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A Stock Purchase Agreement (SPA) is a contract between a seller and a buyer for the ownership of a business's shares. Key components of the SPA include the number of shares available, the price per share, and the transaction date. Private companies are required to provide a due diligence period for buyers, while public stock purchasers are protected by the Securities Act of 1933. The agreement also addresses different classes of stock, which may have varying voting rights—such as Class A with three votes per share, Class B with two, and Class C with one. Essential details to include in an SPA involve the terms of the sale and any relevant shareholder agreements.