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A Stock Purchase Agreement (SPA) is a contract between a seller and a buyer for the sale of company shares, detailing essential elements of the transaction. Key components include the number of shares being sold, the price per share, and the transaction date. Private entities must allow a due diligence period for buyers, while public stock purchases are protected under the Securities Act of 1933. The agreement must specify various classes of stock, which often come with different voting rights. For instance, Class A shares may offer three votes per share, Class B shares two votes, and Class C shares just one vote. It's crucial to detail these aspects in the SPA.