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A Stock Purchase Agreement (SPA) is a contract between a seller and a potential buyer for the ownership of company shares. Key elements include the number of shares for sale, their cost, and the transaction date. Private entities are required to provide a due diligence period, while public stock buyers are protected by the Securities Act of 1933. The types of stock often have different voting rights, affecting decision-making within a company. For instance, Class A stock may allow three votes per share, Class B two votes, and Class C one vote. Important components of a stock purchase agreement must be outlined to ensure clarity and protection for both parties involved in the transaction.