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A Stock Purchase Agreement (SPA) is a contract between a seller and a buyer for the ownership of a business entity. Key components of an SPA include the number of shares for sale, the price per share, and the transaction date. Private companies must allow a due diligence period for buyers, while public stock purchases are protected by the Securities Act of 1933. Additionally, stock classes can vary in voting rights; for instance, Class A shares may offer three votes each, Class B two votes, and Class C one vote. It's crucial to include all necessary details in the SPA for a clear and legal transaction.