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A Stock Purchase Agreement (SPA) is a contract between a seller of company shares and a potential buyer for acquiring ownership of a business. Key elements of the agreement include the number of shares available, the cost per share, and the transaction date. Private companies must allow a due diligence period for buyers, while public stock purchasers are protected under the Securities Act of 1933. Additionally, stock classes may have varying voting rights, with arrangements like Class A offering three votes per share, Class B two votes, and Class C one vote. Important details to include in an SPA are essential for a clear transaction.