加拿大帝国商业银行美股招股说明书(2026-04-20版)

April 16, 2026April 23, 2026June 25, 2027 Accelerated Return Notes®Linked tothe SPDR®Gold Shares ■Maturity of approximately 14 months■3-to-1 upside exposure to increases in the Underlying Fund, subject to a capped return of 24.90%■1-to-1 downside exposure to decreases in the Underlying Fund, with up to 100% of your investment at risk■All payments occur at maturity and 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 perunit. See “Structuring the Notes”■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 notesare not insured or guaranteed by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit InsuranceCorporation or any other governmental agency of the United States, 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 page TS-6 of this term sheet and “Risk Factors” beginning on page PS-6 ofproduct supplement EQUITY ARN-1. The initial estimated value of the notes as of the pricing date is $9.852 per unit, which is less than the public offering pricelisted below.See “Summary” on the following page, “Risk Factors” beginning on page TS-6 of this term sheet and “Structuring theNotes” on page TS-11 of this term sheet for additional information. The actual value of your notes at any time will reflect many factorsand cannot be predicted with accuracy. 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 Accelerated Return Notes® Linked to the SPDR®Gold Shares, due June 25, 2027 Summary The Accelerated Return Notes®Linked to the SPDR®Gold Shares, due June 25, 2027 (the “notes”) are our senior unsecured debt securities. The notesare not guaranteed or insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmentalagency of the United States, Canada or any other jurisdiction or secured by collateral. The notes are not bail-inable debt securities (as defined on page 6of 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 provide you a leveraged return, subject to a cap, if theEnding Value of the Market Measure, which is the SPDR®Gold Shares (the “Underlying Fund”), is greater than the Starting Value. If the Ending Value isequal to the Starting Value, you will receive the principal amount of your notes. If the Ending Value is less than the Starting Value, you will lose all or aportion 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 dependon the performance of the Underlying Fund, subject to our credit risk. See “Terms of the Notes” below. The economic terms of the notes (including the Capped Value) are based on our internal funding rate, which is the rate we would pay to borrow fundsthrough 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 underwritingdiscount and the hedging-related chargeand certain service fee described below, reduced the economic terms of the notes to you and the initialestimated value of the notes on the pricing date. Due to these factors, the public offering price you pay to purchase the notes is greater than the initialestimated value of the notes. On the cover page of this term sheet, we have provided the initial estimated value for the notes. This initial estimated value was determined based on ourpricing models, and was based on our internal funding rate on the pricing date, market conditions and other relevant factors existing at that time, and ourassumptions about market parameters. For more information about the initial estimated value and the structuring of the notes, see “Structuring theNotes” on page TS-11. Redemption Amount Determination Terms of the Notes On the maturity date, you will receive a cash payment per unit determinedas follows: Canadian Imperial Bank of Com