Obbligazione CBIC 8.8% ( US13605WKA89 ) in USD

Emittente CBIC
Prezzo di mercato 100 USD  ▲ 
Paese  Canada
Codice isin  US13605WKA89 ( in USD )
Tasso d'interesse 8.8% per anno ( pagato 2 volte l'anno)
Scadenza 26/02/2021 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione CIBC US13605WKA89 in USD 8.8%, scaduta


Importo minimo 1 000 USD
Importo totale 870 000 USD
Cusip 13605WKA8
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata La CIBC (Canadian Imperial Bank of Commerce) è una delle maggiori banche del Canada, offrendo servizi di banca al dettaglio, investimenti e gestione patrimoniale a clienti individuali e aziende.

L'obbligazione CIBC con codice ISIN US13605WKA89, codice CUSIP 13605WKA8, emessa in Canada in USD, con tasso di interesse dell'8.8%, dimensione totale di emissione di 870.000 unità e dimensione minima di acquisto di 1.000 unità, scaduta il 26/02/2021 con frequenza di pagamento semestrale, è stata rimborsata al 100%.







424B2 1 a18-5112_37424b2.htm 424B2

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

Pricing Supplement dated February 26, 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)
$870,000 Contingent Coupon Autocallable Notes Linked to the Lowest Performing of the S&P 500® Index and the VanEck Vectors® Gold
Miners ETF due February 26, 2021

We, Canadian Imperial Bank of Commerce (the "Bank," the "Issuer" or "CIBC"), are offering $870,000 aggregate principal amount of our
Contingent Coupon Autocallable Notes Linked to the Lowest Performing of the S&P 500® Index and the VanEck Vectors Gold Miners
®
ETF due
February 26, 2021 (CUSIP 13605WKA8 / ISIN US13605WKA89) (the "Notes"). The Notes are senior unsecured debt securities of CIBC that do
not pay interest at a specified rate, 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. Whether the Notes pay a quarterly contingent coupon, whether the Notes are automatically called prior to
maturity and, if they are not automatically called, whether you are repaid the principal amount of your Notes at maturity will depend in each case
upon the Closing Level of the Lowest Performing of the S&P 500® Index (the "Index") and the VanEck Vectors® Gold Miners ETF (the "ETF"
and together with the Index, the "Reference Assets") on the relevant Valuation Date. The Lowest Performing Reference Asset on any Valuation
Date is the Reference Asset that has the lowest Closing Level on that Valuation Date as a percentage of its Initial Level.

The Notes provide quarterly Contingent Coupon Payments at a rate of 2.20% (8.80% per annum) until the earlier of maturity or automatic call if,
and only if, the Closing Level of the Lowest Performing Reference Asset on the applicable quarterly Valuation Date is greater than or equal to its
Coupon Barrier Level. However, if the Closing Level of the Lowest Performing Reference Asset on a Valuation Date is less than its Coupon
Barrier Level, you will not receive any Contingent Coupon Payment for the relevant quarterly period. If the Closing Level of the Lowest
Performing Reference Asset is less than its Coupon Barrier Level on every Valuation Date, you will not receive any Contingent Coupon Payments
throughout the entire term of the Notes.

If the Notes have not been previously called, the amount that you will be paid on your Notes at maturity will depend on the performance of the
Reference Assets and will be calculated as follows:

·
If the Final Level of the Lowest Performing Reference Asset on the Final Valuation Date is greater than or equal to its Principal Barrier Level:

(i) the Principal Amount plus (ii) the Contingent Coupon Payment.

·
If the Final Level of the Lowest Performing Reference Asset on the Final Valuation Date is less than the Principal Barrier Level: (A) the

Principal Amount plus (B) the Principal Amount multiplied by the Percentage Change.

If the Closing Level of the Lowest Performing Reference Asset on any quarterly Valuation Date other than the Initial Valuation Date and the Final
Valuation Date is greater than or equal to its Initial Level, we will automatically call the Notes and pay you on the applicable Call Payment Date
your initial investment plus the applicable Contingent Coupon Payment for that Valuation Date and no further amounts will be owed to you. If, as
of the Maturity Date, the Notes have not been called, investors may have downside market exposure to the Reference Assets, subject to any return
previously realized in the form of Contingent Coupon Payments.

Your return on the Notes will depend solely on the performance of the Reference Asset that is the Lowest Performing Reference Asset on
each Valuation Date. You will not benefit in any way from the performance of the better performing Reference Asset. Therefore, you will
be adversely affected if any Reference Asset performs poorly, even if the other Reference Asset performs favorably. Furthermore, you will
not participate in any appreciation of any of the Reference Assets.

The Notes will be issued in the denomination of $1,000.00 and integral multiples of $1,000.00 in excess thereof.

The Notes are a new issue of securities with no established trading market. We do not intend to list the Notes 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
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truthful or complete. Any representation to the contrary is a criminal offense.

Investing in the Notes involves risks. See the "Risk Factors" sections in this pricing supplement and the accompanying Prospectus
Supplement and Prospectus.




Per Note
Total


Price to public
100.00%
$870,000


Underwriting discounts and commissions
2.00%
$17,400


Proceeds to CIBC (1)
98.00%
$852,600

(1)
Excludes profits from hedging. For additional considerations relating to hedging activities 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.

The estimated value of the Notes on the Trade Date as determined by the Bank is $971.80 per $1,000.00 Principal Amount of the Notes which is
less than the original issue price of the Notes. See "The Bank's Estimated Value of the Notes" in this pricing supplement for additional information.
The difference between the estimated values of your Notes and the original issue price reflects 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. 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 and you may lose all or a substantial portion of your initial investment. The
Bank's profit in relation to the Notes will vary based on the difference between (i) the amounts received by the Bank in connection with the
issuance and the reinvestment return received by the Bank in connection with those funds and (ii) the costs incurred by the Bank in connection
with the issuance of the Notes and any hedging transactions. The Bank's affiliates may also realize a profit that will be based on (i) the payments
received on the hedging transactions minus (ii) the cost of creating and maintaining the hedging transactions.

We will deliver the Notes in book-entry form through the facilities of The Depository Trust Company ("DTC") on or about February 28, 2018
against payment in immediately available funds.

Janney Montgomery Scott


ABOUT THIS PRICING SUPPLEMENT

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 Janney Montgomery Scott ("JMS") 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 JMS 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 JMS, 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

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PRS-3

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:
Contingent Coupon Autocallable Notes Linked to the Lowest Performing of the S&P 500® Index and the VanEck
Vectors® Gold Miners ETF, due February 26, 2021


Reference Assets:
The S&P 500® Index (ticker "SPX") and the VanEck Vectors® Gold Miners ETF (ticker "GDX US Equity")


CUSIP/ISIN:
CUSIP: 13605WKA8 / ISIN: US13605WKA89


Minimum Investment:
$1,000.00 (one Note)


Denominations:
$1,000.00 and integral multiples of $1,000.00 in excess thereof.


Principal Amount:
$1,000.00 per Note


Aggregate Principal Amount
$870,000
of Notes:


Currency:
U.S. Dollars


Trade Date:
February 26, 2018


Original Issue Date:
February 28, 2018 (the 2nd scheduled Business Day after the Trade Date)


Initial Level:
·
With respect to the S&P 500® Index: 2,779.60, its Closing Level on the Trade Date.

·
With respect to the VanEck Vectors® Gold Miners ETF: 22.18, its Closing Level on the Trade Date.



Contingent Coupon Payment: On each Contingent Coupon Payment Date, you will receive payment at a per annum rate equal to the Contingent

Coupon Rate (a "Contingent Coupon Payment") if, and only if, the Closing Level of the Lowest Performing
Reference Asset on the related Valuation Date is greater than or equal to its Coupon Barrier Level.

If the Closing Level of the Lowest Performing Reference Asset on the related Valuation Date is less than its
Coupon Barrier Level, you will not receive any Contingent Coupon Payment on the related Contingent
Coupon Payment Date. If the Closing Level of the Lowest Performing Reference Asset is less than its
Coupon Barrier Level on all quarterly Valuation Dates, you will not receive any Contingent Coupon
Payments over the term of the Notes.

Each quarterly Contingent Coupon Payment, if any, will be calculated per Note as follows: $1,000.00 ×
Contingent Coupon Rate × (90/360). Any Contingent Coupon Payments will be rounded to the nearest cent, with
one-half cent rounded upward.

PRS-4

Coupon Barrier Level:
The "Coupon Barrier Level" for each Reference Asset is:
·
With respect to the S&P 500® Index: 1,806.740 (65% of its Initial Level).

·
With respect to the VanEck Vectors® Gold Miners ETF: 14.417 (65% of its Initial Level).





Contingent Coupon Payment
Each February 28, May 28, August 28, and November 28 commencing on May 28, 2018 and ending on the
Dates:
Maturity Date (the Maturity Date being the Contingent Coupon Payment Date with respect to the Final Valuation
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Date) or, if such day is not a Business Day, the first following Business Day, unless the first following Business
Day is in the next calendar month, in which case the Contingent Coupon Payment will be made on the first
preceding Business Day.

The Contingent Coupon Payment Date will be postponed by the same number of Trading Days as the applicable
Valuation Date if a Market Disruption Event occurs or is continuing as described below under "Certain Terms of
the Notes--Market Disruption Events." No interest will accrue as a result of a delayed payment.


Contingent Coupon Rate:
8.80% per annum (2.20% payable quarterly in arrears).


Valuation Dates:
A "Valuation Date" means the date five scheduled Trading Days prior to the related Contingent Coupon
Payment Date; except that the Valuation Date immediately preceding the Maturity Date, which we refer to as the
"Final Valuation Date," shall be the fifth scheduled Trading Day prior to the Maturity Date. The "Initial
Valuation Date" shall be the first Valuation Date after the Original Issue Date.

The Valuation Dates may be delayed by the occurrence of a Market Disruption Event (as defined below). See
"Certain Terms of the Notes--Market Disruption Events" 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.


Lowest Performing Reference On any Valuation Date, the "Lowest Performing Reference Asset" is the Reference Asset that has the lowest
Asset:
Closing Level on that date as a percentage of its Initial Level.


Call Feature:
If the Closing Level of the Lowest Performing Reference Asset on any Valuation Date other than the Initial
Valuation Date and the Final Valuation Date is greater than or equal to its Initial Level, we will automatically
call the Notes and pay you on the applicable Call Payment Date your initial investment of $1,000.00 per Note
plus the applicable Contingent Coupon Payment for that Valuation Date 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 Payment Date:
A "Call Payment Date" means the Contingent Coupon Payment date following a Valuation Date other than the
Initial Valuation Date and the Final Valuation Date.

The Call Payment Date will be postponed by the same number of Trading Days as the applicable Valuation Date
if a Market Disruption Event occurs or is continuing as described below under "Certain Terms of the Notes--
Market Disruption Events." No interest will accrue as a result of a delayed payment.

PRS-5

Maturity Date:
February 26, 2021. The Maturity Date is subject to the Call Feature and may be postponed upon the occurrence
of a Market Disruption Event as described below under "Certain Terms of the Notes--Market Disruption
Events." No interest will accrue as a result of a delayed payment.


Payment at Maturity:
If the Notes have not been previously called, the Payment at Maturity will be based on the performance of the
Lowest Performing Reference Asset on the Final Valuation Date and will be calculated as follows:

·
If the Final Level of the Lowest Performing Reference Asset on the Final Valuation Date is greater than or

equal to its Principal Barrier Level, then the Payment at Maturity will equal:

Principal Amount + Contingent Coupon Payment for the Maturity Date

·
If the Final Level of the Lowest Performing Reference Asset on the Final Valuation Date is less than its

Principal Barrier Level, then the Payment at Maturity will equal:

Principal Amount + (Principal Amount × Percentage Change)
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If the Final Level is less than the Principal Barrier Level, you will suffer a loss of a portion of the Principal
Amount in an amount equal to the Percentage Change. Accordingly, you could lose up to 100% of your initial
investment, subject to any return realized in the form of Contingent Coupon Payments, if any.


Final Level:
The "Final Level" of each Reference Asset will be the Closing Level of such Reference Asset on the Final
Valuation Date.


Closing Level:
For any date of determination, the "Closing Level" of the Index will be the closing level of the Index 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 of the Index 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--Adjustments to the Index," "Certain Terms of the Notes--
Discontinuance of the Index," "Certain Terms of the Notes--Market Disruption Events" and "Appointment of
Independent Calculation Experts" in this pricing supplement.

For any date of determination, the "Closing Level" of the ETF will be the product of (i) the closing price of one
share of the ETF published on the applicable Bloomberg page or any successor page on Bloomberg or any
successor service, as applicable, and (ii) the Adjustment Factor applicable to such Reference Asset on such date.
In certain special circumstances, the Closing Level of the ETF 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," "Certain Terms of the Notes--
Anti-dilution Adjustments; Liquidation Events; Alternate Calculation," and "Appointment of Independent
Calculation Experts" in this pricing supplement.

The applicable Bloomberg pages for the Reference Assets as of the date of this pricing supplement are:

PRS-6


·
SPX <Index>; and

·
GDX US Equity.



Adjustment Factor:
The "Adjustment Factor" means, with respect to one share of the ETF (or one unit of any other security for
which a Closing Level must be determined), 1.0, subject to adjustment if and when certain events affect the
shares of the Reference Asset. See "Certain Terms of the Notes--Anti-dilution Adjustments; Liquidation Events;
Alternate Calculation" in this pricing supplement.


Percentage Change:
The "Percentage Change", expressed as a percentage, with respect to the Payment at Maturity, is calculated as
follows for the Lowest Performing Reference Asset:

Final Level ­ Initial Level
Initial Level

For the avoidance of doubt, the Percentage Change may be a negative value.



Principal Barrier Level:
The "Principal Barrier Level" for each Reference Asset is:
·
With respect to the S&P 500® Index: 1,806.740 (65% of its Initial Level).

·
With respect to the VanEck Vectors® Gold Miners ETF: 14.417(65% of its Initial Level).



Principal at Risk:
You may lose all or a substantial portion of your initial investment at maturity if the Final Level of the Lowest
Performing Reference Asset on the Final Valuation Date is below its Principal Barrier 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
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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 Risks--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.


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.

PRS-7

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.


Terms Incorporated:
All of the terms appearing under the caption "Description of the Notes We May Offer" beginning on page S-7 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 PAYMENT ON THE NOTES, INCLUDING ANY REPAYMENT OF PRINCIPAL, IS 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-8

INVESTOR SUITABILITY

The Notes may be suitable for you if:

·
You seek an investment with quarterly Contingent Coupon Payments at a rate of 2.20% (8.80% per annum) until the earlier of maturity

or automatic call, if, and only if, the Closing Level of the Lowest Performing Reference Asset on the applicable Valuation Date is greater
than or equal to its Coupon Barrier Level.
·
You understand that if the Closing Level of the Lowest Performing Reference Asset on the Final Valuation Date has declined below its

Principal Barrier Level, you will be fully exposed to the decline in such Lowest Performing Reference Asset from its Initial Level and
will lose more than 35%, and possibly up to 100%, of the Principal Amount at maturity.
·
You are willing to accept the risk that you may not receive any Contingent Coupon Payment on one or more, or any, quarterly Contingent

Coupon Payment Dates over the term of the Notes and may lose up to 100% of the Principal Amount of the Notes at maturity.
·
You understand that the Notes may be automatically called prior to maturity and that the term of the Notes may be as short as

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approximately six months.
·
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 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 each Reference Asset.
·
You understand and are willing to accept the full downside risks of each Reference Asset.

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

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

·
You are unwilling to accept the risk that the Closing Level of the Lowest Performing Reference Asset on the Final Valuation Date may

decline by more than 35%, and possibly up to 100%, from its Initial Level.
·
You seek exposure to the upside performance of any or each Reference Asset.

·
You require full payment of the Principal Amount of the Notes at maturity.

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

·
You seek certainty of current income over the term of the Notes.

·
You seek exposure to a basket composed of each Reference Asset 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 seek a security with a fixed term.

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

investment.
·
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.

PRS-9

CERTAIN TERMS OF THE NOTES

Payments of Principal and Interest

In the event that the stated Maturity Date is not a Business Day, then relevant repayment of principal will be made on the first following Business
Day, unless the first following Business Day is in the next calendar month, in which case the relevant repayment of principal will be made on the
first preceding Business Day ("Modified Following Business Day Convention").

We describe payments as being based on a "day count fraction" of "30/360, unadjusted, Modified Following Business Day Convention." This
means that the number of days in each Contingent Coupon Payment period will be based on a 360-day year of twelve 30-day months ("30/360")
and that the number of days in each Contingent Coupon Payment period will not be adjusted if a Contingent Coupon Payment Date falls on a day
that is not a Business Day ("unadjusted"). We will pay any interest payable on any Contingent Coupon Payment Date other than the Maturity Date
to the persons in whose names the Notes are registered at the close of business one Business Day prior to such Contingent Coupon Payment Date.

If any Contingent Coupon Payment Date or Call Payment Date falls on a day that is not a Business Day (including any Contingent Coupon
Payment Date that is also the Maturity Date), the relevant Contingent Coupon Payment Date or Call Payment Date will be the first following
Business Day, unless the first following Business Day is in the next calendar month, in which case the Contingent Coupon Payment Date or Call
Payment Date will be the first preceding Business Day under the Modified Following Business Day Convention.

Market Disruption Events

If a Market Disruption Event in respect of any Reference Asset occurs or is continuing on any scheduled Valuation Date, then such Valuation Date
will be postponed for each Reference Asset to the first succeeding day that is a Trading Day for each Reference Asset and on which a Market
Disruption Event has not occurred and is not continuing for any Reference Asset. If a Market Disruption Event in respect of any Reference Asset
occurs or is continuing on each Trading Day to and including the seventh Trading Day following the Valuation Date, the Closing Level of each
Reference Asset will be determined (or, if not determinable, estimated by the Calculation Agent in a manner which is considered commercially
reasonable under the circumstances) by the Calculation Agent on that seventh Trading Day, regardless of the occurrence or continuation of a Market
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Disruption Event in respect of one or more Reference Assets on that day. In such an event, the Calculation Agent will make a good faith estimate in
its sole discretion of the Closing Level of each affected Reference Asset that would have prevailed in the absence of the Market Disruption Event
in respect of such Reference Asset. No interest will accrue as a result of delayed payment. In the event the Final Valuation Date is postponed as a
result of a Market Disruption Event, the Maturity Date shall be five Business Days after the Final Valuation Date, as so postponed.

A "Market Disruption Event" means, with respect to the Index, 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 the Index:

·
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 the Index, as determined by the Calculation Agent;

·
a suspension, absence or limitation of trading in futures or options contracts relating to the Index 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 Index in its primary market;

PRS-10

·
the closure on any day of the primary market for futures or options contracts relating to the Index 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

Index 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.

A "Market Disruption Event" means, with respect to the ETF, 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 the ETF:

(A)
the occurrence or existence of a material suspension of or limitation imposed on trading by the relevant stock exchange or otherwise

relating to the shares (or other applicable securities) of the ETF or any Successor Fund on the relevant stock exchange at any time
during the one-hour period that ends at the close of trading on such day, whether by reason of movements in price exceeding limits
permitted by such relevant stock exchange or otherwise;

(B)
the occurrence or existence of a material suspension of or limitation imposed on trading by any related futures or options exchange or

otherwise in futures or options contracts relating to the shares (or other applicable securities) of the ETF or any Successor Fund (as
defined below) on any related futures or options exchange at any time during the one-hour period that ends at the close of trading on
that day, whether by reason of movements in price exceeding limits permitted by the related futures or options exchange or otherwise;

(C)
the occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market

participants in general to effect transactions in, or obtain market values for, shares (or other applicable securities) of the ETF or any
Successor Fund on the relevant stock exchange at any time during the one-hour period that ends at the close of trading on that day;

(D)
the occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market

participants in general to effect transactions in, or obtain market values for, futures or options contracts relating to shares (or other
applicable securities) of the ETF or any Successor Fund on any related futures or options exchange at any time during the one-hour
period that ends at the close of trading on that day;

(E)
the closure of the relevant stock exchange or any related futures or options exchange with respect to the ETF or any Successor Fund

prior to its scheduled closing time unless the earlier closing time is announced by the relevant stock exchange or related futures or
options exchange, as applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on
such relevant stock exchange or related futures or options exchange, as applicable, and (2) the submission deadline for orders to be
entered into the relevant stock exchange or related futures or options exchange, as applicable, system for execution at the close of
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trading on that day;

(F)
the relevant stock exchange or any related futures or options exchange with respect to the ETF or any Successor Fund fails to open for

trading during its regular trading session; or

PRS-11

(G)
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."

For purposes of determining whether a Market Disruption Event with respect to the ETF has occurred:

(1)
"close of trading" means the scheduled closing time of the relevant stock exchange with respect to the ETF or any Successor Fund;

and

(2)
the "scheduled closing time" of the relevant stock exchange or any related futures or options exchange on any Trading Day for the

ETF or any Successor Fund means the scheduled weekday closing time of such relevant stock exchange or related futures or options
exchange on such Trading Day, without regard to after hours or any other trading outside the regular trading session hours.

(3)
the "relevant stock exchange" for the ETF means the primary exchange or quotation system on which shares (or other applicable

securities) of the ETF are traded, as determined by the Calculation Agent.

(4)
the "related futures or options exchange" for the ETF means each exchange or quotation system where trading has a material effect (as

determined by the Calculation Agent) on the overall market for futures or options contracts relating to the ETF.

Adjustments to the Index

If at any time the sponsor or publisher of the Index (the "Sponsor") makes a material change in the formula for or the method of calculating the
Index, or in any other way materially modifies the Index (other than a modification prescribed in that formula or method to maintain the Index 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 Index is to be calculated, calculate a substitute Closing
Level of the Index in accordance with the formula for and method of calculating the Index last in effect prior to the change, but using only those
securities that comprised the Index immediately prior to that change. Accordingly, if the method of calculating the Index is modified so that the
level of the Index 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 Index
in order to arrive at a level of the Index 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 the Index

If the Sponsor discontinues publication of the Index, and the 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 Index (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 Sponsor or any other entity to calculate the Closing Level on any future Valuation Date. 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 the Sponsor discontinues publication of the Index prior to, and the discontinuance is continuing on, the Valuation Date 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 Index in accordance with the formula for and method of calculating the Index last in effect prior to the discontinuance, but using only those
securities that comprised the Index immediately prior to that discontinuance. If a successor equity index is selected or the Calculation Agent
calculates a level as a substitute for the Index, the successor equity index or level will be used as a substitute for the Index for all purposes,
including the purpose of determining whether a Market Disruption Event exists.

PRS-12

If on any Valuation Date the Sponsor fails to calculate and announce the level of the Index, the Calculation Agent will calculate a substitute
Closing Level of the Index in accordance with the formula for and method of calculating the Index last in effect prior to the failure, but using only
those securities that comprised the Index 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 the Sponsor to calculate and announce the
level of, the Index may adversely affect the value of the Notes.

Anti-dilution Adjustments
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The Calculation Agent will adjust the Adjustment Factor as specified below if any of the events specified below occurs with respect to the ETF and
the effective date or ex-dividend date, as applicable, for such event is after the Trade Date and on or prior to a Valuation Date.

The adjustments specified below do not cover all events that could affect the ETF, and there may be other events that could affect the ETF for
which the Calculation Agent will not make any such adjustments, including, without limitation, an ordinary cash dividend. Nevertheless, the
Calculation Agent may, in its sole discretion, make additional adjustments to any terms of the Notes upon the occurrence of other events that affect
or could potentially affect the market price of, or shareholder rights in, the ETF, with a view to offsetting, to the extent practical, any such change,
and preserving the relative investment risks of the Notes. In addition, the Calculation Agent may, in its sole discretion, make adjustments or a series
of adjustments that differ from those described herein if the Calculation Agent determines that such adjustments do not properly reflect the
economic consequences of the events specified in this pricing supplement or would not preserve the relative investment risks of the Notes. All
determinations made by the Calculation Agent in making any adjustments to the terms of the Notes, including adjustments that are in addition to,
or that differ from, those described in this pricing supplement, will be made in good faith and a commercially reasonable manner, with the aim of
ensuring an equitable result. In determining whether to make any adjustment to the terms of the Notes, the Calculation Agent may consider any
adjustment made by the Options Clearing Corporation or any other equity derivatives clearing organization on options contracts on the ETF.

For any event described below, the Calculation Agent will not be required to adjust the Adjustment Factor unless the adjustment would result in a
change to the Adjustment Factor then in effect of at least 0.10%. The Adjustment Factor resulting from any adjustment will be rounded up or
down, as appropriate, to the nearest one-hundred thousandth.

(A)
Stock Splits and Reverse Stock Splits


If a stock split or reverse stock split has occurred, then once such split has become effective, the Adjustment Factor will be adjusted to equal the
product of the prior Adjustment Factor and the number of securities which a holder of one share (or other applicable security) of the ETF before
the effective date of such stock split or reverse stock split would have owned or been entitled to receive immediately following the applicable
effective date.

(B)
Stock Dividends


If a dividend or distribution of shares (or other applicable securities) to which the Notes are linked has been made ratably to all holders of record of
such shares (or other applicable security), then the Adjustment Factor will be adjusted on the ex-dividend date to equal the prior Adjustment Factor
plus the product of the prior Adjustment Factor and the number of shares (or other applicable security) of the ETF which a holder of one share (or
other applicable security) of the ETF before the ex-dividend date would have owned or been entitled to receive immediately following that date;
provided, however, that no adjustment will be made for a distribution for which the number of securities of the ETF paid or distributed is based on
a fixed cash equivalent value.

(C)
Extraordinary Dividends


If an extraordinary dividend (as defined below) has occurred, then the Adjustment Factor will be adjusted on the ex-dividend date to equal the
product of the prior Adjustment Factor and a fraction, the numerator of which is the closing price per share (or other applicable security) of the
ETF on the Trading Day preceding the ex-dividend date, and the denominator of which is the amount by which the closing price per share (or other
applicable security) of the ETF on the Trading Day preceding the ex-dividend date exceeds the extraordinary dividend amount (as defined below).

PRS-13

For purposes of determining whether an extraordinary dividend has occurred:

a.
"extraordinary dividend" means any cash dividend or distribution (or portion thereof) that the Calculation Agent determines, in

its sole discretion, is extraordinary or special; and

b.
"extraordinary dividend amount" with respect to an extraordinary dividend for the securities of the ETF will equal the amount

per share (or other applicable security) of the ETF of the applicable cash dividend or distribution that is attributable to the
extraordinary dividend, as determined by the Calculation Agent in its sole discretion.

A distribution on the securities of the ETF described below under the section entitled "--Reorganization Events" below that also constitutes an
extraordinary dividend will only cause an adjustment pursuant to that "--Reorganization Events" section.

(D)
Other Distributions


If a distribution of any non-cash assets is declared or made to all holders of the shares (or other applicable security) of the ETF, excluding
dividends or distributions described under the section entitled "--Stock Dividends" above, then the Calculation Agent may, in its sole discretion,
make such adjustment (if any) to the Adjustment Factor as it deems appropriate in the circumstances. If the Calculation Agent determines to make
an adjustment pursuant to this paragraph, it will do so with a view to offsetting, to the extent practical, any change in the economic position of a
holder of the Notes that results solely from the applicable event.

(E)
Reorganization Events

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Document Outline