Company and its property and
business against such losses and risks, and in such amounts, as are customary
for corporations engaged in a similar business and similarly situated and as
otherwise may be required pursuant to the terms of any other contract or
agreement.

       (f)    Other Commitments to Register Securities.  Except as set forth in
this Warrant Agreement, the Company is not, pursuant to the terms of any other
agreement currently in existence, under any obligation to register under the
1933 Act any of its presently outstanding securities or any of its securities
which may hereafter be issued.

       (g)    Exempt Transaction.  Subject to the accuracy of the
Warrantholder's representations in Section 10 hereof, the issuance of the
Preferred Stock upon exercise of this Warrant will constitute a transaction
exempt from (i) the registration requirements of Section 5 of the 1933 Act, in
reliance upon Section 4(2) thereof, and (ii) the qualification requirements of
the applicable state securities laws.

       (h)    Compliance with Rule 144.  At the written request of the
Warrantholder, who proposes to sell Preferred Stock issuable upon the exercise
of the Warrant in compliance with Rule 144 promulgated by the Securities and
Exchange Commission, the Company shall furnish to the Warrantholder, within ten
days after receipt of such request, a written statement confirming the Company's
compliance with the filing requirements of the Securities and Exchange
Commission as set forth in such Rule, as such Rule may be amended from time to
time.

10.    REPRESENTATIONS AND COVENANT SOF THE WARRANTHOLDER.

       This Warrant Agreement has been entered into by the Company in reliance
upon the following representations and covenants of the Warrantholder:

       (a)    Investment Purpose.  The right to acquire Preferred Stock or the
Preferred Stock issuable upon exercise of the Warrantholder's rights contained
herein will be acquired for investment and not with a view to the sale or
distribution of any part thereof, and the Warrantholder has no present intention
of selling or engaging in any public distribution of the same except pursuant to
a registration or exemption.

       (b)    Private Issue.  The Warrantholder understands (i) that the
Preferred Stock issuable upon exercise of this Warrant is not registered under
the 1933 Act or qualified under applicable state securities laws on the ground
that the issuance contemplated by this Warrant Agreement will be exempt from the
registration and qualifications requirements thereof, and (ii) that the
Company's reliance on such exemption is predicated on the representations set
forth in this Section 10.

       (c)    Disposition of Warrantholder's Rights.  In no event will the
Warrantholder make a disposition of any of its rights to acquire Preferred Stock
or Preferred Stock issuable upon exercise of such rights unless and until (i) it
shall have notified the Company of the proposed disposition, and (ii) if
requested by the Company, it shall have furnished the Company with an opinion of
counsel (which counsel may either be inside of outside counsel to the
Warrantholder) satisfactory to the Company and its counsel to the effect that
(A) appropriate action necessary for compliance with the 1933 Act has been
taken, or (B) an exemption from the registration requirements of the 1933 Act is
available.  Notwithstanding the foregoing, the restrictions imposed upon the
transferability of any of its rights to acquire Preferred Stock or Preferred
Stock issuable on the exercise of such rights do not apply to transfers from the
beneficial owner of any of the aforementioned securities to its nominee or from
such nominee to its beneficial owner, and shall terminate as to any particular
share of Preferred Stock when (1) such security shall have been effectively
registered under the 1933 Act and sold by the holder thereof in accordance with
such registration or (2) such security shall have been sold without registration
in compliance with Rule 144 under the 1933 Act, or (3) a


                                          6
<PAGE>

letter shall have been issued to the Warrantholder at its request by the staff
of the Securities and Exchange Commission or a ruling shall have been issued to
the Warrantholder at its request by such Commission stating that no action shall
be recommended by such staff or taken by such Commission, as the case may be, if
such security is transferred without registration under the 1933 Act in
accordance with the conditions set forth in such letter or ruling and such
letter or ruling specifies that no subsequent restrictions on transfer are
required.  Whenever the restrictions imposed hereunder shall terminate, as
hereinabove provided, the Warrantholder or holder of a share of Preferred Stock
then outstnding as to which such restrictions have terminated shall be entitled
to receive from the Company, without expense to such holder, one or more new
certificates for the Warrant or for such shares of Preferred Stock not bearing
any restrictive legend.

       (d)    Financial Risk.  The Warrantholder has such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of its investment, and has the ability to bear the economic
risks of its investment.

       (e)    Risk of No Registration.  The Warrantholder understands that if
the Company does not register with the Securities and Exchange Commission
pursuant to Section 12 of the 1933 Act, or file reports pursuant to Section
15(d), of the Securities Exchange Act of 1934 (the "1934 Act"), or if a
registration statement covering the securities under the 1933 Act is not in
effect when it desires to sell (i) the rights to purchase Preferred Stock
pursuant to this Warrant Agreement, or (ii) the Preferred Stock issueable upon
exercise of the right to purchase, it may be required to hold such securities
for an indefinite period.  The Warrantholder also understands that any sale of
its rights of the Warrantholder to purchase Preferred Stock or Preferred Stock
which might be made by it in reliance upon Rule 144 under the 1933 Act may be
made only in accordance with the terms and conditions of that Rule.

       (f)    Accredited Investor.  Warrantholder is an "accredited investor"
within the meaning of the Securities and Exchange Rule 501 of Regulation D, as
presently in effect.

11.    TRANSFERS.  Subject to the terms and conditions contained in Section 10
hereof, this Warrant Agreement and all rights hereunder are transferable in
whole or in part by the Warrantholder and any successor transferee, provided,
however, in no event shall the number of transfers of the rights and interests
in all of the Warrants exceed three (3) transfers.  The transfer shall be
recorded on the books of the Company upon receipt by the Company of a notice of
transfer in the form attached hereto as Exhibit II (the "Transfer Notice"), at
its principal offices and the payment to the Company of all transfer taxes and
other governmental charges imposed on such transfer.

12.    MISCELLANEOUS.

       (a)    Effective Date.  The provisions of this Warrant Agreement shall be
construed and shall be given effect in all respects as if it had been executed
and delivered by the Company on the date hereof.  This Warrant Agreement shall
be binding upon any successors or assigns of the Company.

       (b)    Attorney's Fees.  In any litigation, arbitration or court
proceeding between the Company and the Warrantholder relating hereto, the
prevailing party shall be entitled to attorneys' fees and expenses and all costs
of proceedings incurred in enforcing this Warrant Agreement.

       (c)    Governing Law.  This Warrant Agreement shall be governed by and
construed for all purposes under and in accordance with the laws of the State of
Illinois.

       (d)    Counterparts.  This Warrant Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

       (e)    Notices.  Any notice required or permitted hereunder shall be
given in writing and shall be deemed effectively given upon personal delivery,
facsimile transmission (provided that the original is sent by personal delivery
or mail as hereinafter set forth) or seven (7) days after deposit in the United
States mail, by registered or certified mail, addressed (i) to the Warrantholder
at Comdisco Ventures, 6111 North River Road, Rosemont, Illinois  6001_, cc:
Legal Department, attention:  General Counsel (and/or, if by facsimile, (708)
510-5465 and (708) 51_-5088) and (ii) to the Company at 1101 East Meadow Drive,
Palo Alto, CA  94300,  (and/or if by facsimile, (415)


                                          7
<PAGE>

843-6294) or at such other address as any such party may subsequently designate
by written notice to the other party.

       (f)    Remedies.  In the event of any default hereunder, the
non-defaulting party may proceed to protect and enforce its rights either by
suit in equity and/or by action at law, including but not limited to an action
for damages as a result of any such default, and/or an action for specific
performance for any default where Warrantholder will not have an adequate remedy
at law and where damages will not be readily ascertainable.  The Company
expressly agrees that it shall not oppose an application by the Warrantholder or
any other person entitled to the benefit of this Agreement requiring specific
performance of any or all provisions hereof or enjoining the Company from
continuing to commit any such breach of this Agreement.

       (g)    No Impairment of Rights.  The Company will not, by amendment of
its Charter or through any other means, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms and in the taking of all such
actions as may be necessary or appropriate in order to protect the rights of the
Warrantholder against impairment.

       (h)    Survival.  The representations, warranties, covenants and
conditions of the respective parties contained herein or made pursuant to this
Warrant Agreement shall survive the execution and delivery of this Warrant
Agreement.

       (i)    Severability.  In the event any one or more of the provisions of
this Warrant Agreement shall for any reason be held invalid, illegal or
unenforceable, the remaining provisions of this Warrant Agreement shall be
unimpaired, and the invalid, illegal or unenforceable provision shall be
replaced by a mutually acceptable valid, legal and enforceable provision, which
comes closest to the intention of the parties underlying the invalid, illegal or
unenforceable provision.

       (j)    Amendments.  Any provision of this Warrant Agreement may be
amended by a written instrument signed by the Company and by the Warrantholder.

       (k)    Additional Documents.  The Company, upon execution of this Warrant
Agreement, shall provide the Warrantholder with certified resolutions with
respect to the representations, warranties and covenants set forth in
subparagraphs (a) through (d), (f) and (g) of Section 9 above.  The Company
shall also supply such other documents as the Warrantholder may from time to
time reasonably request.

       IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement
to be executed by its officers thereunto duly authorized as of the Effective
Date.

                              Company:  OMNICELL TECHNOLGOIES, INC.

                              By: /s/ Chris Gardener
                                  ------------------------------------
                              Title: Corporate Controller
                                     ---------------------------------
                              Warrantholder:  COMDISCO, INC.

                              By: /s/ James P. Labe
                                  -------------------------------------
                              Title: President
                                     ----------------------------------

                                          8
<PAGE>

                                     EXHIBIT I

                                 NOTICE OF EXERCISE


To:    ______________________________

(1)    The undersigned Warrantholder hereby elects to purchase ____ shares of
       the Series G Preferred Stock of ___________________, pursuant to the
       terms of the Warrant Agreement dated the ___ day of _______________, 19__
       (the "Warrant Agreement") between ______________________________ and the
       Warrantholder, and tenders herewith payment of the purchase price for
       such shares in full, together with all applicable transfer taxes, if any.

(2)    In exercising its rights to purchase the Series G Preferred Stock of
       ____________________________________, the undersigned hereby confirms and
       acknowledges the investment representations and warranties made in
       Section 10 of the Warrant Agreement.

(3)    Please issue a certificate or certificates representing said shares of
       Series G Preferred Stock in the name of the undersigned or in such other
       name as is specified below.

________________________________
(Name)
________________________________
(Address)

Warrantholder:  COMDISCO, INC.

By: ____________________________

Title: ___________________________

Date: ___________________________


                                          9
<PAGE>

                                     EXHIBIT II

                                  TRANSFER NOTICE


(To transfer or assign the foregoing Warrant Agreement execute this form and
supply required information.  Do not use this form to purchase shares.)

       FOR VALUE RECEIVED, the foregoing Warrant Agreement and all rights
evidenced thereby are hereby transferred and assigned to

_________________________________________________________
(Please Print)

whose address is ___________________________________________

_________________________________________________________

       Dated _____________________________________________

       Holder's Signature ___________________________________

       Holder's Address ____________________________________

       ___________________________________________________

Signature Guaranteed: ________________________________________

NOTE:  The signature to this Transfer Notice must correspond with the name as it
appears on the face of the Warrant Agreement, without alteration or enlargement
or any change whatever.  Officers of corporations and those acting in a
fiduciary or other representative capacity should file proper evidence of
authority to assign the foregoing Warrant Agreement.


                                          10
<PAGE>

                                    EXHIBIT III

                             ACKNOWLEGEMENT OF EXERCISE


       The undersigned _____________________________, hereby acknowledge receipt
of the "Notice of Exercise" from Comdicso, Inc., to purchase ____ shares of the
Series G Preferred Stock of ________________, pursuant to the terms of the
Warrant Agreement, and further acknowledges that _____ shares remain subject to
purchase under the terms of the Warrant Agreement.

                              Company:

                              By: _____________________________________

                              Title: ____________________________________

                              Date: ____________________________________


                                          11