加拿大帝国商业银行美股招股说明书(2025-07-24版)

Canadian Imperial Bank of Commerce Trigger Autocallable Contingent YieldNotes$6,998,850 Notes Linked to the Least Performing of the S&P 500®Index and the EURO STOXX 50® Index due on July 27, 2028 Investment Description These Trigger Autocallable Contingent Yield Notes (the ‘‘Notes’’) are senior unsecured debt securities issued by Canadian Imperial Bank ofCommerce (“CIBC”) with returns linked to the Least Performing of the S&P 500®Index and the EURO STOXX 50®Index (each, an “Underlying” andtogether, the “Underlyings”). The Notes will rank equally with all of our other unsecured and unsubordinated debt obligations. CIBC will pay a quarterlyContingent Coupon if the Closing Level of each Underlying on the applicable Coupon Determination Date (including the Final Valuation Date) is equalto or greater than its Coupon Barrier. Otherwise, no coupon will be paid for the quarter. CIBC will automatically call the Notes if the Closing Level ofeach Underlying on any quarterly Call Observation Date, commencing on January 23, 2026, is equal to or greater than its Initial Level. If the Notes arecalled, CIBC will pay you the principal amount of your Notes plus the Contingent Coupon for the applicable quarter, and no further amounts will beowed to you under the Notes. The Underlying with the lowest Underlying Return is the “Least Performing Underlying.” If the Notes are not called priorto maturity and the Final Level of the Least Performing Underlying is equal to or greater than its Downside Threshold, CIBC will pay you a cashpayment at maturity equal to the principal amount of your Notes plus the final Contingent Coupon. If the Final Level of the Least PerformingUnderlying is less than its Downside Threshold, CIBC will pay you less than the full principal amount, if anything, resulting in a loss on your initialinvestment that is proportionate to the negative performance of the Least Performing Underlying over the term of the Notes, and you may lose up to100% of your principal amount. Investing in the Notes involves significant risks. CIBC may not pay any Contingent Coupons on the Notes. You may lose some or all ofyour principal amount. You will be exposed to the market risk of each Underlying on each Coupon Determination Date and any decline inthe level of one Underlying may negatively affect your return and will not be offset or mitigated by a lesser decline or any increase in thelevel of any other Underlying. Generally, the higher the Contingent Coupon Rate on a Note, the greater the risk of loss on that Note. Thecontingent repayment of principal only applies if you hold the Notes to maturity or automatic call. Any payments on the Notes, includingany repayment of principal, are subject to the creditworthiness of CIBC. If CIBC were to default on its payment obligations, you may notreceive any amounts owed to you under the Notes and you could lose your entire investment. Features qContingent Coupon:CIBC will pay a quarterly Contingent Coupon payment ifthe Closing Level of each Underlying on the applicable Coupon DeterminationDate is equal to or greater than its Coupon Barrier. Otherwise, no coupon will bepaid for the quarter. qAutomatically Callable:CIBC will automatically call the Notes and pay you theprincipal amount of your Notes plus the Contingent Coupon otherwise due forthat applicable quarter if the Closing Level of each Underlying on any quarterlyCall Observation Date, commencing on January 23, 2026 is equal to or greaterthan its Initial Level. If the Notes are not called, investors will potentially lose aportion of their principal amount at maturity. qContingent Repayment of Principal Amount at Maturity:If the Notes have notbeen previously called and the Final Level of the Least Performing Underlying is notless than its Downside Threshold, CIBC will pay you the principal amount per Note atmaturity plus the final Contingent Coupon. If the Final Level of the Least PerformingUnderlying is less than its Downside Threshold, CIBC will pay a cash amount that isless than the principal amount, if anything, resulting in a loss on your initial investmentthat is proportionate to the decline in the Closing Level of the Least PerformingUnderlying from the Trade Date to the Final Valuation Date. The contingent repaymentof principal only applies if you hold the Notes until maturity or automatic call. Anypayments on the Notes, including any repayment of principal, are subject to thecreditworthiness of CIBC. THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. THE TERMS OF THE NOTES MAY NOT OBLIGATE CIBC TO REPAY THE FULLPRINCIPAL AMOUNT OF THE NOTES. THE NOTES CAN HAVE DOWNSIDE MARKET RISK SIMILAR TO THE LEAST PERFORMING UNDERLYING, WHICH CAN RESULT IN ALOSS OF SOME OR ALL OF THE PRINCIPAL AMOUNT AT MATURITY. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBTOBLIGATION OF CIBC. YOU SHOULD NOT PURCHASE THE NOTES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFI