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A stock purchase agreement (SPA) is a contract between a seller of company shares and a potential buyer, detailing the purchase of ownership in a business. Key elements of the SPA include the number of shares for sale, the cost per share, and the transaction date. Private entities must provide a due diligence period for buyers, while public stock purchasers are protected under the Securities Act of 1933. The agreement should also address different classes of stock, which often have varying voting rights. For example, Class A shares may allow three votes per share, Class B two votes, and Class C one vote. It's essential to outline these details in the stock purchase agreement.