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A Stock Purchase Agreement (SPA) is a contract between a seller and a buyer for the transfer of ownership in a business. It specifies the number of shares being sold, the price per share, and the transaction date. Private companies are required to provide a due diligence period for buyers, while public stock buyers are protected under the Securities Act of 1933. Different classes of stock may have varying voting rights; for example, Class A shares might allow three votes, Class B two votes, and Class C one vote per share. A comprehensive SPA should include essential elements related to the transaction.