FWP 1 formfwp.htm FORM FWP

Filed Pursuant to Rule 433

Registration No. 333-294072

Free Writing Prospectus dated June 15, 2026 to Preliminary Pricing Supplement dated June 15, 2026

 

PLUS Based on the Value of the S&P 500® Index due October 5, 2027

Performance Leveraged Upside SecuritiesSM

Principal at Risk Securities

This document provides a summary of the terms of the PLUS. Investors must carefully review the accompanying preliminary pricing supplement referenced below, underlying supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.

SUMMARY TERMS

Issuer:

Canadian Imperial Bank of Commerce

Underlying Index:

The S&P 500® Index (Bloomberg symbol: SPX)

Stated Principal Amount:

$1,000 per PLUS

Issue Price:

$1,000 per PLUS

Pricing Date:

June 30, 2026

Original Issue Date:

July 6, 2026 (3 Business Days after the Pricing Date)

Valuation Date:

September 30, 2027, subject to postponement for non-Trading Days and certain Market Disruption Events

Maturity Date:

October 5, 2027

Payment at Maturity per PLUS:

●If the Final Index Value is greater than the Initial Index Value:
$1,000 + Leveraged Upside Payment
In no event will the Payment at Maturity exceed the Maximum Payment at Maturity.

●If the Final Index Value is equal to or less than the Initial Index Value:
$1,000 × Index Performance Factor
If the Final Index Value is less than the Initial Index Value, the Payment at Maturity will be less than the Stated Principal Amount of $1,000 and will result in a loss of up to 100% of your investment.

Leveraged Upside Payment:

$1,000 × Leverage Factor × Index Percent Increase

Leverage Factor:

300.00%

Maximum Payment at Maturity:

At least $1,157.00 per PLUS (at least 115.70% of the Stated Principal Amount, to be determined on the Pricing Date)

Index Percent Increase:

(Final Index Value – Initial Index Value) / Initial Index Value

Index Performance Factor:

Final Index Value / Initial Index Value

Initial Index Value:

The Closing Level of the Underlying Index on the Pricing Date

Final Index Value:

The Closing Level of the Underlying Index on the Valuation Date

CUSIP / ISIN:

13609FKU7 / US13609FKU74

Initial Estimated Value:

Between $953.20 and $973.20 per PLUS, which is expected to be less than the price to public.

Preliminary Terms:

https://www.sec.gov/Archives/edgar/data/1045520/000191870426016664/form424b2.htm

 

Hypothetical Payout at Maturity

 

Percentage Change in Underlying Index

Return on PLUS

50.00%

15.70%

40.00%

15.70%

30.00%

15.70%

20.00%

15.70%

10.00%

15.70%

5.24%

15.70%

5.00%

15.00%

0.00%

0.00%

-5.00%

-5.00%

-10.00%

-10.00%

-15.00%

-15.00%

-30.00%

-30.00%

-40.00%

-40.00%

-50.00%

-50.00%

-100.00%

-100.00%

 

We have filed a registration statement (including an underlying supplement, a prospectus supplement and a prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read these documents and other documents that we have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent or any dealer participating in this offering will arrange to send you these documents if you so request by calling toll-free at 1-833-931-0275.

Underlying Index

For more information about the Underlying Index, including historical performance information, see the accompanying preliminary pricing supplement.

Risk Considerations

The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.

Risks Relating to the Structure of the PLUS

●The PLUS do not pay interest and you may lose some or all of your principal.

●The appreciation potential of the PLUS is limited by the Maximum Payment at Maturity.

●The amount payable on the PLUS is not linked to the Closing Level of the Underlying Index at any time other than the Valuation Date.

Risks Relating to the Underlying Index

●Governmental regulatory actions, such as sanctions, could adversely affect your investment in the PLUS.

●Adjustments to the Underlying Index could adversely affect the value of the PLUS.

Conflicts of Interest

●Certain business, trading and hedging activities of us and our affiliates may create conflicts with your interests and could potentially adversely affect the value of the PLUS.

●There are potential conflicts of interest between you and the calculation agent.

General Risks

●Payments on the PLUS are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect the value of the PLUS.

●The Bank’s initial estimated value of the PLUS will be lower than the initial issue price (price to public) of the PLUS.

●The Bank’s initial estimated value does not represent future values of the PLUS and may differ from others’ estimates.

●The Bank’s initial estimated value of the PLUS will not be determined by reference to credit spreads for our conventional fixed-rate debt.

●If CIBCWM were to repurchase your PLUS after the Original Issue Date, the price may be higher than the then-current estimated value of the PLUS for a limited time period.

●Economic and market factors may adversely affect the terms and market price of the PLUS prior to maturity.

●The PLUS will not be listed on any securities exchange and we do not expect a trading market for the PLUS to develop.

Tax Considerations

You should review carefully the discussion in “Additional Information About the PLUS — United States Federal Income Tax Considerations” and “— Certain Canadian Federal Income Tax Considerations” in the accompanying pricing supplement, “Material U.S. Federal Income Tax Consequences” in the underlying supplement and “Material Income Tax Consequences—Canadian Taxation” in the prospectus concerning the U.S. and the Canadian federal income tax consequences of an investment in the PLUS, and you should consult your tax adviser.