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A Stock Purchase Agreement (SPA) is a contract between a seller and a potential buyer for the purchase of company shares, outlining essential details such as the number of shares, cost per share, and transaction date. Private companies must provide a due diligence period for buyers, while public stock purchasers are protected under the Securities Act of 1933. Stock classes may vary in voting rights, with examples including Class A shares offering three votes per share, Class B offering two, and Class C offering one vote per share. Key elements to include in a stock purchase agreement should be thoroughly detailed, although specific contents weren't fully elaborated in the provided text.