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A stock purchase agreement (SPA) is a contract between a seller and a buyer for the purchase of company shares. It specifies the number of shares, their cost, and the transaction date. Private entities must allow a due diligence period for buyers, while public stock purchases are protected by the Securities Act of 1933. Stock classes often have different voting rights, influencing company decisions; for instance, Class A shares may allow three votes each, Class B two votes, and Class C one vote. Key components of a stock purchase agreement should include detailed information about the shares being sold and associated rights.