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A Stock Purchase Agreement (SPA) is a contract between a seller and a buyer for the purchase of company shares, detailing the number of shares for sale, their cost, and the transaction date. Private companies must offer a due diligence period for buyers, while public stock purchasers are protected by the Securities Act of 1933. The agreement should also address various classes of stock, which may have different voting rights. For example, Class A shares may grant three votes per share, Class B shares two votes, and Class C shares one vote. Essential components of a stock purchase agreement include the terms and conditions of the sale, warranties, and any other stipulations relevant to the transaction.