加拿大帝国商业银行美股招股说明书(2026-01-20版)

Securities®Linked to the Russell 2000®Automatically callable if the closing level of the Index on any Observation Date, occurring approximately one, two, three, four and five years after the pricing date, is at or above the Starting Value $10.835 if called on the first Observation Date$11.670 if called on the second Observation Date$12.505 if called on the third Observation Date$13.340 if called on the fourth Observation Date $14.175 if called on the final Observation Date If not called on the first four Observation Dates, a maturity of approximately five years If not called but the Index does not decline by more than 15.00%, a return of principalIf not called, 1-to-1 downside exposure to decreases in the Index beyond a 15.00% decline, with up to 85.00% of the principal amount at riskAll payments are subject to the credit risk of Canadian Imperial Bank of CommerceNo periodic interest paymentsIn addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See “Structuring theNotes”Limited secondary market liquidity, with no exchange listingThe notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteedby the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the UnitedStates, Canada, or any other jurisdiction The notes are being issued by Canadian Imperial Bank of Commerce (“CIBC”). There are important differences between thenotes and a conventional debt security, including different investment risks and certain additional costs. See “Risk Factors”and “Additional Risk Factors” beginning on pageTS-6 of this term sheet and “Risk Factors” beginning on pagePS-7 of The initial estimated value of the notes as of the pricing date is $9.70 per unit, which is less than the public offering pricelisted below.See “Summary” on the following page, “Risk Factors” beginning on pageTS-6 of this term sheet and “Structuring theNotes” on pageTS-12 of this term sheet for additional information. The actual value of your notes at any time will reflect many factors None of the Securities and Exchange Commission (the “SEC”), any state securities commission, or any other regulatory body hasapproved or disapproved of these securities or determined if this Note Prospectus (as defined below) is truthful or complete. Anyrepresentation to the contrary is a criminal offense. Public offering priceUnderwriting discountProceeds, before expenses, to CIBC Autocallable Strategic Accelerated Redemption SecuritiesLinked to the Russell 2000®Index, due January 31, 2031 Summary TheAutocallableStrategic Accelerated Redemption Securities® Linked to the Russell 2000®Index, due January31, 2031 (the “notes”) are our senior unsecureddebt securities. The notes are not guaranteed or insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or anyother governmental agency of the United States, Canada or any other jurisdiction or secured by collateral. The notes are not bail-inable debt securities (as definedon page6 of the prospectus).The notes will rank equally with all of our other unsecured and unsubordinated debt. Any payments due on the notes,including any repayment of principal, will be subject to the credit risk of CIBC.The notes will be automatically called at the applicable Call Amount if the closing level of the Market Measure, which is the Russell 2000®Index (the “Index”), on any Observation Date is equal to or greater than the Starting Value. You willnot receive any notice from us if the notes are automatically called. If your notes are not called but the Ending Value is greater than or equal to the ThresholdValue, you will receive the principal amount of your notes. If your notes are not called and the Ending Value is less than the Threshold Value, you will lose a portion,which could be significant, of the principal amount of your notes. Any payments on the notes will be calculated based on the $10 principal amount per unit and will The economic terms of the notes (including the Call Premiums and the Call Amounts) are based on our internal funding rate, which is the rate we would pay toborrow funds through the issuance of market-linked notes, and the economic terms of certain related hedging arrangements. Our internal funding rate is typicallylower than the rate we would pay when we issue conventional fixed rate debt securities. This difference in funding rate, as well as the underwriting discount andthe hedging-related charge and certain service fee described below, reduced the economic terms of the notes to you and the initial estimated value of the notes on On the cover pageof this term sheet, we have provided the initial estimated value for the notes. This initial estimated value was determined based on our pricingmodels, and was based on our internal funding rate on the pr