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A Stock Purchase Agreement (SPA) is a contract between a seller and a buyer for the ownership of a business entity. Key elements of the SPA include the number of shares for sale, the cost per share, and the transaction date. For private entities, a due diligence period is required for buyers, while public stock buyers are protected under the Securities Act of 1933. Different classes of stock often feature varying voting rights, which determine decision-making authority within the company. For instance, Class A shares may offer three votes per share, Class B two votes, and Class C one vote. A comprehensive stock purchase agreement must include specific details regarding these terms.