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A stock purchase agreement (SPA) is a contract between the seller and buyer of company shares for ownership transfer. Key components include the number of shares for sale, price per share, and transaction date. Private companies must allow a due diligence period for buyers, while purchasers of public stocks are protected by the Securities Act of 1933. Different classes of stock may carry varying voting rights, enabling certain shareholders to influence company decisions. For example, Class A shares may grant three votes each, Class B two votes, and Class C one vote. Essential elements of an SPA must be clearly outlined for valid agreements.