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A stock purchase agreement (SPA) is a contract between a seller of company shares and a buyer to acquire ownership of a business. Key elements of the agreement include the number of shares for sale, individual share cost, and the transaction date. Private companies must offer a due diligence period for buyers, while public stock purchasers are protected under the Securities Act of 1933. Different classes of stock may have varying voting rights, enabling specific shareholders to influence company decisions. For instance, Class A shares grant three votes, Class B two votes, and Class C one vote. An effective SPA should detail these terms and conditions.