Item 1A. Risk Factors

There have been no material changes in the Company’s risk factors from those disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021.

HUBBELL INCORPORATED-Form 10-Q 41

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

On October 23, 2020 the Board of Directors approved a stock repurchase program that authorized the repurchase of up to $300 million of common stock and expires in October 2023. In the three months ended March 31, 2022, the Company repurchased shares for an aggregate purchase price of approximately $150.0 million. Our remaining share repurchase authorization under the 2020 program is $138.8 million. Subject to numerous factors, including market conditions and alternative uses of cash, we may conduct discretionary repurchases through open market or privately negotiated transactions, which may include repurchases under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.

The following table summarizes the Company's repurchase activity of common stock during the quarter ended March 31, 2022:


Period	Total Number of Shares of Common Stock Purchased (a) (000s)	Average Price Paid per share of Common Stock		Approximate Value of Shares that May Yet be Purchased Under the Programs (in millions)
BALANCE AS OF DECEMBER 31, 2021				$	288.8
January 2022	—	—		$	288.8
February 2022	329	$	182.55	$	228.8
March 2022	491	$	183.37	$	138.8
TOTAL FOR THE QUARTER ENDED MARCH 31, 2022	820	$	183.04

(a)Purchased under our 2020 share repurchase program authorizing the repurchase of up to $300 million shares of common stock, which was publicly announced in October 2020.

HUBBELL INCORPORATED-Form 10-Q 42

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