加拿大帝国商业银行美股招股说明书(2025-07-11版)

subject to adjustment) is based on the performance of the S&P 500®trade date (July 9, 2025) to and including the determination date (December 17, 2026, subject to adjustment). If the final underlier level underlier on the trade date), you will receive the maximum settlement amount of $1,123.50 for each $1,000 principal amount of yournotes.If the final underlier level declines by more than 15.00% from the initial underlier level, the return on your notes will benegative. You could lose your entire investment in the notes. To determine your payment at maturity, we will calculate the underlier return, which is the percentage increase or decrease in the finalunderlier level from the initial underlier level. On the stated maturity date, for each $1,000 principal amount of your notes, you will receive an amount in cash equal to:if the underlier return isgreater thanorequal to-15.00% (i.e. the final underlier level isgreater thanorequal to85.00% of theinitial underlier level), the maximum settlement amount; orif the underlier return isless than-15.00% (i.e. the final underlier level isless than85.00% of the initial underlier level), thesum The notes have complex features and investing in the notes involves risks not associated with an investment in conventionaldebt securities. See “Additional Risk Factors Specific to Your Notes” beginning on page PRS-9 of this Pricing Supplement and Our estimated value of the notes on the trade date, based on our internal pricing models, is $973.80 per note. The estimated value isless than the initial issue price of the notes. See “Additional Information Regarding Estimated Value of the Notes” in this Pricing Initial Issue PricePrice to PublicAgent’s CommissionProceeds to Issuer$1,000.00100.00%1.13%98.87% The notes are unsecured obligations of Canadian Imperial Bank of Commerce and all payments on the notes are subject tothe credit risk of Canadian Imperial Bank of Commerce. The notes will not constitute deposits insured by the Canada Deposit Prospectus). The notes will not be listed on any U.S. securities exchange.Neither the United States Securities and Exchange Commission (the “SEC”) nor any state or provincial securities commission forth above. The return (whether positive or negative) on your investment will depend in part on the issue price you pay for your notes.The Bank may use this Pricing Supplement in the initial sale of the notes. Goldman Sachs & Co. LLC (“GS&Co.”) or any of its affiliatesor agents may use this Pricing Supplement in a market-making transaction in a note after its initial sale. Unless we, GS&Co. or any of On the cover page of this Pricing Supplement, the Bank has provided the initial estimated value range for the notes. Thisrangeof estimated values was determined by reference to the Bank’s internal pricing models,which take intoconsideration certain factors, such as the Bank’s internal funding rate on the trade date and the Bank’s assumptions aboutmarket parameters. For more information about the initial estimated value, see “Additional Risk Factors Specific to YourNotes” beginning on page PRS-9 herein.The economic terms of the notes (including the maximum settlement amount) are based on the Bank’s internal fundingrate, which is the rate the Bank would pay to borrow funds through the issuance of similar market-linked notes, the agent’s (initially equal to $37.00 per $1,000 principal amount).Prior to October 9, 2025, the price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy current estimated value of your notes (as determined by reference to GS&Co.’s pricing models) plus (b) any remainingadditional amount (the additional amount will decline to zero on a straight-line basis from the time of pricing through October 8, 2025). On and after October 9, 2025, the price (not including GS&Co.’s customary bid and ask spreads) atwhich GS&Co. would buy or sell your notes (if it makes a market) will equal approximately the then-current estimatedvalue of your notes determined by reference to such pricing models. For additional information regarding the value of yournotes shown in your GS&Co. account statements and the price at which GS&Co. would buy or sell your notes (if GS&Co.makes a market, which it is not obligated to do), each based on GS&Co.’s pricing models; see “Additional Risk FactorsSpecific to Your Notes — The Price at Which GS&Co. Would Buy Or Sell Your Notes (If GS&Co. Makes a Market, Which It ABOUT THIS PRICING SUPPLEMENTYou should read this Pricing Supplement together with the Prospectus dated September 5, 2023 (the “Prospectus”), the Supplement dated September 5, 2023 (the “Underlying Supplement”), each relating to our Senior Global Medium-TermNotes, for additional information about the notes. Information in this Pricing Supplement supersedes information in theaccompanying Underlying Supplement, Prospectus Supplement and Prospectus to the extent it is different from that You should rely only on the infor