加拿大帝国商业银行美股招股说明书(2026-05-14版)

STRUCTURED INVESTMENTSOpportunities in U.S. EquitiesCapped Trigger PLUS Based on the Value of the S&P 500®Index due June 3, 2032Capped Trigger Performance Leveraged Upside SecuritiesSM Principal at Risk SecuritiesThe Capped Trigger Performance Leveraged Upside Securities (the "Capped Trigger PLUS") are unsecured debt obligations of Canadian Imperial Bank of Commerce ("CIBC" or the "Bank"). The Capped Trigger PLUS will pay no interest, do not guarantee the return of any principal at maturity and have the terms described in the accompanying underlyingsupplement, prospectus supplement and prospectus, as supplemented or modified by this document. At maturity, if the Underlying Index hasappreciatedin value, investors willreceive the Stated Principal Amount of their investment plus a positive return based on the leveraged upside performance of the Underlying Index, subject to the MaximumPayment at Maturity. If the Underlying Indexdoes not change or depreciatesin value but the Final Index Value is greater than or equal to the Trigger Level, investors will receivethe Stated Principal Amount of their investment. However, if the Underlying Index hasdepreciatedin value so that the Final Index Value is less than the Trigger Level, investorswill lose a significant portion or all of their investment, resulting in a 1.00% loss of principal for every 1.00% decline in the index value over the term of the Capped Trigger PLUS.Under these circumstances, the Payment at Maturity will be less than 85.00% of the Stated Principal Amount and could be zero.Accordingly, you may lose your entireinvestment.The Capped Trigger PLUS are for investors who seek an equity index-based return and who are willing to risk their principal and forgo current income and upsideabove the Maximum Payment at Maturity in exchange for the leveraged upside feature, and the limited protection against loss that applies only if the Final Index Value is greaterthan or equal to the Trigger Level.Investors may lose their entire initial investment in the Capped Trigger PLUS.Any payment is subject to our credit risk. If we default on our obligations, you could lose some or all of your investment. These Capped Trigger PLUS are not secured obligations and you will not have any security interest in, or otherwise have any access to, the Underlying Index or any securities included in the Underlying Index.The Capped Trigger PLUS will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation, or anyother government agency or instrumentality of Canada, the United States or any other jurisdiction. The Capped Trigger PLUS are not bail-inable debt securities (asdefined on page 6 of the prospectus).SUMMARY TERMS Total (1) CIBC World Markets Corp. (“CIBCWM”), acting as agent for the Bank, will receive a fee of $35.00 per Capped Trigger PLUS and will pay Morgan Stanley Smith Barney LLC(“Morgan Stanley Wealth Management”) a fixed sales commission of $30.00 for each Capped Trigger PLUS they sell. See “Additional Information About the Capped Trigger PLUS— Supplemental Plan of Distribution (Conflicts of Interest)” below.(2) Of the $35.00 per Capped Trigger PLUS received by CIBCWM, CIBCWM will pay Morgan Stanley Wealth Management a structuring fee of $5.00 for each Capped Trigger PLUS. The initial estimated value of the Capped Trigger PLUS on the Pricing Date as determined by CIBC is expected to be between $922.00 and $942.00 per Capped Trigger PLUS,which is expected to be less than the price to public. See “Risk Factors—General Risks” beginning on page 6 of this pricing supplement and “Additional Information About theCapped Trigger PLUS—The Bank’s Estimated Value of the Capped Trigger PLUS” on page 12 of this pricing supplement for additional information. Neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state or provincial securities commission has approved or disapproved the securities ordetermined if this pricing supplement or the accompanying underlying supplement, prospectus supplement or prospectus is truthful or complete. Any representationto the contrary is a criminal offense.Investing in the Capped Trigger PLUS involves risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning on page 5 of this Equity Index Underlying Supplement dated September 5, 2023 Capped Trigger PLUS Based on the Value of the S&P 500®Index due June 3, 2032Capped Trigger Performance Leveraged Upside SecuritiesSMPrincipal at Risk Securities Investment Summary Capped Trigger Performance Leveraged Upside SecuritiesPrincipal at Risk Securities The Capped Trigger PLUS Based on the Value of the S&P 500®Index due June 3, 2032 (the "Capped Trigger PLUS") can be used: ●As an alternative to direct exposure to the Underlying Index that enhances returns for a limited range of positive performance ofthe Underlying Index, subject to the Maximum Payment at Maturity●To enhance re