A Stock Purchase Agreement is a legal contract that is signed between a buyer and a seller (or a purchaser and a shareholder), in which the seller is legally bound to sell a share of a company on conditions stated in the contract, and the buyer is legally bound to buy that share on the same conditions. The purpose of the document is to regulate the whole process of purchasing and summarize all of the essential details of it.
Some agreements allow company founders to document their initial ownership of it with the use of vesting provisions and transfer restrictions, that regulate the company's repurchase option (when the company can repurchase the unvested shares - the shares that were not earned by providing services to the company). This type of agreement is signed between a company and a purchaser, mostly used with startups, and is called a "Founder Stock Purchase Agreement" or a "Common Stock Purchase Agreement."
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