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A stock purchase agreement (SPA) is a contract between a seller of company shares and a potential buyer for ownership of a business. Key elements of the SPA include the number of shares for sale, the cost per share, and the transaction date. Private companies must allow for a due diligence period for buyers, while public stock purchasers 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 per share, Class B with two votes, and Class C with one vote. Essential components of a stock purchase agreement should be included to safeguard both parties in the transaction.