加拿大帝国商业银行美股招股说明书(2025-10-23版)

Canadian Imperial Bank of Commerce Trigger Autocallable Contingent YieldNotesNotes Linked to the Least Performing of the S&P 500®Index and the EURO STOXX 50® Investment Description These Trigger Autocallable Contingent Yield Notes (the “Notes”) are senior unsecured debt securities issued by Canadian Imperial Bank of Commerce (“CIBC”) with returns linked to theLeast Performing of the S&P 500®Index and the EURO STOXX 50®Index (each, an “Underlying” and together, the “Underlyings”). The Notes will rank equally with all of our otherunsecured and unsubordinated debt obligations. CIBC will pay a quarterly Contingent Coupon if the Closing Level of each Underlying on the applicable 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 will automatically call the Notes if the ClosingLevel of each Underlying on any quarterly Call Observation Date, commencing on April 24, 2026, is equal to or greater than its Initial Level. If the Notes are called, CIBC will pay you theprincipal amount of your Notes plus the Contingent Coupon for the applicable quarter, and no further amounts will be owed to you under the Notes. The Underlying with the lowestUnderlying 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 itsDownside Threshold, 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 LeastPerforming 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 isproportionate 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. You may lose some or all of your principal amount. You will beexposed 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 willnot 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 greaterthe risk of loss on that Note. The contingent 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 not receive any amounts owed to youunder the Notes and you could lose your entire investment. Features Key Dates1 qContingent Coupon:CIBC will pay a quarterly Contingent Coupon payment if theClosing Level of each Underlying on the applicable Coupon Determination Date isequal to or greater than its Coupon Barrier. Otherwise, no coupon will be paid forthe quarter. Trade DateOctober 24, 2025Settlement DateOctober 29, 2025Coupon DeterminationDates2Quarterly, commencing on January 26, 2026Call Observation Dates2Quarterly, commencing on April 24, 2026Final Valuation Date2October 24, 2030Maturity Date2October 29, 2030 qAutomatically Callable:CIBC will automatically call the Notes and pay you theprincipal amount of your Notes plus the Contingent Coupon otherwise due for thatapplicable quarter if the Closing Level of each Underlying on any quarterly CallObservation Date, commencing on April 24, 2026 is equal to or greater than itsInitial Level. If the Notes are not called, investors will potentially lose a portion oftheir 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 isnot less than its Downside Threshold, CIBC will pay you the principal amount perNote at maturity plus the final Contingent Coupon. If the Final Level of the LeastPerforming Underlying is less than its Downside Threshold, CIBC will pay a cashamount that is less than the principal amount, if anything, resulting in a loss on yourinitial investment that is proportionate to the decline in the Closing Level of theLeast Performing Underlying from the Trade Date to the Final Valuation Date. Thecontingent repayment of principal only applies if you hold the Notes until maturity orautomatic call. Any payments on the Notes, including any repayment of principal,are subject to the creditworthiness of CIBC. 1Expected.2See 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 FULLPRINCIPAL AMOUNT OF THE NOTES. THE NOTES CAN HAVE DOWNSIDE MARKET RISK SIMILAR TO THE LEAST PERFORMING UNDERLYING,