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A stock purchase agreement (SPA) is a contract between a seller of company shares and a buyer for ownership transfer of 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 offer a due diligence period for buyers, while public stock purchases are protected by the Securities Act of 1933. Stock classes often possess different voting rights, enabling certain groups to influence company decisions. For instance, Class A shares may allow three votes per share, Class B two votes, and Class C one vote. Essential components of a stock purchase agreement must be detailed to ensure clarity and legality.