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A stock purchase agreement (SPA) is a contract between a seller and a buyer for the ownership of company shares. It outlines key details such as the number of shares, the price per share, and the transaction date. Private entities must offer a due diligence period for buyers, whereas public stock purchasers are protected by the Securities Act of 1933. Different classes of stock may come with varying voting rights, allowing specific groups to influence company decisions. For instance, Class A stock could provide three votes per share, Class B two votes, and Class C one vote. Essential elements of a stock purchase agreement should include these details for clarity and legal compliance.