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A Stock Purchase Agreement (SPA) is a contract between a seller and a buyer for the purchase of company shares. The agreement specifies the number of shares, the price per share, and the transaction date. For private entities, a due diligence period is provided for buyers, while public stock purchasers are protected under the Securities Act of 1933. Different classes of stock may have varying voting rights, influencing decision-making within the company; for instance, Class A stock offers three votes per share, Class B offers two, and Class C provides one. Key elements to include in a stock purchase agreement involve detailed descriptions of the transaction terms and stock characteristics.