<PAGE>   1

                                                                     Exhibit 4.6


THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION MAY BE EFFECTED
WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION
OF COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY AND ITS
COUNSEL, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION
LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE
COMPLYING WITH THE PROVISIONS OF SECTION 7 OF THIS WARRANT.


                               VIXEL CORPORATION

                        WARRANT TO PURCHASE 5,000 SHARES
                          OF SERIES C PREFERRED STOCK

        THIS CERTIFIES THAT, for value received, SILICON VALLEY BANK is entitled
to subscribe for and purchase 5,000 shares of the fully paid and nonassessable
Series C Preferred Stock, $0.001 par value (as adjusted pursuant to Section 4
hereof, the "Shares") of VIXEL CORPORATION, a Delaware corporation (the
"Company"), at the price of Three Dollars and Fifty Cents ($3.50) per share
(such price and such other price as shall result, from time to time, from the
adjustments specified in Section 4 hereof is herein referred to as the
"Warrant Price"), subject to the provisions and upon the terms and conditions
hereinafter set forth. As used herein, (a) the term "Series Preferred" shall
mean the Company's presently authorized Series C Preferred Stock, and any stock
into or for which such Series C Preferred Stock may hereafter be converted or
exchanged, including the conversion of all Series Preferred into Common Stock
pursuant to the Company's Restated Certificate of Incorporation (b) the term
"Date of Grant" shall mean February 27, 1996, and (c) the term "Other Warrants"
shall mean any other warrants issued by the Company in connection with the
transaction with respect to which this Warrant was issued, and any warrant
issued upon transfer or partial exercise of this Warrant. The term "the Warrant"
or "this Warrant" as used herein shall be deemed to include Other Warrants
unless the context clearly requires otherwise.

        1.    Term. The purchase right represented by this Warrant is
exercisable, in whole or in part, at any time and from time to time from the
Date of Grant through the later of (i) eight (8) years after the Date of Grant
or (ii) five (5) years after the closing of the Company's initial public
offering of its Common Stock effected pursuant to a Registration Statement on
Form S-1 (or its successor) filed  under the Securities Act of 1933, as amended
(the "Act"). Upon request of the Company, the holder of this Warrant agrees to
exercise the purchase right under this Warrant (including without limitation by
way of net issuance as provided in paragraph 10.3) upon the sale of all of the
assets or stock of the Company.

<PAGE>   2
    2.   Method of Exercise; Payment; Issuance of New Warrant. Subject to
Section 1 hereof, the purchase right represented by this Warrant may be
exercised by the holder hereof, in whole or in part and from time to time, by
either, at the election of the holder hereof, (a) the surrender of this Warrant
(with the notice of exercise form attached hereto as Exhibit A duly executed)
at the principal office of the Company and by the payment to the Company, by
check, of an amount equal to the then applicable Warrant Price multiplied by
the number of Shares then being purchased, or (b) if in connection with a
registered public offering of the Company's securities, the surrender of this
Warrant (with the notice of exercise form attached hereto as Exhibit A-1 duly
executed) at the principal office of the Company together with notice of
arrangements reasonably satisfactory to the Company for payment to the Company
either by check or from the proceeds of the sale of shares to be sold by the
holder in such public offering of an amount equal to the then applicable
Warrant Price per share multiplied by the number of Shares then being
purchased. The person or persons in whose name(s) any certificate(s)
representing shares of Series Preferred shall be issuable upon exercise of this
Warrant shall be deemed to have become the holder(s) of record of, and shall be
treated for all purposes as the record holder(s) of, the shares represented
thereby (and such shares shall be deemed to have been issued) immediately prior
to the close of business on the date or dates upon which this Warrant is
exercised. In the event of any exercise of the rights represented by this
Warrant, certificates for the shares of stock so purchased shall be delivered
to the holder hereof as soon as possible and in any event within thirty days
after such exercise and, unless this Warrant has been fully exercised or
expired, a new Warrant representing the portion of the Shares, if any, with
respect to which this Warrant shall not then have been exercised shall also be
issued to the holder hereof as soon as possible and in any event within such
thirty-day period.

     3.   Stock Fully Paid; Reservation of Shares. All Shares that may be
issued upon the exercise of the rights represented by this Warrant will, upon
issuance pursuant to the terms and conditions herein, be fully paid and
nonassessable, and free from all taxes, liens and charges with respect to the
issue thereof. During the period within which the rights represented by this
Warrant may be exercised, the Company will at all times have authorized, and
reserved for the purpose of the issue upon exercise of the purchase rights
evidenced by this Warrant, a sufficient number of shares of its Series
Preferred to provide for the exercise of the rights represented by this Warrant
and a sufficient number of shares of its Common Stock to provide for the
conversion of the Series Preferred into Common Stock. Upon conversion of all
outstanding shares of Series C Preferred Stock into Common Stock pursuant to the
Company's Restated Certificate of Incorporation, the Warrant shall thereafter be
exercisable only for Common Stock.

     4.   Adjustment of Warrant Price and Number of Shares. The number and kind
of securities purchasable upon the exercise of this Warrant and the Warrant
Price shall be subject to adjustment from time to time upon the occurrence of
certain events, as follows:


                                       2
<PAGE>   3
          (a)  Reclassification or Merger. In case of any reclassification,
change or conversion of securities of the class issuable upon exercise of this
Warrant (other than a change in par value, or from par value to no par value, or
from no par value to par value, or as a result of a subdivision or
combination), or in case of any merger of the Company with or into another
corporation (other than a merger with another corporation in which the Company
is the acquiring and the surviving corporation and which does not result in any
reclassification or change of outstanding securities issuable upon exercise of
this Warrant), or in case of any sale of all or substantially all of the assets
of the Company, the Company, or such successor or purchasing corporation, as
the case may be, shall duly execute and deliver to the holder of this Warrant a
new Warrant (in form and substance satisfactory to the holders of this Warrant),
so that the holder of this Warrant shall have the right to receive, at a total
purchase price not to exceed that payable upon the exercise of the unexercised
portion of this Warrant, and in lieu of the shares of Series Preferred
theretofore issuable upon exercise of this Warrant, the kind and amount of
shares of stock, other securities, money and property receivable upon such
reclassification, change or merger by a holder of the number of shares of Series
Preferred then purchasable under this Warrant. Such new Warrant shall provide
for adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 4. In addition, in the event that all
the authorized shares of Series Preferred are converted into shares of Common
Stock or any other series or class of capital stock of the Company or in the
case of any amendment or waiver of any of the terms of the antidilution
protection of the Series Preferred, then this Warrant shall be deemed to be
amended so that the holder of this Warrant shall continue to be entitled to
antidilution protection as nearly equivalent as may be practicable to the
antidilution protection applicable to the Series Preferred on the Date of Grant,
and the Company shall duly execute and deliver to the holder of this Warrant a
supplement hereto to such effect, in form and substance satisfactory to the
holder of this Warrant. The provisions of this subparagraph (a) shall similarly
apply to successive reclassifications, changes, mergers, consolidations,
transfers, amendments and waivers.

          (b)  Subdivision or Combination of Shares. If the Company at any time
while this Warrant remains outstanding and unexpired shall subdivide or combine
its outstanding shares of Series Preferred, the Warrant Price shall be
proportionately decreased in the case of a subdivision or increased in the case
of a combination, effective at the close of business on the date the subdivision
or combination becomes effective.

          (c)  Stock Dividends and Other Distributions. If the Company at any
time while this Warrant is outstanding and unexpired shall (i) pay a dividend
with respect to Series Preferred payable in Series Preferred, or (ii) make any
other distribution with respect to Series Preferred (except any distribution
specifically provided for in the foregoing subparagraphs (a) and (b)) of Series
Preferred, then the Warrant Price shall be adjusted, from and after the date of
determination of shareholders entitled to receive such dividend or
distribution, to that price


                                       3

<PAGE>   4
determined by multiplying the Warrant Price in effect immediately prior to such
date of determination by a fraction (i) the numerator of which shall be the
total number of shares of Series Preferred outstanding immediately prior to such
dividend or distribution, and (ii) the denominator of which shall be the total
number of shares of Series Preferred outstanding immediately after such
dividend or distribution.

          (d)  Adjustment of Number of Shares. Upon each adjustment in the
Warrant Price, the number of Shares of Series Preferred purchasable hereunder
shall be adjusted, to the nearest whole share, to the product obtained by
multiplying the number of Shares purchasable immediately prior to such
adjustment in the Warrant Price by a fraction, the numerator of which shall be
the Warrant Price immediately prior to such adjustment and the denominator of
which shall be the Warrant Price immediately thereafter.

          (e)  Antidilution Rights. The other antidilution rights applicable to
the Shares and the Common Stock of the Company are set forth in the Investors'
Rights Agreement dated as of October 6, 1995, as amended, by and among the
Company and the investors who are signatories thereto.

     5.   Notice of Adjustments. Whenever the Warrant Price or the number of
Shares purchasable hereunder shall be adjusted pursuant to Section 4 hereof, the
Company shall make a certificate signed by its chief financial officer setting
forth, in reasonable detail, the event requiring the adjustment, the amount of
the adjustment, the method by which such adjustment was calculated, and the
Warrant Price and the number of Shares purchasable hereunder after giving
effect to such adjustment, which shall be mailed (without regard to Section 13
hereof, by first class mail, postage prepaid) to the holder of this Warrant. In
addition, whenever the conversion price or conversion ratio of the Series
Preferred shall be adjusted, the Company shall make a certificate signed by its
chief financial officer setting forth, in reasonable detail, the event
requiring the adjustment, the amount of the adjustment, the method by which
such adjustment was calculated, and the conversion price or ratio of the Series
Preferred after giving effect to such adjustment, and shall cause copies of
such certificate to be mailed (without regard to Section 13 hereof, by first
class mail, postage prepaid) to the holder of this Warrant.

     6.   Fractional Shares. No factional shares of Series Preferred will be
issued in connection with any exercise hereunder, but in lieu of such
fractional shares the Company shall make a cash payment therefor based on the
fair market value of the Series Preferred on the date of exercise as reasonably
determined in good faith by the Company's Board of Directors.

     7.   Compliance with Securities Act: Disposition of Warrant or Shares of
Series Preferred.

          (a)  Compliance with Securities Act. The holder of this Warrant, by
acceptance hereof, agrees that this Warrant, and the shares of Series Preferred
to be


                                       4
<PAGE>   5
issued upon exercise hereof and any Common Stock issued upon conversion thereof
are being acquired for investment and that such holder will not offer, sell or
otherwise dispose of this Warrant, or any shares of Series Preferred to be
issued upon exercise hereof or any Common Stock issued upon conversion thereof
except under circumstances which will not result in a violation of the Act.
upon exercise of this Warrant, unless the Shares being acquired are registered
under the Act or an exemption from such registration is available, the holder
hereof shall confirm in writing, by executing the form attached as Schedule 1
to Exhibit A hereto, that the shares of Series Preferred so purchased (and any
shares of Common Stock issued upon conversion thereof) are being acquired for
investment and not with a view toward distribution or resale. This Warrant and
all shares of Series Preferred issued upon exercise of this Warrant and all
shares of Common Stock issued upon conversion thereof (unless registered under
the Act) shall be stamped or imprinted with a legend in substantially the
following form:

     "THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NO SALE OR
DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS
RELATED THERETO, (ii) AN OPINION OF COUNSEL FOR THE HOLDER, REASONABLY
SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATIONS ARE NOT
REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL
AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 7 OF
THE WARRANT UNDER WHICH THESE SECURITIES WERE ISSUED, DIRECTLY OR INDIRECTLY."

     In addition, in connection with the issuance of this Warrant, the holder
specifically represents to the Company by acceptance of this Warrant as follows:

     (1)  The holder is aware of the Company's business affairs and financial
condition, and has acquired information about the Company sufficient to reach
an informed and knowledgeable decision to acquire this Warrant. The holder is
acquiring this Warrant for its own account for investment purposes only and not
with a view to, or for the resale in connection with, any "distribution"
thereof for purposes of the Act.

     (2)  The holder understands that this Warrant has not been registered
under the Act in reliance upon a specific exemption therefrom, which exemption
depends upon, among other things, the bona fide nature of the holder's
investment intent as expressed herein. In this connection, the holder
understands that, in the view of the SEC, the statutory basis for such exemption
may be unavailable if the holder's representation was predicated solely upon a
present intention to hold the Warrant for the minimum capital gains period
specified under tax statutes, for a deferred sale, for or until an increase or
decrease in the market price of the Warrant, or for a period of one year or any
other fixed period in the future.


                                       5
<PAGE>   6
     (3)  The holder further understands that this Warrant must be held
indefinitely unless subsequently registered under the Act and any applicable
state securities laws, or unless exemptions from registration are otherwise
available. Moreover, the holder understands that, except as provided in Section
9 hereof, the Company is under no obligation to register this Warrant.

     (4)  The holder is aware of the provisions of Rule 144 and 144A,
promulgated under the Act, which, in substance, permit limited public resale of
"restricted securities" acquired, directly or indirectly, from the issuer
thereof (or from an affiliate of such issuer), in a non-public offering subject
to the satisfaction of certain conditions, if applicable, including, among
other things: The availability of certain public information about the Company,
the resale occurring not less than two years after the party has purchased and
paid for the securities to be sold; the sale being made through a broker in an
unsolicited "broker's transaction" or in transactions directly with a market
maker (as said term is defined under the Securities Exchange Act of 1934, as
amended) and the amount of securities being sold during any three-month period
not exceeding the specified limitations stated therein.

     (5)  The holder further understands that at the time it wishes to sell
this Warrant there may be no public market upon which to make such a sale, and
that, even if such a public market then exists, the Company may not be
satisfying the current public information requirements of Rule 144 and 144A,
and that, in such event, the holder may be precluded from selling this Warrant
under Rule 144 and 144A even if the two-year minimum holding period had been
satisfied.

     (6)  The holder further understands that in the event all of the
requirements of Rule 144 and 144A are not satisfied, registration under the
Act, compliance with Regulation A, or some other registration exemption will be
required; and that, not withstanding the fact that Rule 144 and 144A are not
exclusive, the Staff of the SEC has expressed its opinion that persons
proposing to sell private placement securities other than in a registered
offering and otherwise than pursuant to Rule 144 and 144A will have a
substantial burden of proof in establishing that an exemption from registration
is available for such offers or sales, and that such persons and their
respective brokers who participate in such transactions do so at their own risk.

          (b)  Disposition of Warrant or Shares. With respect to any offer, sale
or other disposition of this Warrant or any shares of Series Preferred acquired
pursuant to the exercise of this Warrant prior to registration of such Warrant
or shares, the holder hereof and each subsequent holder of this Warrant agrees
to give written notice to the Company prior thereto, describing briefly the
manner thereof, together with a written opinion of such holder's counsel, if
reasonably requested by the Company, to the effect that such offer, sale or
other disposition may be effected without registration or qualification (under
the Act as then in effect or any federal or state law then in effect) of this
Warrant or such shares of Series Preferred or Common Stock and indicating
whether or not under the Act certificates for this Warrant or such shares of
Series Preferred to be sold or otherwise disposed of


                                       6

<PAGE>   7
require any restrictive legend as to applicable restrictions on transferability
in order to ensure compliance with such law. Promptly upon receiving such
written notice and reasonably satisfactory opinion, if so requested, the
Company, as promptly as practicable, shall notify such holder that such holder
may sell or otherwise dispose of this Warrant or such shares of Series Preferred
or Common Stock, all in accordance with the terms of the notice delivered to
the Company. If a determination has been made pursuant to this subsection (b)
that the opinion of counsel for the holder is not reasonably satisfactory to
the Company, the Company shall so notify the holder promptly after such
determination has been made and shall specify in detail the legal analysis
supporting any such conclusion. Notwithstanding the foregoing, this Warrant or
such shares of Series Preferred or Common Stock may, as to such federal laws, be
offered, sold or otherwise disposed of in accordance with Rule 144 or 144A
under the Act, provided that the Company shall have been furnished with such
information as the Company may reasonably request to provide a reasonable
assurance that the provisions of Rule 144 or 144A have been satisfied. Each
certificate representing this Warrant or the shares of Series Preferred thus
transferred (except a transfer pursuant to Rule 144 or 144A) shall bear a
legend as to the applicable restrictions on transferability in order to ensure
compliance with such laws, unless in the aforesaid opinion of counsel for the
holder, such legend is not required in order to ensure compliance with such
laws. The Company may issue stop transfer instructions to its transfer agent in
connection with such restrictions.

          (c)  Excepted Transfers. Neither any restrictions of any legend
described in this Warrant nor the requirements of Section 7(b) above shall
apply to any transfer without any additional consideration of, or grant of a
security interest in, this Warrant or any part hereof (i) to a partner of the
holder if the holder is a partnership, (ii) by the holder to a partnership of
which the holder is a general partner, or (iii) to any affiliate as defined in
Rule 405 under the Act of the holder if the holder is a corporation; provided,
however, in any such transfer, the transferee shall on the Company's request
agree in writing to be bound by the terms of this Warrant as if an original
signatory hereto and further provided that the number of transfers permitted
pursuant to this subparagraph shall be five (5).

     8.   Rights as Shareholders; Information. No holder of this Warrant, as
such, shall be entitled to vote or receive dividends or be deemed the holder of
Series Preferred or any other securities of the Company which may at any time
be issuable on the exercise  hereof for any purpose, nor shall anything
contained herein be construed to confer upon the holder of this Warrant, as
such, any of the rights of a shareholder of the Company or any right to vote
for the election of directors or upon any matter submitted to shareholders at
any meeting thereof, or to receive notice of meetings, or to receive dividends
or subscription rights or otherwise until this Warrant shall have been
exercised and the Shares purchasable upon the exercise hereof shall have become
deliverable, as provided herein. Notwithstanding the foregoing, the Company
will transmit to the holder of this Warrant such information, documents and
reports as are generally distributed to the holders of any class or


                                       7
<PAGE>   8
series of securities of the Company concurrently with the distribution thereof
to the shareholders.

     9.   Registration Rights. The Company covenants and agrees as follows:

          9.1  Definitions. For the purposes of this Section 9:

               (a)  The term "Registrable Shares" means (i) the Common Stock
issuable or issued upon conversion of the Series Preferred issuable or issued
upon exercise or conversion of this Warrant or upon exercise or conversion of
the Other Warrants, and (ii) any Common Stock of the Company issued as (or
issuable upon the conversion or exercise of any warrant, right or other
security which is issued as) a dividend or other distribution with respect to,
or in exchange for or in replacement of, such Common Stock or Series Preferred;

               (b)  The term "Shareholder" means any person owning or having
the right to acquire Registrable Shares or any assignee thereof in accordance
with Paragraph 9.3 hereof; and

               (c)  The term "Registration Rights" means Section 3 of the
Investors' Rights Agreement dated as of October 6, 1995, as thereafter amended
by and among the Company and the investors who are signatories thereto (the
"Purchase Agreement").

          9.2  Grant of Rights. The Company hereby grants to the Shareholders
the rights set forth in the Registration Rights. A true and complete copy of
the Registration Rights is attached hereto as Exhibit C. The Company represents
and warrants to the Shareholders that the Company has obtained all consents of
parties to the Purchase Agreement and of any other persons that are required in
order for the Registrable Shares to be included in the definition of
"Registrable Securities" and for the Shareholders to be included in the
definition of "Holders," as such terms are used in the Registration Rights.

          9.3  Assignment of Registration Rights. The rights to cause the
Company to register Registrable Shares pursuant to the Registration Rights and
this Section 9 may be assigned by a Shareholder to a transferee or assignee of
such securities only in accordance with the Registration Rights.

          9.4  No Conflicting Agreements. The Company represents and warrants to
the Shareholders that the Company is not a party to any agreement that conflicts
in any manner with the Shareholders' rights to cause the Company to register
Register Shares pursuant to the Registration Rights and this Section 9. The
Company covenants and agrees that it shall not, without the prior written
consent of the Shareholders holding a majority of the outstanding Registrable
Shares, amend, modify or restate the Registration Rights if the rights of the
Shareholders would be subordinated, diminished or otherwise adversely affected
in a different


                                       8

<PAGE>   9
manner than other "Holders" of "Registrable Securities" (as defined in the
Registration Rights).

          9.5  Rights and Obligations Survive Exercise and Expiration of
Warrant. The rights and obligations of the Company, of the holder of this
Warrant and of the Registrable Shares contained in the Registration Rights and
this Section 9 shall survive exercise, conversion and expiration of this
Warrant.

     10.  Additional Rights.

          10.1 Secondary Sales. The Company agrees that it will not interfere
with the holder of this Warrant in obtaining liquidity if opportunities to make
secondary sales of the Company's securities become available. To this end, the
Company will promptly provide the holder of this Warrant with the same notice
(if any) as it provides to other holders of the Company's securities of any
offer to acquire from the Company's security holders more than five percent
(5%) of the total voting power of the Company and will not interfere with the
holder in arranging the sale of this Warrant to the person or persons making
such offer.

          10.2 Mergers. The Company will provide the holder of this Warrant
with at least twenty (20) days' notice of the terms and conditions of any
proposed (i) sale, lease, exchange, conveyance or other disposition of all or
substantially all of its property or business, or (ii) merger into or
consolidation with any other corporation (other than a wholly-owned subsidiary
of the Company) or any other transaction (including a merger or other
reorganization) or series of related transactions, in which more than 50% of
the voting power of the Company is disposed of.

          10.3 Right to Convert Warrant into Common Stock: Net Issuance.

               (a)  Right to Convert. In addition to and without limiting the
rights of the holder under the terms of this Warrant, the holder shall have the
right to convert this Warrant or any portion thereof (the "Conversion Right")
into shares of Series Preferred (or Common Stock if the Series Preferred has
been automatically converted into Common Stock) as provided in this Section 10.3
at any time or from time to time during the term of this Warrant. Upon exercise
of the Conversion Right with respect to a particular number of shares subject
to this Warrant (the "Converted Warrant Shares"), the Company shall deliver to
the holder (without payment by the holder of any exercise price or any cash or
other consideration) (X) that number of shares of fully paid and nonassessable
Series Preferred (or Common Stock if the Series Preferred has been
automatically converted into Common Stock) equal to the quotient obtained by
dividing the value of this Warrant (or the specified portion hereof) on the
Conversion Date (as defined in subsection (b) hereof), which value shall be
determined by subtracting (A) the aggregate Warrant Price of the Converted
Warrant Shares immediately prior to the exercise of the Conversion Right from
(B) the aggregate fair market value of the Converted Warrant Shares issuable
upon exercise of this Warrant (or the specified portion hereof) on the
Conversion Date (as


                                       9

<PAGE>   10
herein defined) by (Y) the fair market value of one share of Series Preferred
(or Common Stock if the Series Preferred has been automatically converted into
Common Stock) on the Conversion Date (as herein defined).

Expressed as a formula, such conversion shall be computed as follows:

X = B - A
    -----
      Y

Where:         X = the number of shares of Series Preferred (or Common Stock)
               that may be issued to the holder

               Y = the fair market value (FMV) of one share of Series Preferred
               (or Common Stock)

               A = the aggregate Warrant Price (i.e., Converted Warrant Shares x
               Warrant Price)

               B = the aggregate FMV (i.e., FMV x Converted Warrant Shares)

     No fractional shares shall be issuable upon exercise of the Conversion
Right, and, if the number of shares to be issued determined in accordance with
the foregoing formula is other than a whole number, the Company shall pay to
the holder an amount in cash equal to the fair market value of the resulting
fractional share on the Conversion Date (as hereinafter defined).

               (b)  Method of Exercise. The Conversion Right may be exercised
by the holder by the surrender of this Warrant at the principal office of the
Company together with a notice of exercise substantially in the form attached
hereto as Exhibit A-2, specifying that the holder thereby intends to exercise
the Conversion Right and indicating the number of shares subject to this
Warrant that are being surrendered (referred to in subsection (a) hereof as the
Converted Warrant Shares) in exercise of the Conversion Right. Such conversion
shall be effective upon receipt by the Company of this Warrant together with
the aforesaid notice of exercise, or on such later date as is specified therein
(the "Conversion Date"), and, at the election of the holder hereof, may be made
contingent upon the closing of the sale of the Company's Common Stock to the
public in a public offering pursuant to a Registration Statement under the Act
(a "Public Offering"). Certificates for the shares issuable upon exercise of
the Conversion Right and, if applicable, a new warrant evidencing the balance
of the shares remaining subject to this Warrant, shall be issued as of the
Conversion Date and shall be delivered to the holder within thirty (30) days
following the Conversion Date. Any conversion from Series Preferred to Common
Stock shall be in a ratio of one (1) share of the Common Stock for each share
of Series Preferred (as adjusted herein and in the Charter ((as defined below))
and the Purchase Agreement). On the Date of Grant, the Series Preferred
purchasable under this Warrant represents underlying shares of Common Stock at
$____ per share.

                                       10




<PAGE>   11
         (c)   Determination of Fair Market Value. For purposes of this Section
10.3, "fair market value" of a share of Series Preferred (or Common Stock if
the Series Preferred has been automatically converted into Common Stock) as of
a particular date (the "Determination Date") shall mean:

               (i)  If the Conversion Right is exercised in connection with and
contingent upon a Public Offering, and if the Company's Registration Statement
relating to such Public Offering ("Registration Statement") has been declared
effective by the SEC, then the initial "Price to Public" specified in the final
prospectus with respect to such offering multiplied by the number of shares of
Common Stock into which each share of Series Preferred is then convertible.

               (ii) If the Conversion Right is not exercised in connection with
and contingent upon a Public Offering, then as follows:

                    (A)  If traded on a securities exchange or the Nasdaq
National Market, the fair market value of the Common Stock shall be deemed to
be the average of the closing or last reported sale prices of the Common Stock
on such exchange market over the 5-day period ending five business days prior
to the Determination Date, and the fair market value of the Series Preferred
shall be deemed to be such fair market value of the Common Stock multiplied by
the number of shares of Common Stock into which each share of Series Preferred
is then convertible;

                    (B)  If otherwise traded in an over-the-counter market, the
fair market value of the Common Stock shall be deemed to be the average of the
closing ask prices of the Common Stock over the 5-day period ending five
business days prior to the Determination Date, and the fair market value of the
Series Preferred shall be deemed to be such fair market value of the Common
Stock multiplied by the number of shares of Common Stock into which each share
of Series Preferred is then convertible; and

                    (C)  If there is no public market for the Common Stock,
then fair market value shall be determined in good faith by the Company's Board
of Directors, provided that if the holder does not agree with such reduction,
then at the Company's and the holder's shared pro rata expense by an investment
banker of national reputation selected by the Company and reasonably acceptable
to the holder of this Warrant.

     11.  Representations and Warranties. The Company represents and warrants
to the holder of this Warrant as follows:

          (a)  This Warrant has been duly authorized and executed by the
Company and is a valid and binding obligation of the Company enforceable in
accordance with its terms, subject to laws of general application relating to

                                       11
<PAGE>   12
bankruptcy, insolvency and the relief of debtors and the rules of law or
principles at equity governing specific performance, injunctive relief and other
equitable remedies;

          (b)  The Shares have been duly authorized and reserved for issuance
by the Company and, when issued in accordance with the terms hereof, will be
validly issued, fully paid and nonassessable;

          (c)  The rights, preferences and privileges granted to or imposed
upon the Series Preferred and the holders thereof are as set forth in the
Company's Articles of Incorporation, as amended to the Date of the Grant, a
true an complete copy of which has been delivered to the original holder of
this Warrant and is attached hereto as Exhibit B (the "Charter") and the
Purchase Agreement;

          (d)  The shares of Common Stock issuable upon conversion of the
Shares have been duly authorized and reserved and, when issued in accordance
with the terms of the Charter, as amended, will be validly issued, fully paid
and nonassessable; and

          (e)  The execution and delivery of this Warrant are not, and the
issuance of the Shares upon exercise of this Warrant in accordance with the
terms hereof will not be, inconsistent with the Company's Charter or by-laws,
do not and will not contravene any law, governmental rule or regulation,
judgment or order applicable to the Company, and do not and will not conflict
with or contravene any provision of, or constitute a default under, any
indenture, mortgage, contract or other instrument of which the Company is a
party or by which it is bound or require the consent or approval of, the giving
of notice to, the registration or filing with or the taking of an action in
respect of or by, any Federal, state or local government authority or agency or
other person, except for the filing of notices pursuant to federal and state
securities laws, which filings will be effected by the time required thereby.

          (f)  There are no actions, suits, audits, investigations or
proceedings pending or, to the knowledge of the Company, threatened against the
Company in any court or before any governmental commission, board or authority
which, if adversely determined, will have a material adverse effect on the
ability of the Company to perform its obligations under this Warrant.

     12.  Modification and Waiver. This Warrant and any provision hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.

     13.  Notices. Any notice, request, communication or other document
required or permitted to be given or delivered to the holder hereof or the
Company shall be delivered, or shall be sent by certified or registered mail,
postage prepaid, to each such holder at its address as shown on the books of
the Company or to the Company at the address indicated therefor on the signature
page of this Warrant.

                                       12
<PAGE>   13
     14.  Binding Effect on Successors. This Warrant shall be binding upon any
corporation succeeding the Company by merger, consolidation or acquisition of
all or substantially all of the Company's assets, and all of the obligations of
the Company relating to the Series Preferred issuable upon the exercise or
conversion of this Warrant shall survive the exercise, conversion and
termination of this Warrant and all of the covenants and agreements of the
Company shall inure to the benefit of the successors and assigns of the holder
hereof. The Company will, at the time of the exercise or conversion of this
Warrant, in whole or in part, upon request of the holder hereof but at the
Company's expense, acknowledge in writing its continuing obligation to the
holder hereof in respect of any rights (including, without limitation, any right
to registration of the shares of Registrable Securities to which the holder
hereof shall continue to be entitled after such exercise or conversion in
accordance with this Warrant; provided, that the failure of the holder hereof to
make any such request shall not affect the continuing obligation of the Company
to the holder hereof in respect of such rights.

     15.  Lost Warrants or Stock Certificates. The Company covenants to the
holder hereof that, upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant or any
stock certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity reasonably satisfactory to the Company, or in the case
of any such mutilation upon surrender and cancellation of such Warrant or stock
certificate, the Company will make and deliver a new Warrant or stock
certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated
Warrant or stock certificate.

     16.  Descriptive Headings. The descriptive headings of the several
paragraphs of this Warrant are inserted for convenience only and do not
constitute a part of this Warrant.

     17.  Governing Law. This Warrant shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the laws of
the State of California.

     18.  Survival of Representations Warranties and Agreements. All
representations and warranties of the Company and the holder hereof contained
herein shall survive the Date of Grant, the exercise or conversion of this
Warrant (or any part hereof) or the termination or expiration of rights
hereunder. All agreements of the Company and the holder hereof contained herein
shall survive indefinitely until, by their respective terms, they are no longer
operative provided that the foregoing shall not be interpreted to mean that such
representations are true and correct as of any date other than the date hereof.

     19.  Remedies. In case any one or more of the covenants and agreements
contained in this Warrant shall have been breached, the holders hereof (in the
case of a breach by the Company), or the Company (in the case of a breach by a
holder), may proceed to protect and enforce their or its rights either by suit
in equity and/or




                                       13
<PAGE>   14
by action at law, including, but not limited to, an action for damages as a
result of any such breach and/or an action for specific performance of any such
covenant or agreement contained in this Warrant.

     20.  Value. The Company and the holder of this Warrant agree that the value
of this Warrant and the Other Warrants on the Date of Grant is $100.00.

     21.  Acceptance. Receipt of this Warrant by the holder hereof shall
constitute acceptance of and agreement to the foregoing terms and conditions.

     22.  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
action as may be necessary or appropriate in order to protect the rights of the
holder of this Warrant against impairment.

                                                     VIXEL CORPORATION

                                                     By: Gregory R. Olbright
                                                     ---------------------------
                                                     Title: CEO/President
                                                     ---------------------------
                                                     Address:
                                                     ---------------------------

Date: February 27, 1996





                                       14
<PAGE>   15
                                                                       EXHIBIT A

                               NOTICE OF EXERCISE

To:  VIXEL CORPORATION

     1.   The undersigned hereby elects to purchase _________ shares of Series C
Preferred Stock of VIXEL CORPORATION pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price of such shares in
full.

     2.   Please issue a certificate or certificates representing said shares
in the name of the undersigned or in such other name or names as are specified
below:

                             _____________________
                                     (Name)

                             _____________________

                             _____________________
                                   (Address)

     3.   The undersigned represents that the aforesaid shares are being
acquired for the account of the undersigned for investment and not with a view
to, or for resale in connection with, the distribution thereof and that the
undersigned has no present intention of distributing or reselling such shares.
In support thereof, the undersigned has executed an Investment Representation
Statement attached hereto as Schedule 1.

                                  (Signature)

(Date)

                                       15

<PAGE>   16
                                                                     EXHIBIT A-1

                               NOTICE OF EXERCISE

To:  VIXEL CORPORATION

     1.   Contingent upon and effective immediately prior to the closing (the
"Closing") of the Company's public offering contemplated by the Registration
Statement on Form S-__, filed __________, 199_ the undersigned hereby elects to
purchase __________ shares of Series C Preferred Stock of the Company (or such
lesser number of shares as may be sold on behalf of the undersigned at the
Closing) pursuant to the terms of the attached Warrant.

     2.   Please deliver to the custodian for the selling shareholders a stock
certificate representing such __________ shares.

     3.   The undersigned has instructed the custodian for the selling
shareholders to deliver to the Company $___________ or, if less, the net
proceeds due the undersigned from the sale of shares in the aforesaid public
offering. If such net proceeds are less than the purchase price for such
shares, the undersigned agrees to deliver the difference to the Company prior
to the Closing.


                                  (Signature)

(Date)

                                       16

<PAGE>   17
                                                                     EXHIBIT A-2

              NOTICE OF EXERCISE OF NET ISSUANCE CONVERSION RIGHTS

To:  VIXEL CORPORATION

     1.   The undersigned, the registered holder of the Warrant delivered
herewith (the "Warrant"), hereby elects to exercise the Conversion Right (as
defined in Section 10.3 of the Warrant) as provided herein. _________ shares
subject to the Warrant are being surrendered hereby in exercise of the
Conversion Right. The number of shares to be issued pursuant to this exercise
shall be determined by reference to the formula in Section 10.3(a) of the
Warrant, which requires the use of the "fair market value" of the Company's
stock. As of the Determination Date (as defined in the Warrant), the "fair
market value" of one share of Series Preferred Stock (or Common Stock if the
Series C Preferred Stock has been automatically converted into Common Stock)
shall be determined in the manner provided in Section 10.3(c) of the Warrant,
which amount has been determined by the undersigned (or agreed to by the Holder
of the Warrant and VIXEL CORPORATION) to be $__________ per share. Therefore,
_________ shares are to be issued to the undersigned pursuant to this exercise.

     2.   Please issue a certificate or certificates representing said shares
in the name of the undersigned or in such other name or names as are specified
below:

                             _____________________
                                     (Name)

                             _____________________

                             _____________________
                                   (Address)

     3.   The undersigned represents that the aforesaid shares are being
acquired for the account of the undersigned for investment and not with a view
to, or for resale in connection with, the distribution thereof and that the
undersigned has no present intention of distributing or reselling such shares.
In support thereof, the undersigned has executed an Investment Representation
Statement attached hereto as Schedule 1.

                                  (Signature)

(Date)

                                       17

<PAGE>   18
                                   Schedule 1

                      INVESTMENT REPRESENTATION STATEMENT

Purchaser:

Company:  VIXEL CORPORATION

Security: Series C Preferred Stock

Amount:

Date:

    In connection with the purchase of the above-listed securities and
underlying Common Stock (the "Securities"), the undersigned (the "Purchaser")
represents to the Company as follows:

     (a)  The Purchaser is aware of the Company's business affairs and financial
condition, and has acquired sufficient information about the Company to reach an
informed and knowledgeable decision to acquire the Securities. The Purchaser is
purchasing the Securities for its own account and investment purposes only and
not with a view to, or for resale in connection with, any "distribution" thereof
for purposes of the Securities Act of 1933, as amended (the "Act").


     (b)  The Purchaser understands that the Securities have not been
registered under the Securities Act in reliance upon a specific exemption
therefrom, which exemption depends upon, among other things, the bona fide
nature of the Purchaser's investment intent as expressed herein. In this
connection, the Purchaser understands that, in the view of the Securities and
Exchange Commission ("SEC"), the statutory basis for such exemption may be
unavailable if the Purchaser's representation was predicated solely upon a
present intention to hold these Securities for the minimum capital gains period
specified under tax statutes, for a deferred sale, for or until an increase or
decrease in the market price of the Securities, or for a period of one year or
any other fixed period in the future.

     (c)  The Purchaser further understands that the Securities must be held
indefinitely unless subsequently registered under the Act or unless an
exemption from registration is otherwise available. Moreover, the Purchaser
understands that the Company is under no obligation to register the Securities
except as set forth in the Warrant under which the Securities are being
acquired. In addition, the Purchaser understands that the certificate
evidencing the Securities will be imprinted with the legend referred to in the
Warrant under which the Securities are being purchased.

                                       18
<PAGE>   19
     (d)  The Purchaser is aware of the provisions of Rule 144 and 144A,
promulgated under the Act, which, in substance, permit limited public resale of
"restricted securities" acquired, directly or indirectly, from the issuer
thereof (or from an affiliate of such issuer), in a non-public offering subject
to the satisfaction of certain conditions, if applicable, including, among other
things: The availability of certain public information about the Company, the
resale occurring not less than two years after the party has purchased and paid
for the securities to be sold; the sale being made through a broker in an
unsolicited "broker's transaction" or in transactions directly with a market
maker (as said term is defined under the Securities Exchange Act of 1934, as
amended) and the amount of securities being sold during any three-month period
not exceeding the specified limitations stated therein.

     (e)  The Purchaser further understands that at the time it wishes to sell
the Securities there may be no public market upon which to make such a sale, and
that, even if such a public market then exists, the Company may not be
satisfying the current public information requirements of Rule 144 and 144A, and
that, in such event, the Purchaser may be precluded form selling the Securities
under Rule 144 and 144A even if the two-year minimum holding period had been
satisfied.

     (f)  The Purchaser further understands that in the event all of the
requirements of Rule 144 and 144A are not satisfied, registration under the Act,
compliance with Regulation A, or some other registration exemption will be
required; and that, notwithstanding the fact that Rule 144 is not exclusive, the
Staff of the SEC has expressed its opinion that persons proposing to sell
private placement securities other than in a registered offering and otherwise
than pursuant to Rule 144 will have a substantial burden of proof in
establishing that an exemption from registration is available for such offers or
sales, and that such persons and their respective brokers who participate in
such transactions do so at their own risk.

                                 Purchaser:



                                 Date:____________, 199_



                                       19