Document:

<PAGE>

                                                                   Exhibit 10.45

                                PROMISSORY NOTE
                                ---------------

                              TRAVELBYUS.COM LTD.

U.S. $1,975,000                                                     May 25, 2000

     TRAVELBYUS.COM LTD., an Ontario, Canada corporation ("Maker"), for value
                                                           -----
received, hereby promises to pay to the order of AVIATION GROUP, INC., a Texas
corporation, or its assigns ("Lender"), the principal sum of ONE MILLION NINE
                              ------
HUNDRED SEVENTY-FIVE THOUSAND UNITED STATES DOLLARS (U.S. $1,975,000) on or
before February 28, 2001 and to pay interest in arrears (computed on the basis
of a 360-day year of twelve 30-day months) on the unpaid principal balance
thereof from the date of this Promissory Note at the rate of twelve percent
(12%) per annum, quarterly on the eighth (8/th/) day of each August, November,
February and May in each year, commencing on the payment date next succeeding
the date hereof and at maturity.

     1.  Maturity.  The entire outstanding principal balance of this Note, plus
         --------
all accrued interest thereon, shall be due and payable in full on the sooner of
(i) DEMAND by Lender following the occurrence of a Repayment Event (as defined
below) and (ii) February 28, 2001 (the "Maturity Date").
                                        -------------

    2.   Certain Payment Matters. All payments by Maker hereunder shall be
         -----------------------
applied first to accrued and unpaid interest and the balance on account of the
principal of this Note. All payments shall be payable in lawful money of the
United States of America. Maker may at any time prepay this Note in whole or in
part, without penalty or premium.

    3.   Costs of Collection, etc.  Maker promises to pay, in addition to the
         -------------------------
aforementioned principal sum and interest, all taxes and assessments which may
be levied against Lender upon this Note or the indebtedness evidenced hereby,
other than taxes based on the income or profits of Lender (the "Loan
                                                                ----
Indebtedness") or upon any collateral securing this Note, and together with all
------------
costs of collection including reasonable attorneys' fees incurred by Lender on
the indebtedness evidenced hereby to (1) collect the Loan Indebtedness due
hereunder from any party liable for the payment of the Loan Indebtedness whether
as maker, endorser, guarantor, surety or otherwise (the "Parties") and realize
                                                         -------
its rights under this Note, (2) enforce, foreclose and realize its rights under
this Note or any document evidencing, securing, or guaranteeing this Note,
including, without limitation, that certain Pledge Agreement of even date from
Maker in favor of Lender (collectively, the "Loan Documents"), (3) defend and
                                             --------------
protect the validity of this Note or any of the Loan Documents in connection
with any litigation or controversy arising from or connected therewith, and (4)
defend, protect, and assert Lender's rights under this Note in connection with
any proceeding under any bankruptcy, reorganization, dissolution and liquidation
law relating to any of the Parties.
<PAGE>

     4.  Repayment Events.  The term "Repayment Event" shall mean the occurrence
         ----------------             ---------------
of any one or more of the Events of Default or Repayment Events, as those terms
are defined in that certain Promissory Note dated May 8, 2000 made by Lender
payable to the order of SW Pelham Fund, L.P. in the original principal amount of
US$3,000,000, which note has been guaranteed by Maker.

     5.  Events of Default.  Any one or more of the following events shall
         -----------------
constitute an event of default under this Note (an "Event of Default"): (1) if
                                                    ----------------
any payment of all or any part of the principal of, or interest on, this Note
shall not be made within 5 days after the same is due; (2) if Maker shall (a)
generally be unable to pay its debts as they come due, (b) voluntarily file a
petition in bankruptcy or a petition to take advantage of any insolvency act,
(c) become insolvent or make an assignment for the benefit of its creditors, (d)
consent to the appointment of a custodian or receiver of itself or of the whole
or any substantial part of its property, (e) on a petition in bankruptcy filed
against it, have an order for relief entered against it, (f) file a petition or
answer seeking reorganization or arrangement under the federal bankruptcy laws
or any other applicable law or statute of the United States of America or any
other jurisdiction, (g) if a petition in bankruptcy shall be filed against Maker
and not be dismissed within 60 days from the date of filing, or (h) if a court
of competent jurisdiction shall enter an order, judgment or decree appointing,
without the consent of Lender, a custodian or receiver of Maker, or of the whole
or any substantial part of its property, or approving a petition filed against
Maker seeking reorganization or arrangement of such person under the federal
bankruptcy laws or any other applicable law or statute of the United States of
America or any other jurisdiction, and such order, judgment or decree shall not
be set aside or stayed within 60 days from the date of its entry; or (3) if any
breach by Maker in any material respect of any representation, warranty or
covenant contained in any Loan Document shall occur and shall remain uncured
within 30 days after a senior officer of Maker first has actual knowledge
thereof; provided, that, if, in the reasonable opinion of the Lender, such
         --------  ----
breach is not curable within 30 days, then such breach shall constitute an Event
of Default hereunder immediately.

    6.   Acceleration.  In case one or more Events of Default or Repayment
         ------------
Events shall have occurred, Lender may, by written notice to Maker, declare the
entire amount of this Note to be immediately due and payable, whereupon the
maturity of the unpaid balance of this Note shall be accelerated to the date of
such notice; provided that the unpaid balance of this Note shall be accelerated
             -------- ----
automatically without any such notice or any other action in the case of an
Event of Default of the nature identified in clause (2) of Section 5.  In
addition, Lender shall have the right to take any action at law or in equity to
collect the payments due under this Note.  If Lender shall have proceeded to
enforce its rights under this Note and such proceedings shall have been
discontinued or abandoned for any reason or shall have been determined adversely
to Lender, then Maker and Lender shall be restored to their respective positions
hereunder, and all rights, remedies and powers of Maker and Lender shall
continue as though the proceedings had not taken place.

    7.   Certain Waivers; Consent to Jurisdiction, etc.
         ---------------------------------------------

                                       2
<PAGE>

          (a)  Waivers. IN THE EVENT OF ANY LEGAL ACTION BETWEEN MAKER AND
LENDER HEREUNDER, MAKER HEREBY EXPRESSLY WAIVES ANY RIGHTS WITH REGARD TO
NOTICE, PRIOR HEARING AND ANY OTHER RIGHTS IT MAY HAVE UNDER ANY OTHER STATE OR
FEDERAL LAW OR CONSTITUTION WITH REGARD TO PREJUDGMENT REMEDIES, AND LENDER MAY
INVOKE ANY PREJUDGMENT REMEDY AVAILABLE TO IT, INCLUDING, BUT NOT LIMITED TO,
GARNISHMENT, ATTACHMENT, FOREIGN ATTACHMENT AND REPLEVIN, WITH RESPECT TO ANY
TANGIBLE OR INTANGIBLE PROPERTY (WHETHER REAL OR PERSONAL) OF MAKER TO ENFORCE
THE PROVISIONS OF THIS NOTE, WITHOUT GIVING MAKER ANY NOTICE OR OPPORTUNITY FOR
A HEARING.

          (b)  Jury Trial. MAKER HEREBY VOLUNTARILY AND INTENTIONALLY WAIVES ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN CONNECTION WITH ANY LITIGATION ARISING
OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE, ANY LOAN DOCUMENT, OR ANY OF THE
DOCUMENTS, AGREEMENTS OR TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

          (c)  Consent to Jurisdiction. ANY SUIT, ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS NOTE, OR ANY OF THE DOCUMENTS, AGREEMENTS OR
TRANSACTIONS CONTEMPLATED HEREBY OR ANY ACTION OR PROCEEDING TO EXECUTE OR
OTHERWISE ENFORCE ANY JUDGMENT IN RESPECT OF ANY BREACH UNDER THIS NOTE OR ANY
DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY MAY BE BROUGHT BY SUCH PARTY IN ANY
FEDERAL DISTRICT COURT LOCATED IN TEXAS OR ANY TEXAS STATE COURT AS SUCH PARTY
MAY IN ITS SOLE DISCRETION ELECT, AND BY THE EXECUTION AND DELIVERY OF THIS
NOTE, MAKER IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE NON-EXCLUSIVE IN
PERSONAM JURISDICTION OF EACH SUCH COURT, AND MAKER IRREVOCABLY WAIVES AND
AGREES NOT TO ASSERT IN ANY PROCEEDING BEFORE ANY SUCH COURT, BY WAY OF MOTION,
AS A DEFENSE OR OTHERWISE, ANY CLAIM THAT IT IS NOT SUBJECT TO THE IN PERSONAM
JURISDICTION OF ANY SUCH COURT. IN ADDITION, MAKER IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE
TO THE LAYING OF VENUE IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS NOTE OR ANY DOCUMENT, AGREEMENT OR TRANSACTION CONTEMPLATED
HEREBY BROUGHT IN ANY SUCH COURT, AND HEREBY IRREVOCABLY WAIVES ANY CLAIM THAT
ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
IN ANY INCONVENIENT FORUM.

          (d)  Service of Process. MAKER IRREVOCABLY AGREES THAT PROCESS
PERSONALLY SERVED OR SERVED BY U.S. REGISTERED MAIL OR AS

                                       3
<PAGE>

PROVIDED IN SECTION 11 HEREOF SHALL CONSTITUTE, TO THE EXTENT PERMITTED BY LAW,
ADEQUATE SERVICE OF PROCESS IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS NOTE OR ANY DOCUMENT, AGREEMENT OR TRANSACTION CONTEMPLATED
HEREBY, OR ANY ACTION OR PROCEEDING TO EXECUTE OR OTHERWISE ENFORCE ANY JUDGMENT
IN RESPECT OF ANY BREACH HEREUNDER OR UNDER ANY DOCUMENT OR AGREEMENT
CONTEMPLATED HEREBY. RECEIPT OF PROCESS SO SERVED SHALL BE CONCLUSIVELY PRESUMED
AS EVIDENCED BY A DELIVERY RECEIPT FURNISHED BY THE UNITED STATES POSTAL SERVICE
OR ANY COMMERCIAL DELIVERY SERVICE.

          (e)  Other Forums. NOTHING HEREIN SHALL IN ANY WAY BE DEEMED TO LIMIT
THE ABILITY OF ANY PARTY HERETO TO SERVE ANY WRITS, PROCESS OR SUMMONSES IN ANY
MANNER PERMITTED BY APPLICABLE LAW OR TO OBTAIN JURISDICTION OVER ANY OTHER
PARTY HERETO IN SUCH OTHER JURISDICTION, AND IN SUCH OTHER MANNER, AS MAY BE
PERMITTED BY APPLICABLE LAW.

          (f)  Additional Waivers. MAKER AND EACH ENDORSER OR GUARANTOR OF THIS
NOTE HEREBY WAIVES PRESENTMENT, PROTEST, DEMAND, DILIGENCE, NOTICE OF DISHONOR
AND OF NONPAYMENT, AND WAIVES AND RENOUNCES ALL RIGHTS TO THE BENEFITS OR ANY
STATUTE OF LIMITATIONS AND ANY MORATORIUM, APPRAISEMENT, EXEMPTION AND HOMESTEAD
NOW PROVIDED OR WHICH MAY HEREAFTER BE PROVIDED BY ANY FEDERAL OR STATE STATUTE,
BOTH AS TO ITSELF PERSONALLY AND AS TO ALL OF ITS OR THEIR PROPERTY, WHETHER
REAL OR PERSONAL, AGAINST THE ENFORCEMENT AND COLLECTION OF THE OBLIGATIONS
EVIDENCED BY THIS NOTE AND ANY AND ALL EXTENSIONS, RENEWALS AND MODIFICATIONS.

    9.    Successors and Assigns.  All references herein to "Lender", "Maker" or
          ----------------------
the "Parties" shall apply to their respective heirs, successors and assigns,
including, without limitation, any entity that is the surviving entity in
connection with the Arrangement.

    10.   Pledge Agreement. The obligations of Maker under this Note are secured
          ----------------
pursuant to a Pledge Agreement of even date herewith from Maker in favor of
Lender in accordance with the terms thereof.

    11.   Notices. All notices and other communications under this Note shall be
          -------
deemed sufficiently when personally delivered or when mailed by registered or
certified mail, postage prepaid, addressed as follows: (a) if to Maker, at, 204-
3237 King George Highway, South Surrey, British Columbia, Canada, V4P 1B7, and
(b) if to Lender, at 500 N. Pearl Street, Suite 2170 Dallas, Texas 75201,
U.S.A., with a copy to Jenkens & Gilchrist, Fountain Place, 1445 Ross Avenue,
Suite 3200, Dallas, Texas 75202, Attention: Daryl B. Robertson, Esq., or in each
case to such other address as such person shall have furnished in writing to the
other.

                                       4
<PAGE>

     12.  Governing Law.  This Note shall be governed by and construed in
          -------------
accordance with the laws of the State of Texas, without regard to its choice of
law principles.

    13.   Usury.  It is the intention of the parties hereto to conform strictly
          -----
to any usury laws in force that apply to this transaction.  Accordingly, all
agreements among the parties hereto are hereby limited so that in no
contingency, whether by reason of acceleration of the maturity of the amounts
owing under this Promissory Note or otherwise, shall the interest (and all other
sums that are deemed to be interest) contracted for, charged or received by
Lender with respect to this Promissory Note, exceed the Highest Lawful Rate.
The "Highest Lawful Rate" means the maximum non-usurious interest rate, if any,
     -------------------
that at any time or from time to time may be contracted for, taken, reserved,
charged or received under the laws of the United States and the laws of such
states as may be applicable thereto which are presently in effect or, to the
extent allowed under such applicable laws of the United States and the laws of
such states, which may hereafter be in effect and which allow a higher maximum
non-usurious interest rate than applicable laws now allow.  If, from any
circumstance whatsoever, interest under any agreement to which Maker and Lender
are parties would otherwise be payable in excess of the Highest Lawful Rate, and
if from any circumstance Lender shall ever receive anything of value deemed
interest by applicable law in excess of the Highest Lawful Rate, then Lender's
receipt of such excess interest shall be deemed a mistake and the same shall, so
long as no Event of Default under this Promissory Note shall be continuing, at
the option of Maker, either be repaid to Maker or credited to the unpaid
principal; provided, however, that if an Event of Default shall have occurred
           --------  -------
and be continuing, and Lender shall receive excess interest during such period,
then Lender shall have the option of either crediting such excess amount to
principal or refunding such excess amount to Maker.

    14.   Business Purpose.  Maker hereby represents and warrants to the holder
          ----------------
of this Promissory Note that the loan evidenced hereby is a "contract under
which credit is extended for business, commercial investment, or other similar
purpose," and is not a loan for "personal, family, household, or agricultural
use."

  [Remainder of page intentionally left blank.  Next page is signature page.]

                                       5
<PAGE>

    IN WITNESS WHEREOF, each of the undersigned has caused this Note to be
properly executed by its duly authorized officer as of the 25th day of May,
2000.

                                  TRAVELBYUS.COM LTD.
                                  an Ontario, Canada corporation

                                  By: /s/ Bill Kerby
                                  Name:  Bill Kerby
                                  Title: CEO

                                       6<PAGE>

                                                                   Exhibit 10.46

                               PLEDGE AGREEMENT
                               ----------------
                                    (Note)

     THIS PLEDGE AGREEMENT (this "Agreement") is made this 25th day of May,
                                  ---------
2000, by and between travelbyus.com ltd., an Ontario, Canada corporation
("Pledgor"), and Aviation Group, Inc., a Texas corporation ("Secured Party").
 --------                                                    -------------

                                   RECITALS:
                                   --------

     A.  Pledgor has executed that certain Promissory Note of even date herewith
in the original principal amount of $1,975,000.00 in favor of Secured Party (the
"Note");
 ----

     B.  Pledgor is the owner of certain Securities (as defined below)
consisting of all of the issued and outstanding shares of common stock, no par
value per share, in Epoch Technologies Inc., a Texas corporation ("Epoch");

     C.  On or about September 9, 1999, Pledgor issued certain 12.5% Senior
Redeemable Debentures which are secured by that certain Trust Indenture dated
September 9, 1999 (the "Trust Indenture"), by and between Pledgor and Montreal
Trust Company of Canada, an Ontario, Canada, a trust company licensed to do
business in Canada, as trustee; and

     D.  As security for the payment and performance of all of Pledgor's
obligations pursuant to the Note, Pledgor has agreed to grant Secured Party a
Security Interest (as defined below) in the Collateral (as defined below).

                                  AGREEMENTS:
                                  ----------

     In consideration of the premises, the covenants and agreements contained
herein, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, Secured Party and Pledgor do hereby agree as
follows:

     1.  Definitions.  The following terms shall have the meanings indicated
         -----------
below and shall be construed to have the broadest possible meanings permitted
under the Code:

         "Code" means the Uniform Commercial Code as enacted by the State of
Texas, as it shall be amended from time to time.

         "Collateral" means the Securities owned by Pledgor in Epoch, and the
certificates representing such Securities, together with all additions,
replacements, substitutions, increases, profits, proceeds, dividends,
distributions and products thereof, in any form and wherever located.

         "Event of Default" and "Default" means (i) an "Event of Default" (as
defined in the Note), or (ii) the breach by Pledgor of its obligations
hereunder.

                                       1
<PAGE>

          "Securities" means any corporate stock (including stock of closely
held corporations), partnership interest or limited liability company interest,
any warrants or rights to acquire a security, and in addition, includes all
property included in the definition of "security" as used in the Code.

          "Security Interest" means the security interest (as that term is
defined by the Code) granted by this Agreement.

     2.   Grant of Security Interest.  Pledgor hereby delivers to the Secured
          --------------------------
Party certificates evidencing, and grants to the Secured Party a continuing and
unconditional Security Interest in, the Collateral, accompanied by stock powers
in substantially the form of Exhibit A attached hereto and made a part hereof
                             ---------
(the "Powers"), duly executed in blank, to secure the prompt, timely and
      ------
complete payment of all obligations and liabilities of Pledgor to the Secured
Party now existing or hereafter arising under the Note and the full, complete
and timely performance of any and all existing or future obligations of Pledgor
under the Note.  All such present and future obligations under the Note are
referred to herein as the "Secured Obligations".
                           -------------------

     3.   Representations and Warranties. The Pledgor represents and warrants as
          ------------------------------
follows:

          (a)  The Pledgor is the sole legal and beneficial owner of the
Collateral, free and clear of all claims, pledges, liens, encumbrances, charges
and security interests of every nature whatsoever, except for the security
interests created by this Agreement and the Trust Indenture;

          (b)  The Pledgor has the capacity, power and authority to enter into
this Agreement;

          (c)  Except for the restrictions imposed by applicable federal or
state securities laws or the Trust Indenture, there are no restrictions upon the
voting rights associated with the Collateral or upon the transfer of any of the
Collateral; and

          (d)  The pledge of the Collateral pursuant to this Agreement creates a
valid, junior security interest in the Collateral, in favor of the Secured
Party, securing the payment and performance of the Secured Obligations, which
junior security interest is only subject to the Trust Indenture.

     4.   Covenants of Pledgor.  So long as this Agreement has not been
          --------------------
terminated as provided hereafter, Pledgor:

          4.1  Title.  Will defend the Collateral against the claim of all other
               -----
persons;

          4.2  No Encumbrances.  Will keep the Collateral free of all security
               ---------------
interests, voting trust agreements, or other interests and encumbrances, except
the Security Interest and the Trust Indenture;

          4.3  No Sale, Etc.  Will not assign, deliver, sell, transfer, lease or
               ------------
otherwise dispose of (including dispositions by operation of law) any portion of
the Collateral, or any interest therein without the prior written consent of
Secured Party;

                                       2
<PAGE>

          4.4  Financing Statements.  Will execute and deliver to Secured Party
               --------------------
such stock powers, financing statements, certificates and other documents and
instruments, pay all costs including costs of filing financing statements and
other documents in any public offices requested by Secured Party and take such
other action as Secured Party may deem advisable to perfect the Security
Interest created by this Agreement;

          4.5  Taxes.  Will pay all taxes (including documentary stamp taxes and
               -----
intangible taxes), assessments and other charges of every nature which may be
levied or assessed against the Collateral, or imposed upon Pledgor or Secured
Party by reason of this Agreement; and

          4.6  Cooperation.  Will take other action reasonably requested by
               -----------
Secured Party to carry out the terms of this Agreement, to preserve the
Collateral, and to preserve and perfect the Security Interest of Secured Party.

     5.   Default.  If an Event of Default shall occur and be continuing, the
          -------
Secured Party may take all of the actions or remedies specified in Section 6
                                                                   ---------
hereof ("Remedies") or elsewhere herein.
         --------

     6.   Remedies.
          --------

          6.1  If an Event of Default shall have occurred and be continuing, the
Secured Party shall have all rights and remedies of a secured party under the
Code and such other rights and remedies as may be available hereunder, under
other applicable law or pursuant to contract.  Pledgor agrees that any notice by
Secured Party of the sale or disposition of the Collateral or any other intended
action hereunder, whether required by the Code or otherwise, shall constitute
reasonable notice to Pledgor if the notice is mailed to Pledgor by regular or
certified mail, postage prepaid, at least ten (10) days before the action to be
taken.  During such ten (10) day period, Pledgor shall have the right to cure
any defaults by paying to Secured Party the amount of the Secured Obligations
and any other obligations secured hereby.  Pledgor also agrees to pay all costs
and expenses incurred by the Secured Party in enforcing this Agreement and
realizing upon any Collateral (including reasonable attorneys' fees whether or
not suit is brought and whether or not incurred in connection with trial,
appeals or insolvency action).

          6.2  Pledgor agrees that in any sale of any Collateral, Secured Party
is hereby authorized to comply with any limitation or restriction in connection
with such sale as it may be advised by counsel is necessary in order to avoid
any violation of applicable law (including, without limitation, compliance with
such procedures as may restrict the number of prospective bidders and purchasers
of Securities, require that such prospective bidders and purchasers have certain
qualifications, and restrict such prospective bidders and purchasers to persons
who will represent and agree that they are purchasing for their own account for
investment and not with a view to the distribution or resale of such Collateral,
or in order to obtain any required approval of the sale or of the purchaser by
any governmental regulatory authority or official) and Pledgor further agrees
that such compliance shall not result in such sale being considered or deemed
not to have been made in a commercially reasonable manner, nor shall the Secured
Party be liable nor accountable to Pledgor for any discount allowed by reason of
the fact that such Collateral is sold in compliance with any such limitation or
restriction.  Pledgor further agrees that any sales by the Secured Party shall
not be

                                       3
<PAGE>

considered to be other than "public sales" within the meaning of Section 9-504
of the Uniform Commercial Code because such sales or solicitations are
structured to comply with such limitations or restrictions, the intent of the
parties being that any public sale be subject to such limitations and
restrictions.

     7.   Voting of Pledged Shares.  Subject to any grant of conflicting rights
          ------------------------
to the trustee under the Trust Indenture, Pledgor hereby irrevocably constitutes
and appoints Secured Party in connection with all Securities which comprise the
Collateral, whether or not the Securities have been transferred into the name of
Secured Party or its nominee, as Pledgor's proxy (and such proxy shall be deemed
to be coupled with an interest) with full power, solely upon the occurrence and
during the continuance of an Event of Default and the exercise of Secured
Party's rights under this Section 7, to:

          (a)  attend all meetings of Securities holders of Epoch held after the
date of this Agreement and to vote the Securities at those meetings in such
manner as Secured Party shall in its sole discretion deem appropriate, including
without limitation, in favor of liquidation of Epoch;

          (b)  to consent in the sole discretion of Secured Party to any action
by or concerning Epoch for which the consent of the Securities holders of Epoch
is or may be necessary or appropriate; and

          (c)  without limitation to do all things which Pledgor could do as a
Security holder of Epoch, giving to Secured Party full power of substitution and
revocation.

The proxy contained in this paragraph shall terminate when this Agreement
terminates as provided hereafter. Pledgor hereby agrees not to give or permit to
exist any other proxies in derogation of this proxy so long as this Agreement is
in force, other than any proxies given under the Trust Indenture.

     8.   Transfer Securities of Record.  Subject to any grant of conflicting
          -----------------------------
rights to the trustee under the Trust Indenture, Pledgor authorizes and appoints
Secured Party, effective upon occurrence of a Default, as Pledgor's attorney-in-
fact to transfer all or any part of the Securities which comprise any part of
the Collateral into Secured Party's name or that of its nominee so that Secured
Party or its nominee may appear of record as the sole owner of the Securities.
After the occurrence and during the continuance of any Default, Pledgor waives
all rights to be advised or to receive any notices, statements or communications
received by Secured Party or its nominee as such record owner.

     9.   Distributions In Respect of Collateral.
          --------------------------------------

          9.1  Subject to any grant of conflicting rights to the trustee under
the Trust Indenture, upon the occurrence and during the continuance of an Event
of Default and the exercise by Secured Party of its rights under this Section 9,
                                                                      ---------
Pledgor assigns to, and authorizes Secured Party to receive, any interest,
principal, dividends, distributions, or other income or payments of whatever
nature (whether in cash or in kind) now or hereafter made in respect of the
Collateral, including those made in connection with the dissolution,
liquidation, sale of assets, merger, consolidation, or other reorganization of
Epoch, or any stock dividend, stock split, recapitalization, reclassification or

                                       4
<PAGE>

otherwise (collectively, "Distributions"), to surrender such Collateral or any
                          -------------
part thereof in exchange therefor, and to hold any such Distribution as part of
the Collateral.

          9.2   After the occurrence and during the continuance of an Event of
Default, Pledgor will not demand or receive any income or Distribution with
respect to the Collateral and if Pledgor receives any such Distributions,
Pledgor will hold such Distributions in trust and deliver them promptly in the
form received to Secured Party to hold as Collateral.  After the occurrence and
during the continuance of an Event of Default, Secured Party may apply any net
cash Distributions to payment of any of the Secured Obligations, but Secured
Party shall account for and pay over to Pledgor any Distributions remaining
after full payment of such obligations.

     10.  Miscellaneous Provisions.
          ------------------------

          10.1  Perfection. Pledgor authorizes Secured Party at Pledgor's
                ----------
expense to file any financing statements relating to the Collateral (without
Pledgor's signature thereon) which Secured Party deems appropriate and Pledgor
appoints Secured Party as Pledgor's attorney-in-fact to execute any such
financing statements in Pledgor's name and to perfect and to continue perfection
of the Security Interest.

          10.2  Right to Perform Obligations.  Upon Pledgor's failure to perform
                ----------------------------
any of its duties hereunder and after five (5) days written notice of such
failure from Secured Party, Secured Party may, but it shall not be obligated to,
perform any of such duties and Pledgor shall forthwith upon demand reimburse
Secured Party for any expenses incurred by Secured Party in so doing; provided
                                                                      --------
that no notice shall be required if in Secured Party's reasonable judgment such
delay would materially jeopardize or impair the value of the Collateral.

          10.3  No Waiver.  No delay or omission by Secured Party in exercising
                ---------
any right hereunder shall operate as a waiver of that or any other right, and no
single or partial exercise of any right shall preclude Secured Party from any
other or further exercise of the right or the exercise of any other right or
remedy.  All rights and remedies of Secured Party under this Agreement and under
the Code shall be deemed cumulative.

          10.4  Care of Collateral, Etc.  Secured Party shall exercise
                -----------------------
reasonable care in the custody and preservation of the Collateral to the extent
required by law and it shall be deemed to have exercised reasonable care if it
takes such action for that purpose as Pledgor shall reasonably request in
writing; provided, however, no omission to do any act not requested by such
         --------  -------
Pledgor shall be deemed a failure to exercise reasonable care and no omission to
comply with any requests by such Pledgor shall of itself be deemed a failure to
exercise reasonable care.

          10.5  Enforcement.  If an Event of Default shall occur, Secured Party
                -----------
may demand, collect and sue for all amounts owed pursuant to the Collateral or
for proceeds of any Collateral (either in Pledgor's name or Secured Party's name
at the latter's option), with the right to enforce, compromise, settle or
discharge any such amounts.  After Default, Pledgor appoints Secured Party as
such Pledgor's attorney-in-fact to endorse such Pledgor's name on all checks,
commercial paper and other documents or instruments pertaining to Collateral or
proceeds.

                                       5
<PAGE>

          10.6  Other Rights.  Pledgor acknowledges that its obligations
                ------------
hereunder are absolute and unconditional and authorizes Secured Party without
affecting Pledgor's obligations hereunder from time to time to take the
following actions, whether or not increasing the risk of loss to Pledgor:

          (a)   to take from any party and hold collateral (other than the
Collateral) for the payment of the Secured Obligations or any party thereof, and
to exchange, enforce or release such collateral or any guaranty of payment of
the Secured Obligations or any part thereof and to release or substitute any
such endorser or guarantor or any party who has given any Security Interest in
any collateral as security for the payment of the secured Obligations or any
party thereof or any party in any way obligated to pay the Secured Obligations
or any part thereof; and

          (b)   upon the occurrence of any Event of Default to direct the manner
of the disposition of the Collateral and any other collateral and the
enforcement of any endorsements or guaranties relating to the Secured
obligations or any party thereof as Secured Party in its sole discretion may
determine, consistent with the provisions of Section 6.
                                             ---------

          10.7  Successors and Assigns.  This Agreement shall be binding upon
                ----------------------
and inure to the benefit of Pledgor and Secured Party and their respective
successors and assigns, except that Pledgor may not assign any of its rights or
obligations under this Agreement without the prior written consent of Secured
Party.

          10.8  Benefit.  The terms "Secured Party" and "Pledgor" as used in
                -------
this Agreement include the heirs, personal representatives and successors or
assigns of those parties and this Agreement shall benefit and bind such parties.
If more than one person is named herein as Pledgor, the obligation hereunder
shall be joint and several, subject to the nonrecourse provisions set forth
herein.

          10.9  Amendment.  This Agreement may not be modified or amended nor
                ---------
shall any provision of it be waived except in writing signed by Pledgor and by
an authorized officer of Secured Party.

          10.10 Governing Law; Venue.  This Agreement shall be governed by and
                --------------------
construed under the Uniform Commercial Code and any other applicable laws of the
State of Texas in effect from time to time.  ANY ACTION RELATED TO AND/OR BASED
UPON THE SUBJECT MATTER OF THIS AGREEMENT SHALL BE BROUGHT IN THE COURT OF
PROPER JURISDICTION IN DALLAS COUNTY, TEXAS.

          10.11 Term.  This Agreement shall remain in force until the full
                ----
satisfaction and discharge of the Note.  Upon termination of the Agreement,
Secured Party shall take all steps reasonably requested (but at Pledgor's cost)
by Pledgor to release its Security Interest and Pledgor shall be discharged in
full from any and all obligations under this Agreement.

          10.12 Notices.  Notice required or permitted to be given hereunder
                -------
shall be given to the parties as set forth in the Note.

                                       6
<PAGE>

          10.13  Powers.  All powers, rights, proxies and privileges granted to
                 ------
Secured Party herein are coupled with an interest and are irrevocable.

          10.14  Counterparts.  This Agreement may be executed in any number of
                 ------------
counterparts and by different parties thereto in separate counterparts, each of
which when so executed and delivered shall be deemed as original and all of
which when taken together shall constitute but one and the same instrument.

          10.15  Subordination.  Notwithstanding anything to the contrary
                 -------------
contained herein or in the Note, the terms, covenants, provisions and conditions
of this Agreement and the rights of Secured Party hereunder are and will
continue to be subordinate to the Trust Indenture, and the lien thereof, and to
any renewal, substitution, extension or replacement thereof.

     IN WITNESS WHEREOF, the parties hereto have executed this instrument as of
the date first stated above.

                                    PLEDGOR:

                                    TRAVELBYUS.COM LTD.,
                                    an Ontario, Canada corporation

                                    By: /s/ Bill Kerby
                                        --------------
                                    Name:  Bill Kerby
                                    Title:  CEO

                                    SECURED PARTY:

                                    AVIATION GROUP, INC.,
                                    a Texas corporation

                                    By: /s/ Richard Morgan
                                        ------------------
                                    Name:  Richard Morgan
                                    Title: Executive Vice President

                                       7
<PAGE>

                                   EXHIBIT A
                                   ---------

                            IRREVOCABLE STOCK POWER

     travelbyus.com ltd., an Ontario, Canada corporation, hereby irrevocably
appoints, with full power of substitution,___________________________________,
an officer of Epoch Technology Inc., a Texas corporation, transfer on the books
of Epoch Technology Inc. ________________ (___________) shares of Common Stock
of Epoch Technology Inc. now standing in the name(s) of travelbyus.com, on the
books of Epoch Technology and representing by Certificate(s) ____________.

Dated:  ____________________________

                                        TRAVELBYUS.COM LTD.,
                                        an Ontario, Canada corporation

                                        By:    ______________________________
                                        Name:  ______________________________
                                        Title: ______________________________

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