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A stock purchase agreement (SPA) is a contract between a seller and a buyer for company shares. It specifies the number of shares for sale, their price, and the transaction date. Private entities must 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 influence company decisions; for instance, Class A shares might have three votes, Class B two votes, and Class C one vote per share. Key elements to include in a stock purchase agreement are outlined in the tutorial.