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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 components include the number of shares for sale, cost per share, and transaction date. Private companies must offer a due diligence period for buyers, while public stock buyers are protected under the Securities Act of 1933. The video also discusses different classes of stock, which often have varying voting rights. For instance, Class A shares may have three votes per share, Class B two votes, and Class C one vote. Essential elements of a stock purchase agreement will be covered in detail.