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A Stock Purchase Agreement (SPA) is a contract between a seller of company shares and a potential buyer, detailing the ownership transition of a business entity. Key elements include the number of shares for sale, the cost per share, and the transaction date. Private entities must offer a due diligence period for buyers, while public stock purchasers are protected under the Securities Act of 1933. The agreement can also specify different classes of stock, which often have varying voting rights—Class A stock may offer three votes per share, Class B two votes, and Class C one vote. Essential components to include in an SPA need to be outlined for a comprehensive agreement.