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A Stock Purchase Agreement (SPA) is a contract between a seller and a buyer for company shares. It specifies the number of shares for sale, the price per share, and the transaction date. Private companies must provide a due diligence period for buyers, while public stock buyers are protected under the Securities Act of 1933. Additionally, various classes of stock can have different voting rights, influencing company decision-making. For instance, Class A stock may carry three votes per share, Class B two votes, and Class C one vote. Essential components of an SPA include detailed description and terms of the stock being sold.