Document:

<PAGE>
                                                                  EXHIBIT 10.2

                               AGREEMENT REGARDING
                        STOCK PURCHASE AND STOCK OPTIONS

         THIS AGREEMENT REGARDING STOCK PURCHASE AND STOCK OPTIONS (this
"Agreement"), is dated as of June 27, 2001 by and between The Enstar Group,
Inc., a Georgia corporation ("Enstar"), and John Oros, an individual resident of
the State of New Jersey ("Executive").

                              W I T N E S S E T H:

         WHEREAS, Executive is the President and Chief Operating Officer of
Enstar;

         WHEREAS, Enstar has determined that it is in the best interest of
Enstar and its shareholders that Enstar sell to Executive (from Enstar's
treasury stock) 100,000 shares of Enstar common stock, par value $.01 per share
(the "Common Stock"), and that Enstar grant Executive a nonqualified option to
acquire 100,000 shares of Enstar Common Stock, subject to the terms and
conditions herein contained;

         NOW, THEREFORE, in consideration of the premises and the promises and
agreements contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows:

         Section 1. Agreement to Sell Shares and Grant Options. Enstar agrees to
sell (from Enstar's treasury stock) 100,000 shares of Enstar Common Stock to
Executive and to grant Executive a non-qualified option to acquire 100,000
shares of Enstar Common Stock, subject to the following terms and conditions:

                  (a)      On the terms and conditions herein below, Enstar
         shall (i) sell 50,000 shares of Enstar Common Stock to Executive and
         (ii) grant Executive a nonqualified option to acquire 50,000 shares of
         Enstar Common Stock (the "River Thames Option") on the condition that
         Enstar shall have closed the River Thames transaction on or before
         December 31, 2001 substantially in accordance with the terms thereof as
         previously presented to and approved by the Board of Directors of
         Enstar. The purchase price for each of the 50,000 shares of Enstar
         Common Stock to be sold pursuant to this Section 1(a) and the exercise
         price of each share of Enstar Common Stock that may be acquired
         pursuant to the River Thames Option shall be the price of Enstar's
         Common Stock as of the close of business on the day preceding date of
         the public announcement by Enstar of the execution of a letter of
         intent or definitive agreement for the River Thames transaction (the
         "River Thames Announcement Date"). The effective date of the grant of
         the River Thames Option shall be

<PAGE>

         the day preceding the River Thames Announcement Date; however, the
         grant of the River Thames Option is subject to the satisfaction of the
         condition subsequent that the River Thames transaction be closed as
         provided herein and satisfaction of the condition subsequent that
         Executive purchase 50,000 shares of Enstar Common Stock in accordance
         with the terms of Sections 1(a), 2(a) and 3(a) of this Agreement.

         (b)      On the terms and conditions herein below, Enstar shall (i)
sell 50,000 shares of Enstar Common Stock to Executive and (ii) grant Executive
a nonqualified option to acquire 50,000 shares of Enstar Common Stock (the
"Castlewood Option") on the condition that Enstar shall have closed the
Castlewood transaction on or before December 31, 2001 substantially in
accordance with the terms thereof as previously presented to and approved by the
Board of Directors of Enstar. The purchase price for each of the 50,000 shares
of Enstar Common Stock to be sold pursuant to this Section 1(b) and the exercise
price of each share of Enstar Common Stock that may be acquired pursuant to the
Castlewood Option shall be the price of Enstar's Common Stock as of the close of
business on the day preceding the date of the public announcement by Enstar of
the execution of a letter of intent or definitive agreement for the Castlewood
transaction (the "Castlewood Announcement Date"). The effective date of the
grant of the Castlewood Option shall be the date preceding the Castlewood
Announcement Date; however, the grant of the Castlewood Option is subject to
satisfaction of the condition subsequent that the Castlewood transaction be
closed as provided herein and satisfaction of the condition subsequent that
Executive purchase 50,000 shares of Enstar Common Stock in accordance with the
terms of Sections 1(b), 2(b) and 3(b) of this Agreement.

The 100,000 shares of Enstar Common Stock which may be purchased by Executive
under this Section 1 are sometimes referred to herein collectively as the
"Purchased Stock". Executive agrees to purchase the Purchased Stock and to
accept the River Thames Option and the Castlewood Option, subject to the terms
and conditions hereof.

         Section 2.        Closing.

                  (a)      The closing of the purchase and sale of the 50,000
         shares of Enstar Common Stock and the delivery of the River Thames
         Option pursuant to Section 1(a) above shall take place at the offices
         of Enstar no later than the 5th business day following the closing of
         the River Thames transaction, or on such other date and at such other
         time or place as the parties may agree.

                  (b)      The closing of the purchase and sale of the 50,000
         shares of Enstar Common Stock and the delivery of the Castlewood Option
         pursuant to Section 1(b) above shall take place at the offices of
         Enstar no later than the 5th business day following the closing of the
         Castlewood transaction, or on such other date and at such other time or
         place as the parties may agree.

         Section 3.        Deliveries by Buyer and Seller.

                                      - 2 -
<PAGE>

                  (a)      At the closing of the transactions contemplated in
         Section 2(a) above:

                  Enstar shall deliver or cause to be delivered to Executive the
         following:

                           (i)      the stock certificate or certificates
                                    representing 50,000 shares of Enstar Common
                                    Stock registered in Executive's name;

                           (ii)     a nonqualified stock option agreement
                                    substantially in the form of the Exhibit "A"
                                    attached hereto and made a part hereof (with
                                    all banks therein appropriately completed),
                                    duly executed by Enstar, representing the
                                    River Thames Option;

                  and Executive shall deliver or cause to be delivered to Enstar
         the following:

                           (i)      the aforesaid stock option agreement
                                    representing the River Thames Option, duly
                                    executed by Executive; and

                           (ii)     the full purchase price, in immediately
                                    available funds, for the 50,000 shares of
                                    Enstar Common Stock being purchased by
                                    Executive.

                  (b)      At the closing of the transactions contemplated in
         Section 2(b) above:

                  Enstar will deliver or cause to be delivered to Executive the
         following:

                           (i)      the stock certificate or certificates
                                    representing 50,000 shares of Enstar Common
                                    Stock registered in Executive's name;

                           (ii)     a nonqualified stock option agreement
                                    substantially in the form of Exhibit "A"
                                    attached hereto and made a part hereof (with
                                    all blanks therein appropriately completed),
                                    duly executed by Enstar, representing the
                                    Castlewood Option;

                  and  Executive shall deliver or cause to be delivered to
         Enstar the following:

                           (i)      the aforesaid stock option agreement
                                    representing the Castlewood Option, duly
                                    executed by Executive; and

                           (ii)     the full purchase price, in immediately
                                    available funds, for the 50,000 shares of
                                    Enstar Common Stock being purchased by
                                    Executive.

         Section 4.        Securities Laws Matters. The provisions of this
Section 4 relate to any Purchased Stock that Executive purchases under this
Agreement:

                                      - 3 -
<PAGE>

                  (a)      Executive represents and warrants that Executive is
         acquiring the Purchased Stock for Executive's own account, to hold for
         investment, with no present intention of dividing Executive's
         participation with others or reselling or otherwise participating,
         directly or indirectly, in a distribution of the Purchased Stock and
         that Executive shall not make any sale of the Purchased Stock in
         violation of any state securities laws, or in violation of the
         Securities Act of 1933, as amended (the "Securities Act"), or the rules
         and regulations promulgated thereunder by the United States Securities
         and Exchange Commission.

                  (b)      Executive has been advised that the Purchased Stock
         is not being registered under any state securities laws, and are not
         being registered under the Securities Act in reliance upon certain
         exemptive provisions of said Acts.

                  (c)      Executive agrees that the Enstar may refuse to permit
         Executive to sell, transfer or dispose of the Purchased Stock unless
         there is in effect a registration statement under the Securities Act
         and any applicable state securities laws or Executive furnishes an
         opinion of counsel, satisfactory to counsel for the Enstar, to the
         effect that such registration is not required.

                  (d)      Executive understands and agrees that there may be
         placed on the stock certificates representing such Purchased Stock a
         legend stating in substance:

         THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE BEEN ISSUED AND SOLD
         WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
         "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE, IN RELIANCE
         UPON CERTAIN EXEMPTIVE PROVISIONS OF SAID ACTS. SAID SHARES CANNOT BE
         SOLD OR TRANSFERRED EXCEPT IF SUCH SALE OR TRANSFER WOULD BE: (1)
         PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
         ACT OR PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION; AND (2) IN A
         TRANSACTION WHICH IS EXEMPT UNDER APPLICABLE STATE SECURITIES LAWS, OR
         PURSUANT TO EFFECTIVE REGISTRATION STATEMENTS UNDER SUCH LAWS, OR IN A
         TRANSACTION WHICH IS OTHERWISE IN COMPLIANCE WITH SUCH LAWS.

Executive understands and agrees that other legends required under applicable
securities laws also may be placed on such certificates.

                  (e)      Executive is an "accredited investor" as defined by
         Rule 501(a) of Regulation D promulgated under the Securities Act in
         that Executive is both an executive officer of Enstar and has a net
         worth in excess of $1,000,000.

                  (f)      Executive has received no general or public
         solicitation or any advertisement concerning an offer to sell the
         Purchased Stock.

                                      - 4 -
<PAGE>

         Section 5.        Mutual Covenants. The parties mutually represent and
warrant to each other that the sale of the 50,000 shares of Enstar Common Stock
and delivery of the River Thames Option pursuant to Section 1(a) hereof are
interrelated and each aspect of such transaction is conditioned upon the
consummation of both transactions - that is, Enstar shall not be obligated to
deliver the River Thames Option to Executive if Executive should, for any
reason, default in his obligations to purchase the 50,000 shares of Enstar
Common Stock pursuant to Section 1(a) hereof. Likewise, the parties mutually
represent and warrant to each other that the sale of the 50,000 shares of Enstar
Common Stock and the delivery of Castlewood Option pursuant to Section 1(b)
hereof are interrelated and each aspect of such transaction is conditioned upon
the consummation of both transactions - that is, Enstar shall not be obligated
to deliver the Castlewood Option to Executive if Executive should, for any
reason, default in his obligations to purchase the 50,000 shares of Enstar
Common Stock pursuant to Section 1(b) hereof.

         Section 6.        Miscellaneous.

                  (a)      Each Party shall pay bear its own fees, costs and
         expenses incurred in connection with the negotiation of this Agreement
         and the matters contemplated hereby.

                  (b)      This Agreement shall be binding upon, and shall inure
         to the benefit of, the parties hereto and their respective successors
         and permitted assigns. Neither this Agreement, nor any of the rights,
         interest or obligations hereunder, shall be assigned, directly or
         indirectly, including, without limitation, by operation of law, by any
         party hereto without their prior written consent of the other party
         hereto.

                  (c)      The provisions this Agreement shall be construed in
         accordance with and governed by the laws of the State of Georgia
         (regardless of the laws that might otherwise govern under applicable
         principles of conflicts of laws).

                  (d)      This Agreement, and the other documents referred to
         herein or delivered pursuant hereto which form a part hereof,
         constitute the entire agreement between the parties with respect to the
         subject matter hereof and supercede all other prior agreements and
         understanding, both written and oral, between the parties with respect
         to the subject matter hereof.

                  (e)      This Agreement may be amended, modified, or
         supplemented at any time by written agreement of Enstar and Executive.

                  (f)      This Agreement may be executed in several
         counterparts, each of which when fully executed shall be an original,
         and all such counterparts taken together shall be deemed to constitute
         one and the same agreement. Delivery of any signature page via telecopy
         or other electronic facsimile transmission shall be deemed equivalent
         to physical delivery of the original signature page. Any signature page
         of any counterpart hereof, whether bearing an

                                      - 5 -
<PAGE>

         original signature or an electronic facsimile transmission of a
         signature, may be appended to any other counterpart hereof to form a
         completely executed counterpart hereof.

                                      - 6 -

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed as of the date first above written.

The Enstar Group, Inc.:                         Executive:

By:
   -----------------------------                --------------------------------
Title:                                          John Oros
      --------------------------

                                     - 7 -<PAGE>
                                                                     EXHIBIT-4.2

         Unless this certificate is presented by an authorized representative of
the Depository Trust Company, a New York corporation ("DTC"), to Issuer or its
agent for registration of transfer, exchange, or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

         This Security is a Global Security within the meaning of the Indenture
hereinafter referred to and is registered in the name of a Depositary (as
defined in the Indenture) or a nominee of a Depositary. This Security is
exchangeable for Securities registered in the name of a person other than the
Depositary or its nominee only in the limited circumstances described in the
Indenture, and may not be transferred except as a whole by the Depositary to a
nominee of the Depositary or by a nominee of the Depositary to the Depositary or
another nominee of the Depositary.

                             SONOCO PRODUCTS COMPANY
                        6.50% Notes due November 15, 2013

                                                          Cusip No. 835495 AF 9
No. 1                                                              $250,000,000

         Sonoco Products Company, a corporation duly organized and existing
under the laws of the State of South Carolina (herein called the "Company",
which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of Two Hundred Fifty Million Dollars on
November 15, 2013, and to pay interest thereon from November 2, 2001, or from
the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on May 15 and November 15 in each year, commencing
May 15, 2002, at the rate of 6.50% per annum, until the principal hereof is paid
or made available for payment. The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the May 1 or November 1 (whether
or not a Business Day), as the case may be, next preceding such Interest Payment
Date. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities of this series
not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and
upon such notice as may be required by such exchange, all as more fully provided
in said Indenture.

                                     1 of 5
<PAGE>

         Payment of the principal of (and premium, if any) and interest on this
Security will be made at the office or agency of the Company maintained for that
purpose in New York, New York, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that at the option of the Company payment of
interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register, or by wire
transfer to the Person entitled thereto.

         Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated:  November 2, 2001

                                          SONOCO PRODUCTS COMPANY

                                          By:
                                             ---------------------

Attest:

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.

                                             The Bank of New York, As Trustee

                                             By
                                                --------------------------------
                                                      Authorized Officer

                                     2 of 5

<PAGE>

                                [REVERSE OF NOTE]

                             SONOCO PRODUCTS COMPANY
                        6.50% Notes due November 15, 2013

         This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an Indenture, dated as of June 15, 1991 (herein called the
"Indenture"), between the Company and The Bank of New York, as successor Trustee
(herein called the "Trustee", which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and
are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof.

         The Securities of this series are subject to redemption upon not less
than 30 days' notice by mail, in whole or in part, at any time at the election
of the Company, at a redemption price equal to the greater of (i) 100% of the
principal amount of the Securities, or (ii) as determined by the Quotation Agent
(as defined below), the sum of the present values of the remaining scheduled
payments of principal and interest on the Securities (not including any portion
of those payments of interest accrued as of the redemption date) discounted to
the redemption date on a semi-annual basis assuming a 360 day year consisting of
twelve 30 day months at the Adjusted Treasury Rate (as defined below) plus 35
basis points plus, in each case, accrued and unpaid interest on the Securities
to the redemption date.

         In the case of a partial redemption, selection of the Securities for
redemption will be made pro rata, by lot or such other method as the Trustee in
its sole discretion deems appropriate and fair; however, any redemption relating
to a public equity offering of equity securities will be made on a pro rata
basis or on as nearly a pro rata basis as practicable (subject to the
Depositary's procedures). No Securities of a principal amount of $1,000 or less
will be redeemed in part. Notice of any redemption will be mailed by first class
mail at least 30 days but not more than 60 days before the redemption date to
each holder of the Securities to be redeemed at its registered address. If any
Securities are to be redeemed in part only, the notice of redemption that
relates to the Securities will state the portion of the Securities to be
redeemed. New Securities in principal amounts of $1,000 equal to the unredeemed
portion of the Securities will be issued in the name of the holder of the
Securities upon surrender for cancellation of the original Securities. Unless
the Company defaults in payment of the redemption price, on and after the
redemption date, interest will cease to accrue on the Securities or the portions
of the Securities called for redemption.

         "Adjusted Treasury Rate" means, with respect to any redemption date,
the annual rate equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price of the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for that redemption date.

                                     3 of 5

<PAGE>

         "Comparable Treasury Issue" means the United States Treasury security
selected by the Quotation Agent as having a maturity comparable to the remaining
term of the Securities to be redeemed that would be utilized, at the time of a
selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term
of the Securities.

         "Comparable Treasury Price" means, with respect to any redemption date,
(i) the average of the Reference Treasury Dealer Quotations for that redemption
date, after excluding the highest and lowest Reference Treasury Dealer
Quotation, or (ii) if the Trustee obtains fewer than three Reference Treasury
Dealer Quotations, the average of the quotations.

         "Reference Treasury Dealer" means (i) each of Banc of America
Securities LLC and Credit Suisse First Boston Corporation and their respective
successors; however, if any of the foregoing shall cease to be a primary U.S.
Government securities dealer in New York City (a "Primary Treasury Dealer"), the
Company will substitute another Primary Treasury Dealer; and (ii) any other
Primary Treasury Dealer selected by the Company.

         "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the Company, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by the Reference Treasury Dealer at 5:00 p.m., New York
City time, on the third business day preceding the redemption date.

         "Quotation Agent" means the Reference Treasury Dealer appointed by the
Company.

         If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

         The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness on this Security and (b) certain restrictive covenants upon
compliance by the Company with certain conditions, set forth therein, which
provisions apply to the Securities of this series.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of 66 2/3% in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange

                                     4 of 5

<PAGE>

hereof or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.

         No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and
interest on this Security at the times, place and rate, and in the coin or
currency, herein prescribed.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registerable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Securities of
this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

         The Securities of this series are issuable only in registered form
without coupons in denominations of $1,000 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

         No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

         Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

         All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK]

                                     5 of 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}]]