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A Stock Purchase Agreement (SPA) is a contract between a seller and a buyer for the purchase of company shares. Key elements of the SPA include the number of shares being sold, the price per share, and the transaction date. Private companies must offer a due diligence period for buyers, while public stock buyers are protected under the Securities Act of 1933. Additionally, different classes of stock may have varied voting rights, such as Class A shares with three votes, Class B with two, and Class C with one. Essential components of a stock purchase agreement should be carefully detailed to ensure clarity and compliance.