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A stock purchase agreement (SPA) is a contract between a seller and a potential buyer for the purchase of shares in a company. It outlines the number of shares for sale, the price per share, and the transaction date. Private entities must allow a due diligence period for buyers, while public stock buyers are protected under the Securities Act of 1933. Different classes of stock may have varying voting rights, such as Class A shares with three votes each, Class B with two votes, and Class C with one vote. A stock purchase agreement should include essential details about the transaction and rights attached to the different stock classes.