The correct answer for the question is option 3. The historic peace agreement of November 2006 in Nepal was signed between the SPA (Seven Party Alliance) and the Maoists.

Option 1, which states that the agreement was signed between the King and SPA, is incorrect. The agreement did not involve the King, as it was aimed at ending the decade-long civil war between the government and the Maoist rebels.

Option 2, which suggests that the agreement was signed between the King and the Maoists, is also incorrect. The King played no direct role in the agreement, as the power had already been shifted to a democratic system.

Option 4, which states that the agreement was signed between the King, SPA, and Maoist, is also incorrect. As mentioned earlier, the King was not part of the agreement.

Therefore, option 3 is the correct answer, as it accurately states that the historic peace agreement of November 2006 in Nepal was signed between the SPA and the Maoists.