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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 components include the number of shares for sale, their cost, and the transaction date. Private entities must allow a due diligence period for buyers, while public stock transactions are protected under the Securities Act of 1933. There are various classes of stock, each with different voting rights. For instance, Class A shares may offer three votes per share, Class B two votes, and Class C one vote. Essential elements to include in a stock purchase agreement must be thoroughly outlined for clarity and legal compliance.