Bond CBIC 6.5% ( US13605WLF67 ) in USD

Issuer CBIC
Market price 100 %  ▼ 
Country  Canada
ISIN code  US13605WLF67 ( in USD )
Interest rate 6.5% per year ( payment 2 times a year)
Maturity 08/06/2023 - Bond has expired



Prospectus brochure of the bond CIBC US13605WLF67 in USD 6.5%, expired


Minimal amount 1 000 USD
Total amount 4 249 000 USD
Cusip 13605WLF6
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description CIBC is a leading North American financial institution offering a wide range of financial products and services to personal and business clients, including banking, wealth management, and capital markets.

The Bond issued by CBIC ( Canada ) , in USD, with the ISIN code US13605WLF67, pays a coupon of 6.5% per year.
The coupons are paid 2 times per year and the Bond maturity is 08/06/2023







424B2 1 a18-14738_9424b2.htm 424B2

Filed Pursuant to Rule 424(b)(2)
Registration No. 333-216286


Pricing Supplement dated June 4, 2018
(To Prospectus Supplement dated March 28, 2017
and Prospectus dated March 28, 2017)

Canadian Imperial Bank of Commerce
Senior Global Medium-Term Notes (Structured Notes)
$4,249,000 Autocallable Daily Accrual Notes Linked to the Lowest Performing of the S&P 500® Index and the Russell 2000® Index due
June 8, 2023

We, Canadian Imperial Bank of Commerce (the "Bank," the "Issuer" or "CIBC"), are offering $4,249,000 aggregate Principal Amount of our Autocallable Daily Accrual
Notes Linked to the Lowest Performing of the S&P 500® Index and the Russell 2000® Index due June 8, 2023 (CUSIP 13605WLF6 / ISIN US13605WLF67) (the
"Notes"). The Notes are senior unsecured debt securities of CIBC that do not pay fixed interest, do not repay a fixed amount of principal at maturity and are subject to
potential automatic call upon the terms described in this pricing supplement.

The Notes provide monthly Coupon Payments, which will accrue daily on each Trading Day at a rate of 6.50% per annum until the earlier of maturity or automatic call
if, and only if, the Closing Level of each of the S&P 500® Index and the Russell 2000® Index (each, a "Reference Asset") on that day is greater than or equal to its
respective Coupon Barrier Level.

If the Closing Level of each Reference Asset on any monthly Valuation Date on or after June 4, 2021, other than the Final Valuation Date (each, a "Call Observation
Date"), is greater than or equal to its respective Initial Level, we will automatically call the Notes and pay you on the applicable Call Payment Date the Principal Amount
plus any accrued and unpaid Coupon Payment and no further amounts will be owed to you.

If the Notes have not been previously called, at maturity, in addition to any accrued and unpaid Coupon Payment, you will also receive:

· If the Final Level of the Lowest Performing Reference Asset is greater than or equal to its Downside Trigger Level: the Principal Amount.


· If the Final Level of the Lowest Performing Reference Asset is less than its Downside Trigger Level: (A) the Principal Amount plus (B) the Principal Amount
multiplied by the Percentage Change of the Lowest Performing Reference Asset.

The Notes will be issued in the denomination of $1,000 and integral multiples of $1,000 in excess thereof. The Notes are a new issue of securities with no established
trading market. The Notes will not be listed on any securities exchange or automated quotation system.

The Notes are unsecured obligations of CIBC and all payments on the Notes are subject to the credit risk of CIBC. The Notes will not constitute deposits
insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other government agency or instrumentality of
Canada, the United States or any other jurisdiction.

Neither the Securities and Exchange Commission (the "SEC") nor any state or provincial securities commission has approved or disapproved of these Notes or
determined if this pricing supplement or the accompanying Prospectus Supplement and Prospectus is truthful or complete. Any representation to the contrary is
a criminal offense.

The Notes may not be offered, sold or delivered, directly or indirectly, in Canada or to or for the benefit of residents of Canada in contravention of the securities laws of
Canada or any province or territory thereof. Neither this pricing supplement nor the accompanying prospectus and the prospectus supplement may be used for the purpose
of an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer
or solicitation.

Investing in the Notes involves risks. See the "Additional Risk Factors" beginning on page PRS-14 of this pricing supplement and the "Risk Factors" beginning
on page S-1 of the accompanying Prospectus Supplement and page 1 of the Prospectus.


Price to Public(1)
Underwriting Discount and Commission(1)
Proceeds to CIBC
Per Note
100.00%
0.50%
99.50%

Total
$4,249,000.00
$21,245.00
$4,227,755.00


(1) The total "Underwriting Discount and Commission" and "Proceeds to CIBC" specified above reflect the aggregate of the underwriting discounts per Note at the time
CIBC established any hedge positions prior to the Trade Date. SG Americas Securities, LLC (the "Agent") will receive a commission of $5.00 (0.50%) per $1,000
Principal Amount of Notes. The Agent or any dealer selling a Note to an account with respect to which it receives a management fee will forego any commission on
such sale, and this may result in holders of such accounts being entitled to purchase the Notes at a price of $995.00 per Note. See "Supplemental Plan of
Distribution" on page PRS-33 of this pricing supplement.

Our estimated value of the Notes on the Trade Date, based on our internal pricing models, is $975.00 per Note. The estimated value is less than the initial issue price of
the Notes. See "The Bank's Estimated Value of the Notes" in this pricing supplement.

We will deliver the Notes in book-entry form through the facilities of The Depository Trust Company ("DTC") on June 7, 2018 against payment in immediately available
funds.



ABOUT THIS PRICING SUPPLEMENT

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You should read this pricing supplement together with the Prospectus dated March 28, 2017 (the "Prospectus") and the Prospectus Supplement
dated March 28, 2017 (the "Prospectus Supplement"), relating to our Senior Global Medium-Term Notes (Structured Notes), of which these Notes
are a part, for additional information about the Notes. Information in this pricing supplement supersedes information in the Prospectus Supplement
and Prospectus to the extent it is different from that information. Certain defined terms used but not defined herein have the meanings set forth in
the Prospectus Supplement or the Prospectus.

You should rely only on the information contained in or incorporated by reference in this pricing supplement, the accompanying Prospectus
Supplement and the accompanying Prospectus. This pricing supplement may be used only for the purpose for which it has been prepared. No one
is authorized to give information other than that contained in this pricing supplement, the accompanying Prospectus Supplement and the
accompanying Prospectus, and in the documents referred to in this pricing supplement, the Prospectus Supplement and the Prospectus and which
are made available to the public. We have not, and the Agent has not, authorized any other person to provide you with different or additional
information. If anyone provides you with different or additional information, you should not rely on it.

We are not, and the Agent is not, making an offer to sell the Notes in any jurisdiction where the offer or sale is not permitted. You should not
assume that the information contained in or incorporated by reference in this pricing supplement, the accompanying Prospectus Supplement or the
accompanying Prospectus is accurate as of any date other than the date of the applicable document. Our business, financial condition, results of
operations and prospects may have changed since that date. Neither this pricing supplement, nor the accompanying Prospectus Supplement, nor the
accompanying Prospectus constitutes an offer, or an invitation on our behalf or on behalf of the Agent, to subscribe for and purchase any of the
Notes and may not be used for or in connection with an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is
not authorized or to any person to whom it is unlawful to make such an offer or solicitation.

References to "CIBC," "the Issuer," "the Bank," "we," "us" and "our" in this pricing supplement are references to Canadian Imperial Bank of
Commerce and not to any of our subsidiaries, unless we state otherwise or the context otherwise requires.

You may access the Prospectus Supplement and Prospectus on the SEC website www.sec.gov as follows (or if such address has changed, by
reviewing our filing for the relevant date on the SEC website):

·
Prospectus Supplement dated March 28, 2017 and Prospectus dated March 28, 2017 filed with the SEC on March 28, 2017:

https://www.sec.gov/Archives/edgar/data/1045520/000110465917019619/a17-8647_1424b3.htm

PRS-1

SUMMARY

The information in this "Summary" section is qualified by the more detailed information set forth in this pricing supplement, the Prospectus
Supplement dated March 28, 2017 and the Prospectus dated March 28, 2017, each filed with the SEC. See "About This Pricing Supplement" in
this pricing supplement.


Issuer:
Canadian Imperial Bank of Commerce (the "Bank," the "Issuer" or "CIBC")




Type of Note:
Autocallable Daily Accrual Notes Linked to the Lowest Performing of the S&P 500® Index and the Russell
2000® Index due June 8, 2023




Reference Assets:
The S&P 500® Index (ticker "SPX") (the "SPX") and the Russell 2000® Index (ticker "RTY") (the "RTY")




CUSIP/ISIN:
13605WLF6/US13605WLF67




Minimum Investment:
$1,000 (one Note)




Denominations:
$1,000 and integral multiples of $1,000 in excess thereof.




Principal Amount:
$1,000 per Note




Aggregate Principal Amount
$4,249,000
of Notes:




Currency:
U.S. Dollars




Pricing Date:
June 1, 2018
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Trade Date:
June 4, 2018




Original Issue Date:
June 7, 2018




Final Valuation Date:
June 5, 2023, subject to postponement as specified in "Certain Terms of the Notes--Market Disruption
Events" below.




Maturity Date:
June 8, 2023, subject to the Call Feature. If the scheduled Maturity Date is not a Business Day, the Payment at
Maturity will be made on the first following Business Day. No additional interest will accrue as a result of a
delayed payment. The Maturity Date is subject to postponement as specified in "Certain Terms of the Notes
--Market Disruption Events" below.




Coupon Payment:
Unless previously called, on each monthly Coupon Payment Date, you will receive a Coupon Payment,
calculated as follows:
Coupon Payment = Principal Amount x Coupon Rate x 30/360 x Accrual Rate
Any Coupon Payments will be rounded to the nearest cent, with one-half cent rounded upward.
A Coupon Payment will be paid to holders of the Notes as of the Record Date, provided that the final Coupon
Payment will be paid to holders of the Notes at maturity.




Coupon Rate:
6.50% per annum

PRS-2


Accrual Rate:
With respect to each Coupon Period, Accrual Rate = n/N
Where:
"n" means the number of Trading Days within the relevant Coupon Period on which the Closing Level of
each Reference Asset is at or above its respective Coupon Barrier Level, provided that if a Market Disruption
Event occurs or is continuing on a Trading Day with respect to either Reference Asset, the Closing Levels of
both Reference Assets on that day will be disregarded for purpose of determining "n".
"N" means the number of Trading Days within a Coupon Period on which no Market Disruption Event occurs
or is continuing with respect to either Reference Asset.




Coupon Barrier Level:
With respect to the SPX: 2,187.70 (80% of its Initial Level, rounded to two decimal places).
With respect to the RTY: 1,318.386 (80% of its Initial Level, rounded to three decimal places).




Coupon Payment Dates:
Monthly, the third Business Day following the relevant Valuation Date, beginning on July 9, 2018 and ending
on the Maturity Date. If the relevant Valuation Date is also a Call Observation Date and that Call Observation
Date is postponed as specified in "Certain Terms of the Notes--Market Disruption Events" below, the
relevant Coupon Payment Date will be the third Business Day following the relevant Call Observation Date,
as postponed.




Coupon Period:
The first Coupon Period will be from, and excluding, the Trade Date to, but including, the scheduled first
Valuation Date. Each subsequent Coupon Period will be the period between two successive scheduled
Valuation Dates, from, and excluding, one Valuation Date to, but including, the immediately following
Valuation Date. For the avoidance of doubt, if a scheduled Call Observation Date (also a Valuation Date) or
the scheduled Final Valuation Date is postponed as specified in "Certain Terms of the Notes--Market
Disruption Events" below, the relevant Coupon Period will not be adjusted.




Valuation Dates:
Monthly, the 4th calendar day of each month, beginning on July 4, 2018 and ending on the Final Valuation
Date.




Day Count Convention:
30/360




Record Date:
The fifteenth calendar day, whether or not a Business Day, immediately preceding the related Coupon
Payment Date.




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Call Feature:
If the Closing Level of each Reference Asset on any Call Observation Date is greater than or equal to its
respective Initial Level, we will automatically call the Notes and pay you on the applicable Call Payment Date
the Principal Amount plus any accrued and unpaid Coupon Payment and no further amounts will be owed to
you.
If the Notes are automatically called, they will cease to be outstanding on the related Call Payment Date and
you will have no further rights under the Notes after such Call Payment Date. You will not receive any notice
from us if the Notes are automatically called.




Call Observation Date:
The Valuation Dates on or after June 4, 2021 (other than the Final Valuation Date), subject to postponement
as specified in "Certain Terms of the Notes--Market Disruption Events" below.

PRS-3


Call Payment Date:
The relevant Coupon Payment Date.




Payment at Maturity:
If the Notes have not been previously called, in addition to any accrued and unpaid Coupon Payment, you
will receive:
·
If the Final Level of the Lowest Performing Reference Asset is greater than or equal to its Downside

Trigger Level:
Principal Amount
·
If the Final Level of the Lowest Performing Reference Asset is less than its Downside Trigger Level:

Principal Amount + (Principal Amount × Percentage Change of the Lowest Performing Reference
Asset)
If the Final Level of the Lowest Performing Reference Asset is less than its Downside Trigger Level, you
will lose a portion of the Principal Amount in an amount equal to the Percentage Change of the Lowest
Performing Reference Asset. Accordingly, you could lose up to 100% of the Principal Amount. Even with
any Coupon Payments, the return on the Notes may be negative.




Downside Trigger Level:
With respect to the SPX: 1,640.77 (60% of its Initial Level, rounded to two decimal places).
With respect to the RTY: 988.790 (60% of its Initial Level, rounded to three decimal places).




Lowest Performing Reference
The Reference Asset that has the lowest Percentage Change.
Asset:




Percentage Change:
With respect to each Reference Asset, the "Percentage Change," expressed as a percentage, is calculated as
follows:
Final Level ­ Initial Level
Initial Level
For the avoidance of doubt, the Percentage Change may be a negative value.




Initial Level:
2,734.62 with respect to the SPX and 1,647.983 with respect to the RTY, each of which was its respective
Closing Level on the Pricing Date.




Final Level:
With respect to each Reference Asset, its Closing Level on the Final Valuation Date.




Closing Level:
For any date of determination, the "Closing Level" of each Reference Asset will be the closing level of such
Reference Asset published on the applicable Bloomberg page or any successor page on Bloomberg or any
successor service, as applicable. In certain special circumstances, the Closing Level will be determined by the
Calculation Agent, in its discretion, and such determinations will, under certain circumstances, be confirmed
by an independent calculation expert. See "Certain Terms of the Notes--Market Disruption Events," "--
Adjustments to a Reference Asset," "--Discontinuance of a Reference Asset" and "--Appointment of
Independent Calculation Experts" in this pricing supplement.
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The applicable Bloomberg pages for the Reference Assets as of the date of this pricing supplement are:

PRS-4



·
SPX <Index>; and

·
RTY <Index>.





Principal at Risk:
You will lose some or all of the Principal Amount at maturity if the Final Level of the Lowest Performing
Reference Asset is less than its Downside Trigger Level.




Calculation Agent:
Canadian Imperial Bank of Commerce. We may appoint a different Calculation Agent without your consent
and without notifying you.
All determinations made by the Calculation Agent will be at its sole discretion, and, in the absence of
manifest error, will be conclusive for all purposes and binding on us and you. All percentages and other
amounts resulting from any calculation with respect to the Notes will be rounded at the Calculation Agent's
discretion. The Calculation Agent will have no liability for its determinations.




Status:
The Notes will constitute direct, unsubordinated and unsecured obligations of the Bank ranking pari passu
with all other direct, unsecured and unsubordinated indebtedness of the Bank from time to time outstanding
(except as otherwise prescribed by law). The Notes will not constitute deposits insured by the Canada Deposit
Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other government agency or
instrumentality of Canada, the United States or any other jurisdiction.




Fees and Expenses:
The price at which you purchase the Notes includes costs that the Bank or its affiliates expect to incur and
profits that the Bank or its affiliates expect to realize in connection with hedging activities related to the
Notes, as set forth above. These costs and profits will likely reduce the secondary market price, if any
secondary market develops, for the Notes. As a result, you may experience an immediate and substantial
decline in the market value of your Notes on the Trade Date. See "Additional Risk Factors--The Inclusion Of
Dealer Spread And Projected Profit From Hedging In The Original Issue Price Is Likely To Adversely Affect
Secondary Market Prices" in this pricing supplement.




Trading Day:
A "Trading Day" means a day on which the principal trading market for each of the Reference Assets is open
for trading.




Business Day:
A Monday, Tuesday, Wednesday, Thursday or Friday that is neither a legal holiday nor a day on which
banking institutions are authorized or obligated by law, regulation or order to close in New York or Toronto.




Listing:
The Notes will not be listed on any securities exchange or quotation system.




Use of Proceeds:
General corporate purposes.




Certain U.S. Benefit Plan
For a discussion of benefit plan investor considerations, please see "Certain U.S. Benefit Plan Investor
Investor Considerations:
Considerations" in the accompanying Prospectus.




Clearance and Settlement:
We will issue the Notes in the form of a fully registered global note registered in the name of the nominee of
DTC. Beneficial interests in the Notes will be represented through book-entry accounts of financial
institutions acting on behalf of beneficial owners as direct and indirect participants in DTC. Except in the
limited circumstances described in the accompanying Prospectus Supplement, owners of beneficial interests
in the Notes will not be entitled to have Notes registered in their names, will not receive or be entitled to
receive Notes in definitive form and will not be considered holders of Notes under the indenture.

PRS-5


Terms Incorporated:
All of the terms appearing under the caption "Description of the Notes We May Offer" beginning on page S-7
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of the accompanying Prospectus Supplement, as modified by this pricing supplement.


INVESTING IN THE NOTES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE UP TO 100% OF YOUR PRINCIPAL AMOUNT.
ANY PAYMENTS ON THE NOTES, INCLUDING ANY REPAYMENT OF PRINCIPAL, ARE SUBJECT TO THE
CREDITWORTHINESS OF THE BANK. IF THE BANK WERE TO DEFAULT ON ITS PAYMENT OBLIGATIONS YOU MAY NOT
RECEIVE ANY AMOUNTS OWED TO YOU UNDER THE NOTES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.

PRS-6

INVESTOR SUITABILITY

The Notes may be suitable for you if:

·
You seek an investment with monthly Coupon Payments that accrues daily on each Trading Day at a rate of 6.50% per annum until the

earlier of maturity or automatic call, if, and only if, the Closing Level of each Reference Asset on that day is greater than or equal to its
respective Coupon Barrier Level.
·
You are willing to accept the risk of losing up to 100% of the Principal Amount at maturity if the Notes are not called and if the Final

Level of the Lowest Performing Reference Asset is less than its Downside Trigger Level.
·
You do not seek certainty of current income over the term of the Notes, and you are willing to accept the risk that you may not receive

any Coupon Payment on one or more, or any, monthly Coupon Payment Dates during the term of the Notes.
·
You understand that the Notes may be automatically called prior to maturity and that the term of the Notes may be as short as

approximately three years, or you are otherwise willing to hold the Notes to maturity.
·
You understand that the return on the Notes will depend solely on the performance of the Reference Asset that is the Lowest Performing

Reference Asset on each Trading Day during a Coupon Period, including the Final Valuation Date, and that you will not benefit in any
way from the performance of the better performing Reference Asset.
·
You understand that the Notes are riskier than alternative investments linked to only one of the Reference Assets or linked to a basket

composed of the Reference Assets.
·
You are willing to forgo participation in any appreciation of any Reference Asset.

·
You do not seek an investment for which there will be an active secondary market.

·
You are willing to assume the credit risk of the Bank for all payments under the Notes, and understand that if the Bank defaults on its

obligations you may not receive any amounts due to you including any repayment of principal.

The Notes may not be suitable for you if:
·
You are not familiar with the equities markets represented by the Reference Asset or do not understand the complex factors affecting these

equities markets.
·
You anticipate that the Notes will not be automatically called and that the Final Level of the Lowest Performing Reference Asset will be

less than its Downside Trigger Level.
·
You are unwilling to accept the risk of losing up to 100% of the Principal Amount at maturity if the Notes are not called and if the Final

Level of the Lowest Performing Reference Asset is less than its Downside Trigger Level on the Final Valuation Date.
·
You prefer to receive guaranteed fixed coupon payments during the term of the Notes or you seek a coupon rate higher than 6.50% per

annum.
·
You seek exposure to the upside performance of any or each Reference Asset.

·
You are unwilling to purchase the Notes with an estimated value as of the Trade Date that is lower than the Principal Amount.

·
You seek exposure to a basket composed of the Reference Assets or a similar investment in which the overall return is based on a blend of

the performances of the Reference Assets, rather than solely on the Lowest Performing Reference Asset.
·
You are unwilling to have the Notes automatically called prior to maturity.

·
You do not fully understand the risks inherent in an investment in the Notes, including the risk of losing up to 100% of the Principal

Amount.
·
You seek a liquid investment or are unable or unwilling to hold the Notes to maturity.

·
You are not willing to assume the credit risk of the Bank for all payments under the Notes.


The investor suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you will
depend on your individual circumstances and you should reach an investment decision only after you and your investment, legal, tax,
accounting and other advisors have carefully considered the suitability of an investment in the Notes in light of your particular
circumstances. You should also review ``Additional Risk Factors'' below for risks related to an investment in the Notes.

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PRS-7

CERTAIN TERMS OF THE NOTES

Market Disruption Events

If a scheduled Call Observation Date or the scheduled Final Valuation Date, as applicable, is not a Trading Day or a Market Disruption Event
occurs or is continuing with respect to a Reference Asset on that day, the Closing Level of that Reference Asset for that day will be its Closing
Level on the following Trading Day on which no Market Disruption Event occurs with respect to that Reference Asset, unless a Market Disruption
Event occurs on each of the eight following scheduled Trading Days. In that case, the Calculation Agent will make a good faith estimate in its sole
discretion of the Closing Level of that Reference Asset that would have prevailed in the absence of the Market Disruption Event in respect of that
Reference Asset on that eighth scheduled Trading Day. For the avoidance of doubt, if no Market Disruption Event exists with respect to a
Reference Asset on a scheduled Call Observation Date or the scheduled Final Valuation Date, as applicable, the determination of that Reference
Asset's Closing Level as of that day will be made on that date, irrespective of the existence of a Market Disruption Event with respect to another
Reference Asset occurring on that date.

If a scheduled Call Observation Date or the scheduled Final Valuation Date is postponed, the relevant Coupon Payment Date or the Maturity Date
will be the third Business Day following the relevant Call Observation Date or the Final Valuation Date, as postponed. No additional interest will
accrue on the Notes as a result of such postponement, and no adjustment will be made to the length of the relevant Coupon Period.

A "Market Disruption Event" means any event, circumstance or cause which the Bank determines, and the Calculation Agent confirms, has or will
have a material adverse effect on the ability of the Bank to perform its obligations under the Notes or to hedge its position in respect of its
obligations to make payment of amounts owing thereunder and more specifically includes the following events to the extent that they have such
effect with respect to any of the Reference Assets:

·
a suspension, absence or limitation of trading by the primary market or otherwise relating to the securities which then comprise 20% or

more of the level of such Reference Asset, as determined by the Calculation Agent;

·
a suspension, absence or limitation of trading in futures or options contracts relating to that Reference Asset in the primary market for

those contracts, as determined by the Calculation Agent;

·
any event that disrupts or impairs, as determined by the Calculation Agent, the ability of market participants to effect transactions in, or

obtain market values for, futures or options contracts relating to the Reference Asset in its primary market;

·
the closure on any day of the primary market for futures or options contracts relating to the Reference Asset on a scheduled Trading Day

prior to the scheduled weekday closing time of that market (without regard to after hours or any other trading outside of the regular
trading session hours) unless such earlier closing time is announced by the primary market at least one hour prior to the earlier of (i) the
actual closing time for the regular trading session on such primary market on such scheduled Trading Day for such primary market and
(ii) the submission deadline for orders to be entered into the relevant exchange system for execution at the close of trading on such
scheduled Trading Day for such primary market;

·
any scheduled Trading Day on which the exchanges or quotation systems, if any, on which futures or options contracts relating to the

Reference Asset are traded, fails to open for trading during its regular trading session; or

·
any other event, if the Calculation Agent determines that the event interferes with our ability or the ability of any of our affiliates to

unwind all or a portion of a hedge with respect to the Notes that we or our affiliates have effected or may effect as described below under
"Use of Proceeds and Hedging" below.

PRS-8

Adjustments to a Reference Asset

If at any time the sponsor or publisher of any Reference Asset (each, a "Sponsor") makes a material change in the formula for or the method of
calculating the Reference Asset, or in any other way materially modifies the Reference Asset (other than a modification prescribed in that formula
or method to maintain the Reference Asset in the event of changes in constituent stock and capitalization and other routine events), then, from and
after that time, the Calculation Agent will, at the close of business in New York, New York, on each date that the Closing Level of the Reference
Asset is to be calculated, calculate a substitute Closing Level of the Reference Asset in accordance with the formula for and method of calculating
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the Reference Asset last in effect prior to the change, but using only those securities that comprised the Reference Asset immediately prior to that
change. Accordingly, if the method of calculating the Reference Asset is modified so that the level of the Reference Asset is a fraction or a multiple
of what it would have been if it had not been modified, then the Calculation Agent will adjust the Reference Asset in order to arrive at a level of
the Reference Asset as if it had not been modified. Under certain circumstances, the determinations of the Calculation Agent will be confirmed by
one or more independent calculation experts. See "Appointment of Independent Calculation Experts."

Discontinuance of a Reference Asset

If a Sponsor discontinues publication of a Reference Asset, and such Sponsor or another entity publishes a successor or substitute equity index that
the Calculation Agent determines, in its sole discretion, to be comparable to the Reference Asset (a "successor equity index"), then, upon the
Calculation Agent's notification of that determination to the trustee and Canadian Imperial Bank of Commerce, the Calculation Agent will
substitute the successor equity index as calculated by the relevant Sponsor or any other entity to calculate the Closing Level of the Reference Asset
on any future Trading Day. Upon any selection by the Calculation Agent of a successor equity index, Canadian Imperial Bank of Commerce will
cause notice to be given to holders of the Notes.

In the event that a Sponsor discontinues publication of a Reference Asset prior to, and the discontinuance is continuing on, any Trading Day and the
Calculation Agent determines that no successor equity index is available at such time, the Calculation Agent will calculate a substitute closing level
for the affected Reference Asset in accordance with the formula for and method of calculating the Reference Asset last in effect prior to the
discontinuance, but using only those securities that comprised the Reference Asset immediately prior to that discontinuance. If a successor equity
index is selected or the Calculation Agent calculates a level as a substitute for the Reference Asset, the successor equity index or level will be used
as a substitute for the Reference Asset for all purposes, including the purpose of determining whether a Market Disruption Event exists.

If on any Trading Day, a Sponsor fails to calculate and announce the level of the Reference Asset, the Calculation Agent will calculate a substitute
Closing Level of the Reference Asset in accordance with the formula for and method of calculating the Reference Asset last in effect prior to the
failure, but using only those securities that comprised the Reference Asset immediately prior to that failure; provided that, if a Market Disruption
Event occurs or is continuing on such day, then the provisions set forth above under "--Market Disruption Events" shall apply in lieu of the
foregoing.

Notwithstanding these alternative arrangements, discontinuance of the publication of, or the failure by any Sponsor to calculate and announce the
level of, the applicable Reference Asset may adversely affect the value of the Notes.

Appointment of Independent Calculation Experts

If a calculation or valuation described above under "--Market Disruption Events," "--Adjustments to a Reference Asset," or "Discontinuance of a
Reference Asset" contemplated to be made by the Calculation Agent involves the application of material discretion and is not based on information
or calculation methodologies compiled or utilized by, or derived from, independent third party sources, the Bank will appoint one or more
calculation experts to confirm such calculation or valuation. Such calculation experts will be independent from the Bank and active participants in
the financial markets in the relevant jurisdiction in which the securities included in the affected Reference Asset are traded. Calculation experts will
not assume any obligation or duty to, or any relationship of agency or trust for or with, the holders of the Notes or the Bank. Holders of the Notes
will be entitled to rely on any valuation or calculations made by such calculation experts and such valuations or calculations will (except in the
case of manifest error) be final and binding on the Bank, the Calculation Agent and the holders of the Notes.

PRS-9

Calculation experts will not be responsible for good faith errors or omissions in the making of any such valuations or calculations. Calculation
experts may, with the consent of the Bank, delegate any of their obligations and functions to a third party as they deem appropriate, but acting
honestly and reasonably at all times. The valuations and calculations of calculation experts will be made available to the holders of the Notes upon
request.

Events of Default and Acceleration

If the Notes have become immediately due and payable following an Event of Default (as defined in the section "Description of Senior Debt
Securities--Events of Default" in the accompanying Prospectus) with respect to the Notes, the default amount payable will be equal to the
Payment at Maturity, calculated as though the date of acceleration were the Maturity Date and the Final Valuation Date were the third Trading Day
prior to the Maturity Date, as accelerated.

If the Notes have become immediately due and payable following an Event of Default, you will not be entitled to any additional payments with
respect to the Notes. For more information, see "Description of Senior Debt Securities--Events of Default" beginning on page 7 of the
accompanying Prospectus.
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Withholding

The Bank or the applicable paying agent will deduct or withhold from a payment on a Note any present or future tax, duty, assessment or other
governmental charge that the Bank determines is required by law or the interpretation or administration thereof to be deducted or withheld.
Payments on a Note will not be increased by any amount to offset such deduction or withholding.

PRS-10

HYPOTHETICAL COUPON PAYMENTS

The table below is for illustrative purposes only. The amount of a monthly Coupon Payment will be determined based on the total number of
Trading Days in each monthly Coupon Period on which the Closing Level of each Reference Asset is greater than or equal to it Coupon Barrier
Level. For illustrative purposes, the table below assumes that the Coupon Period contains 22 Trading Days. The actual amount of a monthly
Coupon Payment will depend on the actual number of Trading Days in a Coupon Period and the actual Closing Level of each Reference Asset on
each Trading Day during that Coupon Period as compared to its respective Coupon Barrier Level. Any payments on the Notes are subject to our
credit risk. The numbers in the hypothetical examples may be rounded for ease of analysis.

The number of Trading Days on which the Closing
Coupon Payment for that Coupon Period
Level of each Reference Asset is at or above its
respective Coupon Barrier Level
0
$0.00 ($1,000 x 6.50% x 30/360 x 0/22)
5
$1.23 ($1,000 x 6.50% x 30/360 x 5/22)
10
$2.46 ($1,000 x 6.50% x 30/360 x 10/22)
15
$3.69 ($1,000 x 6.50% x 30/360 x 15/22)
20
$4.92 ($1,000 x 6.50% x 30/360 x 20/22)
22
$5.42 ($1,000 x 6.50% x 30/360 x 22/22)

The second column in the table demonstrates that if the Closing Level of any Reference Asset is less than its Coupon Barrier Level on one or more
Trading Days during the relevant Coupon Period, you will receive a lower or no Coupon Payment for that Coupon Period.

Note that in the event of an automatic early call, the Notes will cease to be outstanding on the related Call Payment Date and you will have no
further rights to any payments under the Notes after such Call Payment Date.

PRS-11

HYPOTHETICAL PAYMENT AT MATURITY

Set forth below are three examples of calculations of the Payment at Maturity, assuming that the Notes have not been automatically called prior to
maturity, and assuming the hypothetical Initial Levels, Coupon Barrier Levels, Downside Trigger Levels and Final Levels for each of the Reference
Assets indicated in the examples. These examples are for purposes of illustration only and the values used in the examples may have been rounded
for ease of analysis.

Example 1. The Final Level of the Lowest Performing Reference Asset on the Final Valuation Date is greater than its Initial Level. As a
result, the Payment at Maturity is equal to the Principal Amount plus any accrued and unpaid Coupon Payment:


S&P 500® Index (SPX)
Russell 2000® Index
(RTY)
Hypothetical
2,000.00
1,000.00
Initial Level
Hypothetical
1,600.00
800.00
Coupon Barrier Level
Hypothetical
1,200.00
600.00
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Downside Trigger Level
Hypothetical
3,000.00
2,000.00
Final Level

Step 1: Determine which of the Reference Assets is the Lowest Performing Reference Asset on the Final Valuation Date.

In this example, SPX has the lowest hypothetical Closing Level as a percentage of its hypothetical Initial Level and is, therefore, the Lowest
Performing Reference Asset on the Final Valuation Date.

Step 2: Determine the Payment at Maturity based on the Final Level of the Lowest Performing Reference Asset on the Final Valuation Date.

Since the hypothetical Final Level of the Lowest Performing Reference Asset is greater than its hypothetical Downside Trigger Level, the Payment
at Maturity would equal the Principal Amount plus any accrued and unpaid Coupon Payment. Although the hypothetical Final Level of the Lowest
Performing Reference Asset is significantly greater than its hypothetical Initial Level in this scenario, the Payment at Maturity will not exceed the
Principal Amount plus any accrued and unpaid Coupon Payment. In addition to any Coupon Payments received during the term of the Notes, on the
Maturity Date you would receive $1,000.00 per Note.

Example 2. The Final Level of the Lowest Performing Reference Asset on the Final Valuation Date is less than its Initial Level but greater
than its Downside Trigger Level. As a result, the Payment at Maturity is equal to the Principal Amount plus any accrued and unpaid
Coupon Payment:


S&P 500® Index (SPX)
Russell 2000® Index
(RTY)
Hypothetical
2,000.00
1,000.00
Initial Level
Hypothetical
1,600.00
800.00
Coupon Barrier Level
Hypothetical
1,200.00
600.00
Downside Trigger Level
Hypothetical
1,300.00
2,400.00
Final Level

Step 1: Determine which of the Reference Assets is the Lowest Performing Reference Asset on the Final Valuation Date.

PRS-12

In this example, SPX has the lowest hypothetical Closing Level as a percentage of its hypothetical Initial Level and is, therefore, the Lowest
Performing Reference Asset on the Final Valuation Date.

Step 2: Determine the Payment at Maturity based on the Final Level of the Lowest Performing Reference Asset on the Final Valuation Date.

Since the hypothetical Final Level of the Lowest Performing Reference Asset is less than its hypothetical Initial Level but greater than its
hypothetical Downside Trigger Level, the Payment at Maturity would equal the Principal Amount plus any accrued and unpaid Coupon Payment.
In addition to any Coupon Payments received during the term of the Notes, on the Maturity Date you would receive $1,000.00 per Note.

Example 3. The Final Level of the Lowest Performing Reference Asset on the Final Valuation Date is less than its Downside Trigger Level.
As a result, the Payment at Maturity is less than the Principal Amount of your Notes, but the accrued and unpaid Coupon Payment is still
payable:


S&P 500® Index (SPX)
Russell 2000® Index
(RTY)
Hypothetical
2,000.00
1,000.00
Initial Level
Hypothetical
1,600.00
800.00
Coupon Barrier Level
Hypothetical
1,200.00
600.00
Downside Trigger Level
Hypothetical
1,800.00
500.00
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