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A stock purchase agreement (SPA) is a contract between a seller and a buyer for the purchase of company shares. Key elements of an SPA include outlining the number of shares for sale, the cost per share, and the transaction date. Private entities are required to allow a due diligence period for buyers, while public stock purchasers are protected under the Securities Act of 1933. Different classes of stock may have varying voting rights, allowing specific groups to make primary company decisions. For example, Class A shares provide three votes per share, Class B offers two votes, and Class C grants one vote. An SPA must detail the essential terms and conditions of the transaction.