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A stock purchase agreement (SPA) is an agreement between a seller and buyer for the purchase of company shares. The agreement includes the number of shares, cost per share, and transaction date. Private entities have a due diligence period, while public stock buyers are protected by the Securities Act of 1933. Stock classes have different voting rights - Class A stocks have 3 votes per share, Class B have 2, and Class C have 1. The SPA should include these details for a successful purchase agreement.