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A Stock Purchase Agreement (SPA) is a contract between a seller and a buyer for the purchase of company shares. It details the number of shares available, their cost, and the transaction date. Private companies must provide a due diligence period for buyers, while public stock buyers are protected under the Securities Act of 1933. Additionally, different classes of stock may exist, each with varying voting rights. For instance, Class A shares might have three votes per share, Class B two votes, and Class C one vote. Essential components of an SPA must be included to ensure clarity and legality in the transaction.