![](https://www.sec.gov/Archives/edgar/data/1045520/000110465924091501/tm2420617d43_424b2sp1img002.jpg)
|
Filed
Pursuant to Rule 424(b)(2)
Registration No. 333-272447 |
|
Pricing
Supplement dated August 20, 2024
(To Equity Index Underlying Supplement dated September 5, 2023,
Prospectus Supplement dated September 5, 2023, and Prospectus dated September 5, 2023) |
Canadian Imperial
Bank of Commerce Trigger Callable Contingent Yield Notes
$11,000,000 Notes Linked to the Least Performing of the S&P 500®
Index, the Russell 2000® Index and the Nikkei Stock Average Index due on August 25, 2027
Investment Description |
These Trigger Callable Contingent Yield Notes (the
‘‘Notes’’) are senior unsecured debt securities issued by Canadian Imperial Bank of Commerce (“CIBC”)
with returns linked to the Least Performing of the S&P 500® Index, the Russell 2000® Index and the Nikkei
Stock Average Index (each, an “Underlying” and together, the “Underlyings”). The Notes will rank equally with
all of our other unsecured and unsubordinated debt obligations. Unless the Notes have been previously called, CIBC will pay a quarterly
Contingent Coupon if the Closing Level of each Underlying on the applicable quarterly Coupon Determination Date (including the Final Valuation
Date) is equal to or greater than its Coupon Barrier. Otherwise, no coupon will be paid for the quarter. CIBC has the right to call the
Notes at its election on any quarterly Call Payment Date beginning on February 24, 2025, regardless of the levels of the Underlyings.
If the Notes are called, CIBC will pay you the principal amount of your Notes plus, if payable, the Contingent Coupon for the applicable
quarter, and no further amounts will be owed to you under the Notes. The Underlying with the lowest Underlying Return is the “Least
Performing Underlying.” If the Notes are not called prior to maturity and the Final Level of the Least Performing Underlying is
equal to or greater than its Coupon Barrier, CIBC will pay you a cash payment at maturity equal to the principal amount of your Notes
plus the final Contingent Coupon. If the Final Level of the Least Performing Underlying is less than its Coupon Barrier but equal to or
greater than its Downside Threshold, CIBC will pay you a cash payment at maturity equal to the principal amount of your Notes (a zero
return). If the Final Level of the Least Performing Underlying is less than its Downside Threshold, CIBC will pay you less than the full
principal amount, if anything, resulting in a loss on your initial investment that is proportionate to the negative performance of the
Least Performing Underlying over the term of the Notes, and you may lose up to 100% of your principal amount.
Investing in the Notes involves significant
risks. CIBC may not pay any Contingent Coupons on the Notes. If the Notes are not called by CIBC at its election, you may lose some or
all of your principal amount. You will be exposed to the market risk of each Underlying on each Coupon Determination Date and any decline
in the level of one Underlying may negatively affect your return and will not be offset or mitigated by a lesser decline or any increase
in the level of any other Underlying. Generally, the higher the Contingent Coupon Rate on a Note, the greater the risk of loss on that
Note. The contingent repayment of principal only applies if you hold the Notes to maturity or optional issuer call. Any payments on the
Notes, including any repayment of principal, are subject to the creditworthiness of CIBC. If CIBC were to default on its payment obligations,
you may not receive any amounts owed to you under the Notes and you could lose your entire investment. |
| q |
Contingent
Coupon: CIBC will pay a quarterly Contingent Coupon payment
if the Closing Level of each Underlying on the applicable quarterly Coupon Determination
Date is equal to or greater than its Coupon Barrier. Otherwise, no coupon will be paid for
the quarter. |
| q |
Issuer
Call: CIBC may, at its election, call the Notes on any
quarterly Call Payment Date commencing on February 24, 2025 and pay you the principal amount
of your Notes plus, if payable, the Contingent Coupon for that applicable quarter. If the Notes
are not called, investors may potentially lose a portion of their principal amount at maturity. |
| q |
Contingent
Repayment of Principal Amount at Maturity: If the Notes have not been previously called
by CIBC at its election and the Final Level of the Least Performing Underlying is not less than
its Coupon Barrier, CIBC will pay you the principal amount per Note at maturity plus the final
Contingent Coupon. If the Final Level of the Least Performing Underlying is less than its Coupon
Barrier but equal to or greater than its Downside Threshold, CIBC will pay you a cash payment
at maturity equal to the principal amount of your Notes (a zero return). If the Final Level
of the Least Performing Underlying is less than its Downside Threshold, CIBC will pay a cash
amount that is less than the principal amount, if anything, resulting in a loss on your initial
investment that is proportionate to the decline in the Closing Level of the Least Performing
Underlying from the Trade Date to the Final Valuation Date. The contingent repayment of principal
only applies if you hold the Notes until maturity or optional issuer call. Any payments on the
Notes, including any repayment of principal, are subject to the creditworthiness of CIBC. |
Key
Dates |
Trade
Date |
August 20, 2024 |
Settlement
Date |
August 23, 2024 |
Coupon
Determination Dates1 |
Quarterly, commencing on
November 20, 2024 |
Call Payment
Dates1 |
Quarterly, commencing on
February 24, 2025 |
Final
Valuation Date1 |
August 20, 2027 |
Maturity
Date1 |
August 25, 2027 |
1
See page PS-4 for additional details |
THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL
DEBT INSTRUMENTS. THE TERMS OF THE NOTES MAY NOT OBLIGATE CIBC TO REPAY THE FULL PRINCIPAL AMOUNT OF THE NOTES. THE NOTES CAN HAVE DOWNSIDE
MARKET RISK SIMILAR TO THE LEAST PERFORMING UNDERLYING, WHICH CAN RESULT IN A LOSS OF SOME OR ALL OF THE PRINCIPAL AMOUNT AT MATURITY.
THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF CIBC. YOU SHOULD NOT PURCHASE THE NOTES
IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE NOTES.
YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED
UNDER ‘‘KEY RISKS’’ BEGINNING ON PAGE PS-7 AND THE MORE DETAILED ‘‘RISK FACTORS’’ BEGINNING
ON PAGE S-1 OF THE ACCOMPANYING UNDERLYING SUPPLEMENT, BEGINNING ON PAGE S-1 OF THE ACCOMPANYING PROSPECTUS SUPPLEMENT AND PAGE 1 OF THE
ACCOMPANYING PROSPECTUS BEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY
AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR NOTES. |
Note Offering |
The
Notes are offered at a minimum investment of $1,000 in denominations of $10 and integral multiples of $10 in excess thereof. |
Underlyings
(Least Performing of) |
Contingent
Coupon Rate |
Initial
Levels |
Downside
Thresholds |
Coupon
Barriers |
CUSIP |
ISIN |
The
S&P 500® Index (“SPX”) |
9.00%
per annum |
5,597.12 |
3,358.27,
which is 60.00% of its Initial Level* |
3,917.98,
which is 70.00% of its Initial Level* |
13608Q267 |
US13608Q2672 |
The
Russell 2000® Index (“RTY”) |
2,142.188 |
1,285.313,
which is 60.00% of its Initial Level** |
1,499.532,
which is 70.00% of its Initial Level** |
The
Nikkei Stock Average Index (“NKY”) |
38,062.92 |
22,837.75,
which is 60.00% of its Initial Level* |
26,644.04,
which is 70.00% of its Initial Level* |
* Rounded to two decimal places.
** Rounded to three decimal places.
See “Additional Information about the Notes” on page PS-2.
The Notes offered will have the terms specified in the accompanying prospectus, prospectus supplement and underlying supplement and the
terms set forth herein.
Neither the U.S. Securities and Exchange Commission
(the “SEC”) nor any state or provincial securities commission has approved or disapproved of the Notes or determined if this
pricing supplement or the accompanying underlying supplement, prospectus supplement or prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.
The Notes will not constitute deposits insured
by the Canada Deposit Insurance Corporation (the “CDIC”), the U.S. Federal Deposit Insurance Corporation, or any other government
agency or instrumentality of Canada, the United States or any other jurisdiction. The Notes are not bail-inable debt securities (as defined
on page 7 of the prospectus). The Notes will not be listed on any securities exchange.
The initial estimated value of the Notes on the
Trade Date as determined by CIBC is $9.521 per $10.00 principal amount of the Notes, which is less than the price to public. See “Key
Risks—General Risks” beginning on page PS-9 of this pricing supplement and “The Bank’s Estimated Value of the
Notes” on page PS-19 of this pricing supplement for additional information.
|
Price
to Public |
|
Underwriting
Discount(1) |
|
Proceeds
to Us |
Notes
Linked to: |
Total |
Per
Note |
|
Total |
Per
Note |
|
Total |
Per
Note |
The Least Performing
of the S&P 500® Index, the Russell 2000® Index and the Nikkei Stock Average Index |
$11,000,000.00 |
$10.00 |
|
$220,000.00 |
$0.20 |
|
$10,780,000.00 |
$9.80 |
(1) CIBC World Markets Corp. (“CIBCWM”),
our affiliate, will purchase the Notes and, as part of the distribution of the Notes, will sell all of the Notes to UBS Financial Services
Inc. (“UBS”) at the discount specified in the table above. See “Supplemental Plan of Distribution (Conflicts of Interest)”
on page PS-19 of this pricing supplement for additional information.
UBS Financial Services
Inc. | CIBC
Capital Markets |
Additional
Information About the Notes |
You
should read this pricing supplement together with the prospectus dated September 5, 2023 (the “prospectus”), the prospectus
supplement dated September 5, 2023 (the “prospectus supplement”) and the Equity Index Underlying Supplement dated September
5, 2023 (the “underlying supplement”). Information in this pricing supplement supersedes information in the underlying
supplement, the prospectus supplement and the prospectus to the extent it is different from that information. Certain terms used
but not defined herein will have the meanings set forth in the underlying supplement, the prospectus supplement or the prospectus.
You
should rely only on the information contained in or incorporated by reference in this pricing supplement and the accompanying underlying
supplement, the prospectus supplement and the prospectus. This pricing supplement may be used only for the purpose for which it has
been prepared. No one is authorized to give information other than that contained in this pricing supplement, and the accompanying
underlying supplement, the prospectus supplement and the prospectus, and in the documents referred to in those documents and which
are made available to the public. We, UBS and our respective affiliates have not authorized any other person to provide you with
different or additional information. If anyone provides you with different or additional information, you should not rely on it.
We,
CIBCWM and UBS are not making an offer to sell the Notes in any jurisdiction where the offer or sale is not permitted. You should
not assume that the information contained in or incorporated by reference in this pricing supplement or the accompanying underlying
supplement, the prospectus supplement or the prospectus is accurate as of any date other than the date of the applicable document.
Our business, financial condition, results of operations and prospects may have changed since that date. Neither this pricing supplement
nor the accompanying underlying supplement, the prospectus supplement or the prospectus constitutes an offer, or an invitation on
behalf of us, CIBCWM or UBS, to subscribe for and purchase any of the Notes and may not be used for or in connection with an offer
or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it
is unlawful to make such an offer or solicitation.
References
to “CIBC,” “the Issuer,” “the Bank,” “we,” “us” and “our”
in this pricing supplement are references to Canadian Imperial Bank of Commerce and not to any of our subsidiaries, unless we state
otherwise or the context otherwise requires. References to “Index” in the underlying supplement will be references to
“Underlying.”
You
may access the underlying supplement, the prospectus supplement and the prospectus on the SEC website www.sec.gov as follows (or
if such address has changed, by reviewing our filing for the relevant date on the SEC website):
¨
Underlying supplement dated September 5, 2023:
https://www.sec.gov/Archives/edgar/data/1045520/000110465923098170/tm2322483d89_424b5.htm
¨
Prospectus supplement dated September 5, 2023:
https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm
¨
Prospectus dated September 5, 2023:
https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm |
The
Notes may be suitable for you if:
| ¨ | You
fully understand the risks inherent in an investment in the Notes, including the risk of
loss of your entire initial investment. |
| ¨ | You
believe the Closing Level of each Underlying will be equal to or greater than its Coupon
Barrier on most or all of the Coupon Determination Dates, and equal to or greater than its
Downside Threshold on the Final Valuation Date. |
| ¨ | You
are willing to make an investment where you could lose some or all of your initial investment
and are willing to make an investment that may have the same downside market risk as the
Least Performing Underlying. |
| ¨ | You
are willing to accept the individual market risk of each Underlying and understand that any
decline in the level of one Underlying will not be offset or mitigated by a lesser decline
or any increase in the level of any other Underlying. |
| ¨ | You
understand and accept that you will not participate in any appreciation in the level of any
Underlying, and your potential return is limited to the Contingent Coupon payments. |
| ¨ | You
are willing to invest in the Notes based on the Coupon Barriers, the Downside Thresholds
and the Contingent Coupon Rate indicated on the cover hereof. |
| ¨ | You
are willing to hold the Notes that may be called early at the election of CIBC regardless
of the performance of the Underlyings, or you are otherwise willing to hold the Notes to
maturity and do not seek an investment for which there is an active secondary market. |
| ¨ | You
understand and accept the risks associated with each Underlying. |
| ¨ | You
are willing to accept the risk and return profile of the Notes versus a conventional debt
security with a comparable maturity issued by CIBC or another issuer with a similar credit
rating. |
| ¨ | You
are willing to forgo dividends paid on the stocks included in an Underlying and do not seek
guaranteed current income from your investment. |
| ¨ | You
are willing to assume the credit risk associated with CIBC, as Issuer of the Notes, and understand that
if CIBC defaults on its obligations, you may not receive any amounts due to you, including any repayment
of principal. |
The
Notes may not be suitable for you if:
| ¨ | You
do not fully understand the risks inherent in an investment in the Notes, including the risk
of loss of your entire initial investment. |
| ¨ | You
believe that the level of at least one Underlying will decline during the term of the Notes
and is likely to close below its Coupon Barrier on most or all of the Coupon Determination
Dates and below its Downside Threshold on the Final Valuation Date. |
| ¨ | You
are not willing to make an investment in which you could lose some or all of your initial
investment and you are not willing to make an investment that may have the same downside
market risk as the Least Performing Underlying. |
| ¨ | You
are not willing to accept the individual market risk of each Underlying or are not willing
to accept the risk that any decline in the level of one Underlying will not be offset or
mitigated by a lesser decline or any increase in the level of any other Underlying. |
| ¨ | You
seek an investment that participates in the appreciation in the level of any Underlying or
that has unlimited return potential. |
| ¨ | You
are unwilling to invest in the Notes based on the Coupon Barriers, the Downside Thresholds
or the Contingent Coupon Rate indicated on the cover hereof. |
| ¨ | You
are unable or unwilling to hold the Notes that may be called early at the election of CIBC
regardless of the performance of the Underlyings, or you are otherwise unable or unwilling
to hold the Notes to maturity and seek an investment for which there will be an active secondary
market. |
| ¨ | You
do not understand or accept the risks associated with any Underlying. |
| ¨ | You
prefer the lower risk, and therefore accept the potentially lower returns, of conventional
debt securities with comparable maturities issued by CIBC or another issuer with a similar
credit rating. |
| ¨ | You
prefer to receive the dividends paid on the stocks included in an Underlying and seek guaranteed
current income from your investment. |
| ¨ | You
are not willing or are unable to assume the credit risk associated with CIBC, as Issuer of
the Notes, for any payments on the Notes, including any repayment of principal. |
The
suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you will depend
on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting
and other advisors have carefully considered the suitability of an investment in the Notes in light of your particular circumstances.
For more information about the Underlyings, see “Information About the Underlyings” in this pricing supplement, and “Index
Descriptions— The S&P U.S. Indices” beginning on page S-43, “—The Russell Indices” beginning on page
S-31 and “—The Nikkei Stock Average Index” beginning on page S-29 of the accompanying underlying supplement. You should
also review carefully the “Key Risks” herein and the more detailed “Risk Factors” beginning on page S-1 of the
underlying supplement and beginning on page S-1 of the accompanying prospectus supplement.
Final
Terms |
Issuer: |
Canadian
Imperial Bank of Commerce |
Principal
Amount: |
$10.00
per Note (subject to a minimum investment of $1,000). |
Term: |
Approximately
3 years, unless earlier called |
Trade
Date: |
August
20, 2024 |
Settlement
Date: |
August
23, 2024 |
Final
Valuation Date¹: |
August
20, 2027 |
Maturity
Date¹: |
August
25, 2027 |
Reference
Asset: |
The
least performing of the S&P 500® Index (Ticker: “SPX”) (the “SPX”), the Russell 2000®
Index (Ticker: “RTY”) (the “RTY”) and the Nikkei Stock Average Index (Ticker: “NKY”) (the
“NKY”) (each, an “Underlying” and together, the “Underlyings”) |
Optional
Issuer Call: |
The
Notes may be called by CIBC at its election on any quarterly Call Payment Date beginning on February 24, 2025 regardless of the performance
of any Underlying, upon prior notice to DTC through the trustee at least 3 Business Days and no more than 20 Business Days before
the applicable Call Payment Date. CIBC will have no independent obligation to notify you directly.
If
the Notes are called, CIBC will pay you on the applicable Coupon Payment Date (which will also be the “Call Payment Date”)
a cash payment per Note equal to your principal amount plus, if payable, the Contingent Coupon for that quarter. No further amounts
will be owed to you under the Notes.
|
Coupon
Payment Dates: |
2
Business Days following the applicable Coupon Determination Date, except that as to the final Coupon Determination Date, the Coupon
Payment Date will be the Maturity Date. The Coupon Determination Dates and the Coupon Payment Dates are set forth in the table below. |
Contingent
Coupon Rate: |
9.00%
per annum (or 2.25% per quarter) |
Contingent
Coupon: |
If the Closing
Level of each Underlying is equal to or greater than its Coupon Barrier on any Coupon Determination Date, CIBC will pay you the
Contingent Coupon applicable to that Coupon Determination Date.
If
the Closing Level of any Underlying is less than its Coupon Barrier on any Coupon Determination
Date, the Contingent Coupon applicable to that Coupon Determination Date will not be
payable and CIBC will not make any payment to you on the relevant Coupon Payment Date.
The Contingent Coupon is $0.225 per quarter per Note. The following table sets forth the Coupon Determination Dates and the Coupon Payment Dates.
|
|
|
Coupon
Determination Dates1 |
Coupon
Payment Dates1 |
|
|
|
November
20, 2024 |
November
22, 2024 |
|
|
|
February
20, 2025 |
February
24, 2025 |
|
|
|
May
20, 2025 |
May
22, 2025 |
|
|
|
August
20, 2025 |
August
22, 2025 |
|
|
|
November
20, 2025 |
November
24, 2025 |
|
|
|
February
20, 2026 |
February
24, 2026 |
|
|
|
May
20, 2026 |
May
22, 2026 |
|
|
|
August
20, 2026 |
August
24, 2026 |
|
|
|
November
20, 2026 |
November
24, 2026 |
|
|
|
February
22, 2027 |
February
24, 2027 |
|
|
|
May
20, 2027 |
May
24, 2027 |
|
|
|
August
20, 2027 |
August
25, 2027 |
|
|
Contingent
Coupon payments on the Notes are not guaranteed. CIBC will not pay you the Contingent Coupon for any Coupon Determination Date on
which the Closing Level of any Underlying is less than its Coupon Barrier. |
|
|
Payment
at Maturity (per $10 Note): |
If
the Notes have not been called previously by CIBC at its election, for each $10 principal amount of the Notes, you will receive a
cash payment on the Maturity Date calculated as follows:
If
the Final Level of the Least Performing Underlying is equal to or greater than its Coupon Barrier:
$10
+ final Contingent Coupon
If
the Final Level of the Least Performing Underlying is less than its Coupon Barrier but equal to or greater than its Downside Threshold:
$10 |
|
If
the Final Level of the Least Performing Underlying is less than its Downside Threshold:
$10 × (1 + Underlying Return of the Least
Performing Underlying).
In this case, you will have a loss of principal that is proportionate to the decline in the Final Level of the Least Performing Underlying as compared to its Initial Level, and you will lose some or all of your principal amount. Even with any Contingent Coupons, the return on the Notes may be negative. |
Least
Performing Underlying: |
The Underlying
with the lowest Underlying Return. |
Underlying
Return: |
For
each Underlying, calculated as follows:
Final
Level - Initial Level
Initial
Level
|
Coupon
Barrier: |
For each
Underlying, 70.00% of its Initial Level, as indicated on the cover hereof. |
Downside
Threshold: |
For each
Underlying, 60.00% of its Initial Level, as indicated on the cover hereof. |
Initial
Level: |
For each
Underlying, its Closing Level on the Trade Date, as indicated on the cover hereof. |
Final
Level: |
For each
Underlying, its Closing Level on the Final Valuation Date. |
Calculation
Agent: |
Canadian
Imperial Bank of Commerce |
1
Each Coupon Determination Date and Coupon Payment Date, including the Final Valuation Date and the Maturity Date are subject
to postponement in the event of a Market Disruption Event or non-trading day, as described under “Certain Terms of the Notes—Valuation
Dates—For Notes Where the Reference Asset Consists of Multiple Indices” and “—Interest Payment Dates, Coupon
Payment Dates, Call Payment Dates and Maturity Date” in the accompanying underlying supplement. |
|
|
|
The
Initial Level of each Underlying was observed and the terms of the Notes were determined. |
|
If
the Closing Level of each Underlying is equal to or greater than its Coupon Barrier on any Coupon Determination Date, CIBC will pay
you a Contingent Coupon on the applicable Coupon Payment Date. However, if the Closing Level of any Underlying is less than its Coupon
Barrier, no Contingent Coupon will be payable on the related Coupon Payment Date.
CIBC
may, at its election, call the Notes prior to maturity on any quarterly Call Payment Date beginning on February 24, 2025 regardless
of the performance of the Underlyings. If the Notes are called, CIBC will pay you a cash payment per Note equal to $10.00 plus, if
payable, the Contingent Coupon for that quarter.
|
|
If
the Notes have not been called by CIBC at its election, the Final Level and the Underlying Return of each Underlying are determined
on the Final Valuation Date.
If
the Notes have not been called and the Final Level of the Least Performing Underlying is equal to or greater than its Coupon Barrier,
CIBC will repay the principal amount equal to $10.00 per Note plus the final Contingent Coupon.
If
the Notes have not been called and the Final Level of the Least Performing Underlying is less than its Coupon Barrier but equal to
or greater than its Downside Threshold, CIBC will pay you a cash payment at maturity equal to the principal amount of your Notes
(a zero return).
If
the Notes have not been called and the Final Level of the Least Performing Underlying is below its Downside Threshold, CIBC will
pay you a cash payment at maturity that will be less than the principal amount, if anything, resulting in a loss of principal proportionate
to the decline of the Least Performing Underlying, equal to an amount of:
$10
× (1 + Underlying Return of the Least Performing Underlying) per Note |
INVESTING IN THE NOTES INVOLVES SIGNIFICANT RISKS.
YOU MAY LOSE SOME OR ALL OF YOUR PRINCIPAL AMOUNT AT MATURITY. ANY PAYMENTS ON THE NOTES, INCLUDING ANY REPAYMENT OF PRINCIPAL, ARE SUBJECT
TO THE CREDITWORTHINESS OF CIBC. IF CIBC WERE TO DEFAULT ON ITS PAYMENT OBLIGATIONS, YOU MAY NOT RECEIVE ANY AMOUNTS OWED TO YOU UNDER
THE NOTES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.
You will be exposed to the market risk of each
Underlying on each Coupon Determination Date and any decline in the level of one Underlying may negatively affect your return and will
not be offset or mitigated by a lesser decline or any increase in the level of any other Underlying. Generally, the higher the Contingent
Coupon Rate on a Note, the greater the risk of loss on that Note.
An investment in the Notes involves significant
risks. Some of the risks that apply to the Notes are summarized here. However, CIBC urges you to read the more detailed explanation of
risks relating to the Notes in the “Risk Factors” section of the accompanying underlying supplement and the accompanying prospectus
supplement. CIBC also urges you to consult your investment, legal, tax, accounting and other advisors before you invest in the Notes.
Structure Risks
| ¨ | Risk of Loss at Maturity — The Notes differ from ordinary debt securities in that CIBC will
not necessarily pay the full principal amount of the Notes. If the Notes are not called by CIBC at its election, CIBC will only pay you
the principal amount of your Notes in cash at maturity if the Final Level of the Least Performing Underlying is greater than or equal
to its Downside Threshold. If the Notes are not called and the Final Level of the Least Performing Underlying is less than its Downside
Threshold, you will lose some or all of your initial investment in an amount proportionate to the decline in the Final Level of the Least
Performing Underlying from its Initial Level. You may lose some or all of your principal amount at maturity. |
| ¨ | The Contingent Repayment of Principal Applies Only Upon an Optional Issuer Call or at Maturity —
You should be willing to hold your Notes to an optional issuer call or maturity. If you are able to sell your Notes prior to an optional
issuer call or maturity in the secondary market, you may have to sell them at a loss relative to your investment even if the level of
each Underlying at that time is above its Downside Threshold. |
| ¨ | You May Not Receive any Contingent Coupons — CIBC will not necessarily make periodic coupon
payments on the Notes. If the Closing Level of any Underlying on a Coupon Determination Date is less than its Coupon Barrier, CIBC will
not pay you the Contingent Coupon applicable to that Coupon Determination Date. If the Closing Level of any Underlying is less than its
Coupon Barrier on each of the Coupon Determination Dates, CIBC will not pay you any Contingent Coupons during the term of, and you will
not receive a positive return on, your Notes. Generally, this non-payment of the Contingent Coupon coincides with a period of greater
risk of principal loss on your Notes. |
| ¨ | There Can Be No Assurance that the Investment View Implicit in the Notes Will Be Successful —
It is impossible to predict whether and the extent to which the level of any Underlying will rise or fall. There can be no assurance
that the Closing Level of any Underlying will be equal to or greater than its Coupon Barrier on any Coupon Determination Date or, if the
Notes have not been called, that the Final Level of the Least Performing Underlying will be equal to or greater than its Downside Threshold.
The level of an Underlying will be influenced by complex and interrelated political, economic, financial and other factors that affect
issuers of the securities included in that Underlying. You should be willing to accept the risk of not receiving any Contingent Coupons
and losing a significant portion or all of your initial investment. |
| ¨ | Your Potential Return on the Notes Is Limited to Any Contingent Coupons and You Will Not Participate
in Any Appreciation of Any Underlying Or Underlying Constituents — The return potential of the Notes is limited to the Contingent
Coupon Rate regardless of any appreciation of any Underlying. In addition, your total return on the Notes will vary based on the number
of Coupon Determination Dates for which the Contingent Coupons are payable and may be less than the Contingent Coupon Rate, or even zero.
Further, the return potential of the Notes is limited by the issuer call feature in that you will not receive any further payments after
the Notes are called. If the Notes are not called, you may be exposed to the decline in the level of the Least Performing Underlying even
though you cannot participate in any potential appreciation in the level of any Underlying. As a result, the return on an investment in
the Notes could be less than the return on a direct investment in securities represented by any Underlying. |
| ¨ | Reinvestment Risk — If your Notes are called early, the term of the Notes will be reduced
and you will not receive any payment on the Notes after the applicable Call Payment Date. It is more likely that we will call the Notes
prior to maturity if we expect that the Contingent Coupons are likely to be payable on most or all of the Coupon Payment Dates during
the term of the Notes, resulting in a return on the Notes which is greater than the interest that would be payable on other instruments
issued by us of comparable maturity, terms and credit rating trading in the market. There is no guarantee that you would be able to reinvest
the proceeds from an optional issuer call of the Notes at a comparable rate of return for a similar level of risk. To the extent you are
able to reinvest such proceeds in an investment comparable to the Notes, you may incur transaction costs. The Notes may be called as early
as approximately 6 months after issuance. |
| ¨ | Because the Notes Are Linked to the Performance of More Than One Underlying, There Is a Greater Risk
of Contingent Coupons Not Being Paid and of You Sustaining a Significant Loss on Your Investment — The risk that you will not
receive any Contingent Coupons and lose some or all of your initial investment in the Notes at maturity is greater if you invest in the
Notes as opposed to substantially similar notes that are linked to the performance of only one Underlying. With multiple Underlyings,
it is more likely that the Closing Level of at least one Underlying will be less than its Coupon Barrier on a Coupon Determination Date
or less than its Downside Threshold on the Final Valuation Date. Therefore, it is more likely that you will not receive any Contingent
Coupons and that you will suffer a significant loss on your investment at maturity. |
| | In addition, movements in the levels
of the Underlyings may be correlated or uncorrelated at different times during the term of the Notes, and such correlation (or lack thereof)
could have an adverse effect on your return on the Notes. The correlation of a pair of Underlyings represents a statistical measurement
of the degree to which the ratios of the returns of those Underlyings were similar to each other over a given period of time. The correlation
between a pair of Underlyings is scaled from 1.0 to -1.0, with 1.0 indicating perfect positive correlation (i.e., the levels of two Underlyings
are increasing together or decreasing together and the ratio of their daily returns has been constant), 0 indicating no correlation (i.e.,
there is no statistical relationship between the daily returns of that pair of Underlyings) and -1.0 indicating perfect negative correlation
(i.e., as the level of one Underlying increases, the level of the other Underlying decreases and the ratio of their daily returns has
been constant). With three Underlyings, it is more likely that the performance of one pair of Underlyings will not be correlated, or will
be negatively correlated. |
| | The lower (or more negative) the correlation among the Underlyings, the less likely it is that those Underlyings will move in the same
direction and, therefore, the greater the potential for one of those Underlyings to close below its Coupon Barrier or Downside Threshold
on a Coupon Determination Date or the Final Valuation Date, respectively. This is because the less positively correlated the Underlyings
are, the greater the likelihood that at least one of the Underlyings will decrease in value. This results in a greater potential for a
Contingent Coupon not to be paid during the term of the Notes and for a loss of principal at maturity. However, even if the Underlyings
have a higher positive correlation, |
one or more of those Underlyings
might close below its Coupon Barrier or Downside Threshold on a Coupon Determination Date or the Final Valuation Date, as the
Underlyings may decrease in value together.
CIBC determined the Contingent Coupon
Rate for the Notes based, in part, on the correlation among the Underlyings, calculated using internal models at the time the terms of
the Notes were set. As discussed above, increased risk resulting from lower correlation will be reflected in a higher Contingent Coupon
Rate than would be payable on notes that have a higher degree of correlation.
| ¨ | Your Return Will Be Based on the Individual Return of Each Underlying — Unlike notes linked
to a basket of underlyings, the Notes will be linked to the individual performance of each Underlying. Because the Notes are not linked
to a basket, in which case the risk is mitigated and diversified among all of the components of a basket, you will be exposed to the risk
of fluctuations in the levels of the Underlyings to the same degree for each Underlying. The amount payable on the Notes, if any, depends
on the performance of the Least Performing Underlying regardless of the performance of any other Underlying. You will bear the risk that
any of the Underlyings will perform poorly. |
| ¨ | Higher Contingent Coupons or Lower Downside Thresholds Are Generally Associated with the Underlying
with Greater Expected Volatility and Therefore Can Indicate a Greater Risk of Loss — ”Volatility” refers to the
frequency and magnitude of changes in the level of an Underlying. The greater the expected volatility with respect to an Underlying on
the Trade Date, the higher the expectation as of the Trade Date that the Underlying could close below its Coupon Barrier on a Coupon Determination
Date, resulting in no Contingent Coupons payable on the Notes, or below its Downside Threshold on the Final Valuation Date, resulting
in the loss of some or all of your investment. This greater expected risk will generally be reflected in a higher Contingent Coupon than
the yield payable on our conventional debt securities with a similar maturity, or in more favorable terms (such as a lower Downside Threshold
or a higher Contingent Coupon) than for similar securities linked to the performance of an Underlying with a lower expected volatility
as of the Trade Date. You should therefore understand that a relatively higher Contingent Coupon may indicate an increased risk of loss.
Further, a relatively lower Downside Threshold may not necessarily indicate that the Notes have a greater likelihood of a repayment of
principal at maturity. The volatility of an Underlying can change significantly over the term of the Notes. The level of an Underlying
for your Notes could fall sharply, which could result in a significant loss of principal, and the non-payment of one or more Contingent
Coupons. You should be willing to accept the downside market risk of the Least Performing Underlying and the potential to lose some or
all of your principal at maturity. |
Underlying Risks
| ¨ | The Notes Are Subject to Small-Capitalization Risk — The RTY tracks companies that may be
considered small-capitalization companies. These companies often have greater stock price volatility, lower trading volume and less liquidity
than large-capitalization companies and therefore, the relevant index level may be more volatile than an investment in stocks issued by
larger companies. Stock prices of small-capitalization companies may also be more vulnerable than those of larger companies to adverse
business and economic developments, and the stocks of small-capitalization companies may be thinly traded, making it difficult for the
RTY to track them. In addition, small-capitalization companies are often less stable financially than large-capitalization companies and
may depend on a small number of key personnel, making them more vulnerable to loss of personnel. Small-capitalization companies are often
subject to less analyst coverage and may be in early, and less predictable, periods of their corporate existences. These companies tend
to have smaller revenues, less diverse product lines, smaller shares of their product or service markets, fewer financial resources and
competitive strengths than large-capitalization companies, and are more susceptible to adverse developments related to their products.
All these factors may adversely affect the level of the RTY and consequently, the return on the Notes. |
| ¨ | The Notes Will Be Subject to Risks Associated with Non-U.S. Companies — The NKY tracks the
common stocks of non-U.S. companies. An investment in Notes linked to the level of an index that tracks the common stocks of non-U.S.
companies involves risks associated with the home countries of such non-U.S. companies. The prices of such non-U.S. companies’ common
stocks may be affected by political, economic, financial and social factors in the home country of each such non-U.S. company, including
changes in such country’s government, economic and fiscal policies, currency exchange laws or other laws or restrictions, which
could adversely affect the value of the Notes. |
The foreign Notes tracked
by such an index may have less liquidity and could be more volatile than the Notes traded in U.S. or other longer-established Notes markets.
Direct or indirect government intervention to stabilize the relevant foreign Notes markets, as well as cross shareholdings in foreign
companies, may adversely affect trading levels or prices and volumes in those markets. The other special risks associated with foreign
Notes may include, but are not limited to: less liquidity and smaller market capitalizations; less rigorous regulation of Notes markets;
different accounting and disclosure standards; governmental interference; currency fluctuations; higher inflation; and social, economic
and political uncertainties. These factors may adversely affect the performance of the NKY and, as a result, the return on the Notes.
| ¨ | The Notes Will Not Be Adjusted for Changes in Exchange Rates — Although the equity securities
that are included in the NKY are traded in a foreign currency, and your Notes are denominated in U.S. dollars, the NKY and the amount
payable on the Notes will not be adjusted for changes in the exchange rates between the U.S. dollar and the foreign currency. Changes
in exchange rates, however, may also reflect changes in the foreign economy that in turn may affect the level of the NKY, and therefore
the return on your Notes. The amount we will pay in respect of your Notes will be determined solely in accordance with the procedures
described in this pricing supplement. |
| ¨ | Owning the Notes Is Not the Same as Owning the Stocks Included in an Underlying — The return
on your Notes may not reflect the return you would realize if you actually owned the stocks included in an Underlying. As a holder of
the Notes, you will not have voting rights or rights to receive dividends or other distributions or other rights that holders of the stocks
included in any Underlying would have. Furthermore, an Underlying and the stocks included in an Underlying may appreciate substantially
during the term of your Notes, and you will not participate in such appreciation. |
| ¨ | Changes Affecting an Underlying May Adversely Affect the Level of that Underlying — The policies
of an Underlying’s sponsor concerning additions, deletions and substitutions of the stocks included in that Underlying and the manner
in which the Underlying’s sponsor takes account of certain changes affecting those stocks included in that Underlying may adversely
affect the level of that Underlying. The policies of an Underlying’s sponsor with respect to the calculation of that Underlying
could also adversely affect the level of that Underlying. An Underlying’s sponsor may discontinue or suspend calculation or dissemination
of that Underlying. Any such actions could have an adverse effect on the level of an Underlying and consequently, the value of the Notes. |
Conflicts of Interest
| ¨ | Certain Business, Trading and Hedging Activities of Us, UBS, and Our Respective Affiliates May Create
Conflicts With Your Interests and Could Potentially Adversely Affect the Value of the Notes — We, UBS, and our respective affiliates
may engage in trading and other business activities related to an Underlying or any securities included in an Underlying that are not
for your account or on your behalf. We, UBS, and our respective affiliates also may issue or underwrite other financial instruments with
returns based upon an Underlying. These activities may present a conflict of interest between your interest in the Notes and the interests
that we, UBS, and our respective affiliates may have in our or their proprietary accounts, in facilitating transactions, including block
trades, for our or their other customers, and in accounts under our or their management. In addition, we, UBS, and our respective affiliates
may publish research, express opinions or provide recommendations that are inconsistent with investing in or holding the Notes, and which
may be revised at any time. Any such research, opinions or recommendations could adversely affect the level of an Underlying, and therefore,
the market value of the Notes. These trading and other business activities, if they affect the level of an Underlying or secondary trading
in your Notes, could be adverse to your interests as a beneficial owner of the Notes. |
Moreover, we, UBS, and our respective
affiliates play a variety of roles in connection with the issuance of the Notes, including hedging our obligations under the Notes and
making the assumptions and inputs used to determine the pricing of the Notes and the initial estimated value of the Notes when the terms
of the Notes were set. We expect to hedge our obligations under the Notes through CIBCWM, UBS, one of our or its affiliates, and/or another
unaffiliated counterparty, which may include any dealer from which you purchase the Notes. Any of these hedging activities may adversely
affect the level of an Underlying and therefore the market value of the Notes and the amount you will receive, if any, on the Notes. In
connection with such activities, the economic interests of us, UBS, and our respective affiliates may be adverse to your interests as
an investor in the Notes. Any of these activities may adversely affect the value of the Notes. In addition, because hedging our obligations
entails risk and may be influenced by market forces beyond our control, this hedging activity may result in a profit that is more or less
than expected, or it may result in a loss. We, UBS, one or more of our respective affiliates or any unaffiliated counterparty will retain
any profits realized in hedging our obligations under the Notes even if investors do not receive a favorable investment return under the
terms of the Notes or in any secondary market transaction. Any profit in connection with such hedging activities will be in addition to
any other compensation that we, UBS, our respective affiliates or any unaffiliated counterparty receive for the sale of the Notes, which
creates an additional incentive to sell the Notes to you. We, UBS, our respective affiliates or any unaffiliated counterparty will have
no obligation to take, refrain from taking or cease taking any action with respect to these transactions based on the potential effect
on an investor in the Notes.
| ¨ | There Are Potential Conflicts of Interest Between You and the Calculation Agent — The calculation
agent will determine, among other things, the amount of payments on the Notes. The calculation agent will exercise its judgment when performing
its functions. For example, the calculation agent will determine whether a Market Disruption Event affecting an Underlying has occurred,
and determine the Closing Level of that Underlying if a scheduled Coupon Determination Date or the Final Valuation Date is postponed to
the last possible day with respect to an Underlying. See “Certain Terms of the Notes—Valuation Dates—For Notes Where
the Reference Asset Consists of Multiple Indices” in the underlying supplement. This determination may, in turn, depend on the calculation
agent’s judgment as to whether the event has materially interfered with our ability or the ability of one of our affiliates to unwind
our hedge positions. The calculation agent will be required to carry out its duties in good faith and use its reasonable judgment. However,
because we will be the calculation agent, potential conflicts of interest could arise. None of us, CIBCWM or any of our other affiliates
will have any obligation to consider your interests as a holder of the Notes in taking any action that might affect the value of your
Notes. |
Tax Risks
| ¨ | The Tax Treatment of the Notes Is Uncertain — Significant aspects of the tax treatment of
the Notes are uncertain. You should consult your tax advisor about your own tax situation. See “United States Federal Income Tax
Considerations” and “Certain Canadian Federal Income Tax Considerations” in this pricing supplement, “Material
U.S. Federal Income Tax Consequences” in the underlying supplement and “Material Income Tax Consequences—Canadian Taxation”
in the prospectus. |
General Risks
| ¨ | Payments on the Notes Are Subject to Our Credit Risk, and Actual or Perceived Changes in Our Creditworthiness
Are Expected to Affect the Value of the Notes — The Notes are our senior unsecured debt obligations and are not, either directly
or indirectly, an obligation of any third party. As further described in the accompanying prospectus and prospectus supplement, the Notes
will rank on par with all of our other unsecured and unsubordinated debt obligations, except such obligations as may be preferred by operation
of law. All payments to be made on the Notes depend on our ability to satisfy our obligations as they come due. As a result, the actual
and perceived creditworthiness of us may affect the market value of the Notes and, in the event we were to default on our obligations,
you may not receive the amounts owed to you under the terms of the Notes. If we default on our obligations under the Notes, your investment
would be at risk and you could lose some or all of your investment. See “Description of Senior Debt Securities—Events of Default”
in the accompanying prospectus. |
| ¨ | The Notes Will Be Subject to Risks Under Canadian Bank Resolution Powers — Under Canadian
bank resolution powers, the CDIC may, in circumstances where the Bank has ceased, or is about to cease, to be viable, assume temporary
control or ownership of the Bank and may be granted broad powers by one or more orders of the Governor in Council (Canada), each of which
we refer to as an “Order,” including the power to sell or dispose of all or a part of the assets of the Bank, and the power
to carry out or cause the Bank to carry out a transaction or a series of transactions the purpose of which is to restructure the business
of the Bank. If the CDIC were to take action under the Canadian bank resolution powers with respect to the Bank, this could result in
holders or beneficial owners of the Notes being exposed to losses. |
| ¨ | The Bank’s Initial Estimated Value of the Notes Is Lower Than the Initial Issue Price (Price
to Public) of the Notes — The initial issue price of the Notes exceeds the Bank’s initial estimated value because costs
associated with selling and structuring the Notes, as well as hedging the Notes, are included in the initial issue price of the Notes.
See “The Bank’s Estimated Value of the Notes” on page PS-19 of this pricing supplement. |
| ¨ | The Bank’s Initial Estimated Value Does Not Represent Future Values of the Notes and May Differ
From Others’ Estimates — The Bank’s initial estimated value of the Notes is only an estimate, which was determined
by reference to the Bank’s internal pricing models when the terms of the Notes were set. This estimated value was based on market
conditions and other relevant factors existing at that time, the |
Bank’s internal funding rate on the Trade Date and the Bank’s
assumptions about market parameters, which can include volatility, dividend rates, interest rates and other factors. Different pricing
models and assumptions could provide valuations for the Notes that are greater or less than the Bank’s initial estimated value.
In addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect. On
future dates, the market value of the Notes could change significantly based on, among other things, changes in market conditions, including
the levels of the Underlyings, the Bank’s creditworthiness, interest rate movements and other relevant factors, which may impact
the price at which CIBCWM or any other party would be willing to buy the Notes from you in any secondary market transactions. The Bank’s
initial estimated value does not represent a minimum price at which CIBCWM or any other party would be willing to buy the Notes in any
secondary market (if any exists) at any time. See “The Bank’s Estimated Value of the Notes” on page PS-19 of this pricing
supplement.
| ¨ | The Bank’s Initial Estimated Value of the Notes Was Not Determined by Reference to Credit Spreads
for Our Conventional Fixed-Rate Debt — The internal funding rate used in the determination of the Bank’s initial estimated
value of the Notes generally represents a discount from the credit spreads for our conventional fixed-rate debt. The discount is based
on, among other things, our view of the funding value of the Notes as well as the higher issuance, operational and ongoing liability management
costs of the Notes in comparison to those costs for our conventional fixed-rate debt. If the Bank were to have used the interest rate
implied by our conventional fixed-rate debt, we would expect the economic terms of the Notes to be more favorable to you. Consequently,
our use of an internal funding rate for market-linked Notes had an adverse effect on the economic terms of the Notes and the initial estimated
value of the Notes on the Trade Date, and could have an adverse effect on any secondary market prices of the Notes. See “The Bank’s
Estimated Value of the Notes” on page PS-19 of this pricing supplement. |
| ¨ | If CIBCWM Were to Repurchase Your Notes After the Settlement Date, the Price May Be Higher Than the
Then-Current Estimated Value of the Notes for a Limited Time Period — While CIBCWM may make markets in the Notes, it is under
no obligation to do so and may discontinue any market-making activities at any time without notice. The price that it makes available
from time to time after the Settlement Date at which it would be willing to repurchase the Notes will generally reflect its estimate of
their value. That estimated value will be based upon a variety of factors, including then prevailing market conditions, our creditworthiness
and transaction costs. However, for a period of approximately 7 months after the Trade Date, the price at which CIBCWM may repurchase
the Notes is expected to be higher than their estimated value at that time. This is because, at the beginning of this period, that price
will not include certain costs that were included in the initial issue price, particularly our hedging costs and profits. As the period
continues, these costs are expected to be gradually included in the price that CIBCWM would be willing to pay, and the difference between
that price and CIBCWM’s estimate of the value of the Notes will decrease over time until the end of this period. After this period,
if CIBCWM continues to make a market in the Notes, the prices that it would pay for them are expected to reflect its estimated value,
as well as customary bid-ask spreads for similar trades. In addition, the value of the Notes shown on your account statement may not be
identical to the price at which CIBCWM would be willing to purchase the Notes at that time, and could be lower than CIBCWM’s price. |
| ¨ | Economic and Market Factors May Adversely Affect the Terms and Market Price of the Notes Prior to Maturity
or Call — Because structured notes, including the Notes, can be thought of as having a debt and derivative component, factors
that influence the values of debt instruments and options and other derivatives will also affect the terms and features of the Notes at
issuance and the market price of the Notes prior to maturity or call. These factors include the levels of the Underlyings; the volatility
of the Underlyings; the dividend rate paid on stocks included in an Underlying; the time remaining to the maturity or call of the Notes;
interest rates in the markets in general; geopolitical conditions and economic, financial, political, regulatory, judicial or other events;
and the creditworthiness of CIBC. These and other factors are unpredictable and interrelated and may offset or magnify each other. |
| ¨ | The Notes Will Not Be Listed on Any Securities Exchange and We Do Not Expect a Trading Market for the
Notes to Develop — The Notes will not be listed on any securities exchange. Although CIBCWM and/or its affiliates intend to
purchase the Notes from holders, they are not obligated to do so and are not required to make a market for the Notes. There can be no
assurance that a secondary market will develop for the Notes. Because we do not expect that any market makers will participate in a secondary
market for the Notes, the price at which you may be able to sell your Notes is likely to depend on the price, if any, at which CIBCWM
and/or its affiliates are willing to buy your Notes. |
If a secondary market does exist, it
may be limited. Accordingly, there may be a limited number of buyers if you decide to sell your Notes prior to maturity or optional issuer
call. This may affect the price you receive upon such sale. Consequently, you should be willing to hold the Notes to maturity or optional
issuer call.
Hypothetical Scenario Analysis and Examples |
The scenario analysis and examples below are hypothetical
and provided for illustrative purposes only. They do not purport to be representative of every possible scenario concerning increases
or decreases in the level of any Underlying relative to its Initial Level. The hypothetical terms used below are not the actual terms.
The actual terms are indicated on the cover of this pricing supplement. We cannot predict the Final Level or the Closing Level of
any Underlying on any Coupon Determination Date. You should not take the scenario analysis and these examples as an indication or assurance
of the expected performance of any Underlying. The numbers appearing in the examples below may have been rounded for ease of analysis.
The following scenario analysis and examples illustrate the Payment at Maturity or upon optional issuer call per $10.00 Note on a hypothetical
offering of the Notes, based on the following terms:
Investment Term: |
Approximately 3 years (unless earlier called) |
Hypothetical Initial Levels: |
1,000 for each Underlying |
Contingent Coupon Rate: |
9.00% per annum (or 2.25% per quarter) |
Contingent Coupon: |
$0.225 per quarter |
Coupon Determination Dates: |
Quarterly |
Call Payment Dates: |
Quarterly, commencing on February 24, 2025 |
Hypothetical Coupon Barriers: |
700.00 for each Underlying (70.00% of its hypothetical Initial Level) |
Hypothetical Downside Thresholds: |
600.00 for each Underlying (60.00% of its hypothetical Initial Level) |
Example 1 — Notes Are Called on the First
Call Payment Date, Which Corresponds to the Second Coupon Payment Date
Date |
Closing Level |
Payment (per Note) |
First Coupon Determination Date |
SPX: 700 (at or above Coupon Barrier)
RTY: 1,050 (at or above Coupon Barrier)
NKY: 1,100 (at or above Coupon Barrier) |
$0.225 (Contingent Coupon) |
Second Coupon Determination Date |
SPX: 1,200 (at or above Coupon Barrier)
RTY: 1,150 (at or above Coupon Barrier)
NKY: 1,300 (at or above Coupon Barrier) |
$10.225 (Settlement Amount) – Issuer elects to call the Notes on the first Call Payment Date |
|
Total Payment: |
$10.45 (4.50% return) |
Since the Issuer elects to call the Notes on the
first Call Payment Date (which is the second Coupon Payment Date) and the Closing Level of each Underlying was equal to or greater than
its Coupon Barrier, CIBC will pay you on the Call Payment Date a total of $10.225 per Note, reflecting your principal amount plus the
applicable Contingent Coupon payment. When added to the Contingent Coupon payment of $0.225 received in respect of the first Coupon Determination
Date, CIBC will have paid you a total of $10.45 per Note, for a 4.50% total return on the Notes. No further amount will be owed to you
under the Notes.
Example 2 — Notes Are NOT Called and the
Final Level of Each Underlying Is at or Above Its Coupon Barrier and Downside Threshold
Date |
Closing Level |
Payment (per Note) |
First Coupon Determination Date |
SPX: 850 (at or above Coupon Barrier)
RTY: 800 (at or above Coupon Barrier)
NKY: 900 (at or above Coupon Barrier) |
$0.225 (Contingent Coupon) |
Second through Eleventh Coupon Determination Dates |
Various (Closing Level of at least one Underlying below its Coupon Barrier) |
$0.00 – Issuer does NOT elect to call the Notes on any Call Payment Date |
Final Valuation Date |
SPX: 700 (at or above Coupon Barrier and Downside Threshold)
RTY: 1,050 (at or above Coupon Barrier and Downside Threshold)
NKY: 1,100 (at or above Coupon Barrier and Downside Threshold) |
$10.225 (Payment at Maturity) |
|
Total Payment: |
$10.45 (4.50% return) |
Since the Issuer does not elect to call the Notes prior to maturity and the Final Level of the Least Performing Underlying is equal to
or greater than its Coupon Barrier, at maturity, CIBC will pay you a total of $10.225 per Note, reflecting your principal amount plus
the final Contingent Coupon. When added to the Contingent Coupon payment of $0.225 received in respect of the first Coupon Determination
Date, CIBC will have paid you a total of $10.45 per Note, for a 4.50% total return on the Notes.
Example 3 — Notes Are NOT Called and the
Final Level of the Least Performing Underlying Is Below Its Coupon Barrier but at or Above Its Downside Threshold
Date |
Closing Level |
Payment (per Note) |
First Coupon Determination Date |
SPX: 850 (at or above Coupon Barrier)
RTY: 900 (at or above Coupon Barrier)
NKY: 950 (at or above Coupon Barrier) |
$0.225 (Contingent Coupon) |
Second through Eleventh Coupon Determination Dates |
Various (Closing Level of at least one Underlying below its Coupon Barrier) |
$0.00 – Issuer does NOT elect to call the Notes on any Call Payment Date |
Final Valuation Date |
SPX: 650 (below Coupon Barrier, at or above Downside Threshold)
RTY: 1,050 (at or above Coupon Barrier and Downside Threshold)
NKY: 1,100 (at or above Coupon Barrier and Downside Threshold) |
$10.00 (Payment at Maturity) |
|
Total Payment: |
$10.225 (2.25% return) |
Since the Issuer does not elect to call the Notes prior
to maturity and the Final Level of the Least Performing Underlying is above its Downside Threshold, CIBC will pay you at maturity $10.00
per Note. However, the final Contingent Coupon will not be payable because the Final Level of the Least Performing Underlying is below
its Coupon Barrier. When added to the Contingent Coupon payment of $0.225 received in respect of the first Coupon Determination Date,
CIBC will have paid you a total of $10.225 per Note, for a 2.25% total return on the Notes.
Example 4 — Notes Are NOT Called and the
Final Level of the Least Performing Underlying Is Below Its Coupon Barrier and Downside Threshold
Date |
Closing Level |
Payment (per Note) |
First Coupon Determination Date |
SPX: 900 (at or above Coupon Barrier)
RTY: 1,100 (at or above Coupon Barrier)
NKY: 1,200 (at or above Coupon Barrier) |
$0.225 (Contingent Coupon) |
Second through Eleventh Coupon Determination Dates |
Various (Closing Level of at least one Underlying below Coupon Barrier) |
$0.00 – Issuer does NOT elect to call the Notes on any Call Payment Date |
Final Valuation Date |
SPX: 300 (below Coupon Barrier and Downside Threshold)
RTY: 1,050 (at or above Coupon Barrier and Downside Threshold)
NKY: 1,100 (at or above Coupon Barrier and Downside Threshold) |
$10.00 × (1 + Underlying Return of the Least Performing Underlying)
= $10.00 × (1 + -70%)
= $10.00 - $7.00
= $3.00 (Payment at Maturity) |
|
Total Payment: |
$3.225 (-67.75% return) |
Since the Issuer does not elect to call the Notes prior to maturity and the Final Level of the Least Performing Underlying is below its
Downside Threshold, CIBC will pay you at maturity $3.00 per Note. In addition, the final Contingent Coupon will not be payable because
the Final Level of the Least Performing Underlying is also below its Coupon Barrier. When added to the Contingent Coupon payment of $0.225
received in respect of the first Coupon Determination Date, CIBC will have paid you $3.225 per Note, for a -67.75% total return on the
Notes.
Information About the Underlyings |
The S&P 500® Index
The S&P 500® Index (Bloomberg
ticker: “SPX <Index>”) is calculated, maintained and published by S&P Dow Jones Indices LLC. The SPX includes 500
leading companies and covers approximately 80% of market capitalization of the U.S. equity markets. See “Index Descriptions—The
S&P U.S. Indices” beginning on page S-43 of the accompanying underlying supplement for additional information about the SPX.
In addition, information about the SPX may be obtained
from other sources, including, but not limited to, the index sponsor's website (including information regarding the SPX’s sector
weightings). We are not incorporating by reference into this pricing supplement the website or any material it includes. None of us, UBS
or any of our respective affiliates makes any representation that such publicly available information regarding the SPX is accurate or
complete.
Historical Performance of the SPX
The graph below illustrates the performance of the
SPX from January 1, 2019 to August 20, 2024, based on the daily Closing Levels as reported by Bloomberg L.P. ("Bloomberg"),
without independent verification. We have not conducted any independent review or due diligence of the publicly available information
from Bloomberg. On August 20, 2024, the Closing Level of the SPX was 5,597.12, which is its Initial Level. The green line indicates its
Coupon Barrier of 3,917.98, which is equal to 70.00% of its Initial Level and the blue line indicates its Downside Threshold of 3,358.27,
which is equal to 60.00% of its Initial Level. The historical performance of the SPX should not be taken as an indication of its future
performance, and no assurances can be given as to the level of the SPX at any time during the term of the Notes, including the Coupon
Determination Dates. We cannot give you assurance that the performance of the SPX will result in the return of any of your investment.
Historical Performance of the S&P 500®
Index
Source:
Bloomberg
The Russell 2000® Index
The Russell 2000® Index (Bloomberg
ticker: “RTY <Index>”) is calculated, maintained and published by FTSE Russell. The RTY is designed to track the performance
of the small capitalization segment of the U.S. equity market. The RTY is a subset of the Russell 3000® Index. The RTY
includes approximately 2,000 of the smallest securities in the U.S. equity market. See “Index Descriptions—The Russell Indices”
beginning on page S-31 of the accompanying underlying supplement for additional information about the RTY.
In addition, information about the RTY may be obtained
from other sources, including, but not limited to, the index sponsor's website (including information regarding the RTY’s sector
weightings). We are not incorporating by reference into this pricing supplement the website or any material it includes. None of us, UBS
or any of our respective affiliates makes any representation that such publicly available information regarding the RTY is accurate or
complete.
Historical Performance of the RTY
The graph below illustrates the performance of the
RTY from January 1, 2019 to August 20, 2024, based on the daily Closing Levels as reported by Bloomberg, without independent verification.
We have not conducted any independent review or due diligence of the publicly available information from Bloomberg. On August 20, 2024,
the Closing Level of the RTY was 2,142.188, which is its Initial Level. The green line indicates its Coupon Barrier of 1,499.532, which
is equal to 70.00% of its Initial Level and the blue line indicates its Downside Threshold of 1,285.313, which is equal to 60.00% of its
Initial Level. The historical performance of the RTY should not be taken as an indication of its future performance, and no assurances
can be given as to the level of the RTY at any time during the term of the Notes, including the Coupon Determination Dates. We cannot
give you assurance that the performance of the RTY will result in the return of any of your investment.
Historical Performance of the Russell 2000®
Index
Source: Bloomberg
The Nikkei Stock Average Index
The Nikkei Stock Average Index (Bloomberg ticker:
“NKY <Index>”) is calculated, maintained and published by Nikkei Inc. The NKY is a price-weighted equity index, which
consists of 225 stocks in the Prime Market of the Tokyo Stock Exchange . See “Index Descriptions—The Nikkei Stock Average
Index” beginning on page S-29 of the accompanying underlying supplement for additional information about the NKY.
In addition, information about the NKY may be obtained
from other sources, including, but not limited to, the index sponsor’s website (including information regarding the NKY’s
sector weightings). We are not incorporating by reference into this pricing supplement the website or any material it includes. None of
us, UBS or any of our respective affiliates makes any representation that such publicly available information regarding the NKY is accurate
or complete.
Historical Performance of the NKY
The graph below illustrates the performance of the
NKY from January 1, 2019 to August 20, 2024, based on the daily Closing Levels as reported by Bloomberg, without independent verification.
We have not conducted any independent review or due diligence of the publicly available information from Bloomberg. On August 20, 2024,
the Closing Level of the NKY was 38,062.92, which is its Initial Level. The green line indicates its Coupon Barrier of 26,644.04, which
is equal to 70.00% of its Initial Level and the blue line indicates its Downside Threshold of 22,837.75, which is equal to 60.00% of its
Initial Level. The historical performance of the NKY should not be taken as an indication of its future performance, and no assurances
can be given as to the level of the NKY at any time during the term of the Notes, including the Coupon Determination Dates. We cannot
give you assurance that the performance of the NKY will result in the return of any of your investment.
Historical Performance of the Nikkei Stock Average
Index
Source:
Bloomberg
Correlation of the Underlyings |
The graph below illustrates the daily performance
of the Underlyings from January 1, 2019 through August 20, 2024. For comparison purposes, each Underlying has been normalized to have
a Closing Level of 100.00 on January 1, 2019 by dividing the Closing Level of that Underlying on each Trading Day by the Closing Level
of that Underlying on January 1, 2019 and multiplying by 100.00. We obtained the Closing Levels used to determine the normalized Closing
Levels set forth below from Bloomberg, without independent verification.
The closer the relationship of the daily returns
of the Underlyings over a given period, the more positively correlated those Underlyings are. The lower (or more negative) the correlation
of the Underlyings, the less likely it is that those Underlyings will move in the same direction and therefore, the greater the potential
for the Closing Level or the Final Level of one of those Underlyings to be less than its Coupon Barrier or Downside Threshold on a Coupon
Determination Date or the Final Valuation Date, respectively. This is because the less positively correlated the Underlyings are, the
greater the likelihood that at least one of the Underlyings will decrease in value. However, even if the Underlyings have a higher positive
correlation, the Closing Level or the Final Level of one or more of the Underlyings might be less than its Coupon Barrier or Downside
Threshold on a Coupon Determination Date or the Final Valuation Date, respectively, as the Underlyings may decrease in value together.
Although the correlation of the Underlyings’ performance may change over the term of the Notes, the correlations referenced in setting
the terms of the Notes were calculated using CIBC’ internal models at the time when the terms of the Notes were set and were not
derived from the daily returns of the Underlyings over the period set forth below. A higher Contingent Coupon Rate is generally associated
with lower correlation of the Underlyings, which reflects a greater potential for a loss on your investment at maturity. See “Key
Risks — Structure Risks — Because the Notes Are Linked to the Performance of More Than One Underlying, There Is a Greater
Risk of Contingent Coupons Not Being Paid and of You Sustaining a Significant Loss on Your Investment,” “ — Your Return
Will Be Based on the Individual Return of Each Underlying,” and “— Higher Contingent Coupons or Lower Downside Thresholds
Are Generally Associated with the Underlying with Greater Expected Volatility and Therefore Can Indicate a Greater Risk of Loss“
herein.
Past performance of the Underlyings is not
indicative of the future performance of the Underlyings. |
Historical
Performance of the S&P 500® Index,
the Russell 2000®
Index
and the Nikkei Stock Average Index
Source: Bloomberg
United States Federal Income Tax Considerations |
The following discussion is a brief summary of the
material U.S. federal income tax considerations relating to an investment in the Notes. The following summary is not complete and is both
qualified and supplemented by (although to the extent inconsistent supersedes) the discussion entitled “Material U.S. Federal Income
Tax Consequences” in the underlying supplement, which you should carefully review prior to investing in the Notes. Except with respect
to the section below under “Non-U.S. Holders,” it applies only to those U.S. Holders who are not excluded from the discussion
of United States Taxation in the accompanying prospectus.
The U.S. federal income tax considerations of your
investment in the Notes are uncertain. No statutory, judicial or administrative authority directly discusses how the Notes should be treated
for U.S. federal income tax purposes. In the opinion of our tax counsel, Mayer Brown LLP, it would generally be reasonable to treat the
Notes as prepaid derivative contracts. Pursuant to the terms of the Notes, you agree to treat the Notes in this manner for all U.S. federal
income tax purposes. If this treatment is respected, you should generally recognize capital gain or loss upon the sale, exchange, redemption
or payment upon maturity in an amount equal to the difference between the amount you receive in such transaction and the amount that you
paid for your Notes. Such gain or loss should generally be treated as long-term capital gain or loss if you have held your Notes for more
than one year. Although the tax treatment of the Contingent Coupon payments is unclear, we intend to treat any Contingent Coupon payments,
including on the Maturity Date or upon an optional issuer call, as ordinary income includible in income by you at the time it accrues
or is received in accordance with your normal method of accounting for U.S. federal income tax purposes.
The expected characterization of the Notes is not
binding on the U.S. Internal Revenue Service (the “IRS”) or the courts. It is possible that the IRS would seek to characterize
the Notes in a manner that results in tax consequences to you that are different from those described above or in the accompanying underlying
supplement. For a more detailed discussion of certain alternative characterizations with respect to the Notes and certain other considerations
with respect to an investment in the Notes, you should consider the discussion set forth in “Material U.S. Federal Income Tax Consequences”
of the underlying supplement. We are not responsible for any adverse consequences that you may experience as a result of any alternative
characterization of the Notes for U.S. federal income tax or other tax purposes.
Non U.S.-Holders. A “dividend equivalent”
payment is treated as a dividend from sources within the United States and such payments generally would be subject to a 30% U.S. withholding
tax if paid to a Non-U.S. Holder. Under Treasury regulations, payments (including deemed payments) with respect to equity-linked instruments
(“ELIs”) that are “specified ELIs” may be treated as dividend equivalents if such specified ELIs reference an
interest in an “underlying security,” which is generally any interest in an entity taxable as a corporation for U.S. federal
income tax purposes if a payment with respect to such interest could give rise to a U.S. source dividend. However, Internal Revenue Service
guidance provides that withholding on dividend equivalent payments will not apply to specified ELIs that are not delta-one instruments
and that are issued before January 1, 2027. We expect that the delta of the Notes will not be one, and therefore, we expect that Non-U.S.
Holder should not be subject to withholding on dividend equivalent payments, if any, under the Notes. However, it is possible that the
Notes could be treated as deemed reissued for U.S. federal income tax purposes upon the occurrence of certain events affecting the Underlyings
or the Notes, and following such occurrence the Notes could be treated as subject to withholding on dividend equivalent payments. Non-U.S.
Holders that enter, or have entered, into other transactions in respect of any Underlying or the Notes should consult their tax advisors
as to the application of the dividend equivalent withholding tax in the context of the Notes and their other transactions. If any payments
are treated as dividend equivalents subject to withholding, we (or the applicable paying agent) would be entitled to withhold taxes without
being required to pay any additional amounts with respect to amounts so withheld.
Please see the discussion under the section entitled
“Material U.S. Federal Income Tax Consequences” in the underlying supplement for a further discussion of the U.S. federal
income tax consequences of an investment in the Notes. You should consult your tax advisor as to the tax consequences of such characterization
and any possible alternative characterizations of the Notes for U.S. federal income tax purposes. You should also consult your tax advisor
concerning the U.S. federal income tax and other tax consequences of your investment in the Notes in your particular circumstances, including
the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.
Certain Canadian Federal Income Tax Considerations |
In the opinion of Blake, Cassels & Graydon LLP,
our Canadian tax counsel, the following summary describes the principal Canadian federal income tax considerations under the Income Tax
Act (Canada) and the regulations thereto (the “Canadian Tax Act”) generally applicable at the date hereof to a purchaser who
acquires beneficial ownership of a Note pursuant to this pricing supplement and who for the purposes of the Canadian Tax Act and at all
relevant times: (a) is neither resident nor deemed to be resident in Canada; (b) deals at arm’s length with the Issuer and any transferee
resident (or deemed to be resident) in Canada to whom the purchaser disposes of the Note; (c) does not use or hold and is not deemed to
use or hold the Note in, or in the course of, carrying on a business in Canada; (d) is entitled to receive all payments (including any
interest and principal) made on the Note; (e) is not a, and deals at arm’s length with any, “specified shareholder”
of the Issuer for purposes of the thin capitalization rules in the Canadian Tax Act; and (f) is not an entity in respect of which the
Issuer or any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of, loans or otherwise transfers
the Note is a “specified entity”, and is not a “specified entity” in respect of such a transferee, in each case,
for purposes of the Hybrid Mismatch Rules, as defined below (a “Non-Resident Holder”). Special rules which apply to non-resident
insurers carrying on business in Canada and elsewhere are not discussed in this summary.
This summary assumes that no amount paid or payable
to a holder described herein will be the deduction component of a “hybrid mismatch arrangement” under which the payment arises
within the meaning of the rules in the Canadian Tax Act with respect to “hybrid mismatch arrangements” (the “Hybrid
Mismatch Rules”). Investors should note that the Hybrid Mismatch Rules are highly complex and there remains significant uncertainty
as to their interpretation and application.
This summary is supplemental to and should be read
together with the description of material Canadian federal income tax considerations relevant to a Non-Resident Holder owning Notes under
“Material Income Tax Consequences—Canadian Taxation” in the accompanying prospectus and a Non-Resident Holder should
carefully read that description as well.
This summary is of a general nature only and
is not intended to be, nor should it be construed to be, legal or tax advice to any particular Non-Resident Holder. Non-Resident Holders
are advised to consult with their own tax advisors with respect to their particular circumstances.
Based on Canadian tax counsel’s understanding
of the Canada Revenue Agency’s administrative policies, and having regard to the terms of the Notes, interest payable on the Notes
should not be considered to be “participating debt interest” as defined in the Canadian Tax Act and accordingly, a Non-Resident
Holder should not be subject to Canadian non-resident withholding tax in respect of amounts paid or credited or deemed to have been paid
or credited by the Issuer on a Note as, on account of or in lieu of payment of, or in satisfaction of, interest.
Non-Resident Holders should consult their own advisors
regarding the consequences to them of a disposition of the Notes to a person with whom they are not dealing at arm’s length for
purposes of the Canadian Tax Act. |
Supplemental Plan of Distribution (Conflicts of Interest) |
Pursuant to the terms of a distribution agreement,
CIBCWM will purchase the Notes from CIBC for distribution to UBS (the “Agent”). CIBCWM has agreed to sell to the Agent, and
the Agent has agreed to purchase, all of the Notes at the price to public less the underwriting discount set forth on the cover hereof.
The Agent may allow a concession to its affiliates not in excess of the underwriting discount set forth on the cover hereof.
CIBCWM is our affiliate, and is deemed to have a
conflict of interest under FINRA Rule 5121. In accordance with FINRA Rule 5121, CIBCWM may not make sales in this offering to any of its
discretionary accounts without the prior written approval of the customer.
We will deliver the Notes against
payment therefor in New York, New York on a date that is more than one business day following the Trade Date. Under Rule 15c6-1 of the
Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties
to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on any date prior to one business day
before delivery will be required to specify alternative settlement arrangements to prevent a failed settlement.
The Bank may use this pricing supplement in the
initial sale of the Notes. In addition, CIBCWM or another of the Bank’s affiliates may use this pricing supplement in market-making
transactions in any Notes after their initial sale. Unless CIBCWM or we inform you otherwise in the confirmation of sale, this pricing
supplement is being used by CIBCWM in a market-making transaction.
While CIBCWM may make markets in the Notes, it is
under no obligation to do so and may discontinue any market-making activities at any time without notice. See the section titled “Supplemental
Plan of Distribution (Conflicts of Interest)” in the accompanying prospectus supplement.
The price at which you purchase the Notes includes
costs that the Bank or its affiliates expect to incur and profits that the Bank or its affiliates expect to realize in connection with
hedging activities related to the Notes. These costs and profits will likely reduce the secondary market price, if any secondary market
develops, for the Notes. As a result, you may experience an immediate and substantial decline in the market value of your Notes on the
Settlement Date.
The Bank’s Estimated Value of the Notes |
The Bank’s initial estimated value of the
Notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following hypothetical components: (1)
a fixed-income debt component with the same maturity as the Notes, valued using our internal funding rate for structured debt described
below, and (2) the derivative or derivatives underlying the economic terms of the Notes. The Bank’s initial estimated value does
not represent a minimum price at which CIBCWM or any other person would be willing to buy your Notes in any secondary market (if any exists)
at any time. The internal funding rate used in the determination of the Bank’s initial estimated value generally represents a discount
from the credit spreads for our conventional fixed-rate debt. The discount is based on, among other things, our view of the funding value
of the Notes as well as the higher issuance, operational and ongoing liability management costs of the Notes in comparison to those costs
for our conventional fixed-rate debt. For additional information, see “Key Risks—The Bank’s Initial Estimated Value
of the Notes Was Not Determined by Reference to Credit Spreads for Our Conventional Fixed-Rate Debt” in this pricing supplement.
The value of the derivative or derivatives underlying the economic terms of the Notes is derived from the Bank’s or a third party
hedge provider’s internal pricing models. These models are dependent on inputs such as the traded market prices of comparable derivative
instruments and on various other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest
rates and other factors, as well as assumptions about future market events and/or environments. Accordingly, the Bank’s initial
estimated value of the Notes was determined when the terms of the Notes were set based on market conditions and other relevant factors
and assumptions existing at that time. See “Key Risks—The Bank’s Initial Estimated Value Does Not Represent Future Values
of the Notes and May Differ From Others’ Estimates” in this pricing supplement.
The Bank’s initial estimated value of the
Notes is lower than the initial issue price of the Notes because costs associated with selling, structuring and hedging the Notes are
included in the initial issue price of the Notes. These costs include the selling commissions paid to CIBCWM and other affiliated or unaffiliated
dealers, the projected profits that our hedge counterparties, which may include our affiliates, expect to realize for assuming risks inherent
in hedging our obligations under the Notes and the estimated cost of hedging our obligations under the Notes. Because hedging our obligations
entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than
expected, or it may result in a loss. We or one or more of our affiliates will retain any profits realized in hedging our obligations
under the Notes. See “Key Risks—The Bank’s Initial Estimated Value of the Notes Is Lower Than the Initial Issue Price
(Price to Public) of the Notes” in this pricing supplement.
In the opinion of Blake, Cassels & Graydon LLP,
as Canadian counsel to the Bank, the issue and sale of the Notes has been duly authorized by all necessary corporate action of the Bank
in conformity with the indenture, and when the Notes have been duly executed, authenticated and issued in accordance with the indenture,
the Notes will be validly issued and, to the extent validity of the Notes is a matter governed by the laws of the Province of Ontario
or the federal laws of Canada applicable therein, will be valid obligations of the Bank, subject to applicable bankruptcy, insolvency
and other laws of general application affecting creditors’ rights, equitable principles, and subject to limitations as to the currency
in which judgments in Canada may be rendered, as prescribed by the Currency Act (Canada). This opinion is given as of the date
hereof and is limited to the laws of the Province of Ontario and the federal laws of Canada applicable therein. In addition, this opinion
is subject to customary assumptions about the Trustee’s authorization, execution and delivery of the indenture and the genuineness
of signature, and to such counsel’s reliance on the Bank and other sources as to certain factual matters, all as stated in the opinion
letter of such counsel dated June 6, 2023, which has been filed as Exhibit 5.2 to the Bank’s Registration Statement on Form F-3
filed with the SEC on June 6, 2023.
In the opinion of Mayer Brown LLP, when the Notes
have been duly completed in accordance with the indenture and issued and sold as contemplated by this pricing supplement and the accompanying
underlying supplement, prospectus supplement and prospectus, the Notes will constitute valid and binding obligations of the Bank, entitled
to the benefits of the indenture, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws
of general applicability relating to or affecting creditors’ rights and to general equity principles. This opinion is given as of
the date hereof and is limited to the laws of the State of New York. This opinion is subject to customary assumptions about the Trustee’s
authorization, execution and delivery of the indenture and such counsel’s reliance on the Bank and other sources as to certain factual
matters, all as stated in the legal opinion dated June 6, 2023, which has been filed as Exhibit 5.1 to the Bank’s Registration Statement
on Form F-3 filed with the SEC on June 6, 2023.
F-3
424B2
EX-FILING FEES
333-272447
0001045520
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
0001045520
2024-08-20
2024-08-20
iso4217:USD
xbrli:pure
xbrli:shares
Calculation of Filing Fee Tables
|
F-3
|
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
|
The maximum aggregate offering price of the securities to which the prospectus relates is $11,000,000. The prospectus is a final prospectus for the related offering.
|
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