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A stock purchase agreement (SPA) is a contract between a seller and buyer for the purchase of company shares. It specifies the number of shares, cost per share, and transaction date. Private companies must allow a due diligence period for buyers, while public stock purchasers are protected under the Securities Act of 1933. The agreement also addresses different classes of stock, which may have varying voting rights. For instance, Class A shares provide three votes per share, Class B offers two votes, and Class C gives one vote. Key components of a stock purchase agreement must be detailed to ensure all parties understand the terms of the transaction.