Form 424B2 CANADIAN IMPERIAL BANK - bdsthanhhoavn.com

Form 424B2 CANADIAN IMPERIAL BANK


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Filed Pursuant to Rule 424(b)(2)

Registration No. 333-257113

 

PRICING SUPPLEMENT dated June 10, 2022
(To Prospectus Supplement dated September 2, 2021 and
Prospectus dated September 2, 2021)
   

Canadian Imperial Bank of Commerce

Senior Global Medium-Term Notes

$2,000,000 3.15% Callable Notes due June 14,
2024

 

We, Canadian Imperial Bank of Commerce (the “Bank” or “CIBC”),
are offering $2,000,000 aggregate principal amount of 3.15% Callable Notes due June 14, 2024 (CUSIP: 13607XA23 / ISIN: US13607XA231)
(the “Notes”).

 

At maturity, if the Notes have not been previously redeemed, you will
receive a cash payment equal to 100% of the principal amount, plus any accrued and unpaid interest. Interest will be paid semi-annually
on June 14 and December 14 of each year, commencing on December 14, 2022, and ending on the Maturity Date. The Notes will
accrue interest semi-annually at a rate of 3.15% per annum during the term of the Notes.

 

We have the right to redeem the Notes, in whole but not in part, on
June 14, 2023. The Redemption Price will be 100% of the principal amount plus accrued and unpaid interest to, but excluding, the
applicable Optional Redemption Date.

 

The Notes will be issued in minimum denominations of $1,000, and integral
multiples of $1,000 in excess thereof.

 

The Notes will not be listed on any securities exchange.

 

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 are bail-inable debt securities (as defined in the accompanying
prospectus) and subject to conversion in whole or in part – by means of a transaction or series of transactions and in one or more
steps – into common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation
Act (the “CDIC Act”) and to variation or extinguishment in consequence, and subject to the application of the laws of the
Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the
Notes. See “Description of Senior Debt Securities — Special Provisions Related to Bail-inable Debt Securities” and
“— Canadian Bank Resolution Powers” in the accompanying prospectus and “Risk Factors — Risks Relating to
Bail-Inable Notes” in the accompanying prospectus supplement.

 

Investing in the Notes involves risks. See the “Additional
Risk Factors” beginning on page PS-5 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

(Original
Issue Price)
(1)

Underwriting Discount(1)(2) Proceeds to CIBC(3)
Per Note $1,000.00 $4.00 $996.00
Total $2,000,000.00 $8,000.00 $1,992,000.00
(1) Because certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some or all of their commissions
or selling concessions, the price to public for investors purchasing the Notes in these accounts will be $996.00 per Note.
(2) CIBC World Markets Corp. (“CIBCWM”), acting as agent for the Bank, will receive a commission of $4.00 (0.40%) per $1,000
principal amount of the Notes. CIBCWM may use a portion or all of its commission to allow selling concessions to other dealers in connection
with the distribution of the Notes. The other dealers may forgo, in their sole discretion, some or all of their selling concessions. See
“Supplemental Plan of Distribution (Conflicts of Interest)” on page PS-11 of this pricing supplement.

 

We will deliver the Notes in book-entry form through the facilities
of The Depository Trust Company (“DTC”) on June 14, 2022 against payment in immediately available funds.

 

CIBC Capital Markets

 

 

ABOUT
THIS PRICING SUPPLEMENT

 

You should read this pricing supplement together with the prospectus
dated September 2, 2021 (the “prospectus”) and the prospectus supplement dated September 2, 2021 (the “prospectus
supplement”), each relating to our Senior Global Medium-Term 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 the 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 and the accompanying prospectus supplement and the 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 and the accompanying prospectus supplement and the prospectus, and in the documents referred to in these documents and which
are made available to the public. We have not, and CIBCWM 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 CIBCWM 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 or the accompanying prospectus supplement or the 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 or the prospectus constitutes an offer, or an invitation
on our behalf or on behalf of CIBCWM, 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 the 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 September 2, 2021:

https://www.sec.gov/Archives/edgar/data/1045520/000110465921112440/tm2123981d29_424b5.htm

 

Prospectus dated September 2, 2021:

https://www.sec.gov/Archives/edgar/data/1045520/000110465921112558/tm2123981d24_424b3.htm

 

 

SUMMARY

 

The information in this “Summary” section is qualified
by the more detailed information set forth in the accompanying prospectus supplement and the prospectus. See “About This Pricing
Supplement” in this pricing supplement.

 

Issuer: Canadian Imperial Bank of Commerce (the “Issuer” or the “Bank”)
   
Type of Note: 3.15% Callable Notes due June 14, 2024
   
CUSIP/ISIN: 13607XA23 / US13607XA231
   
Minimum Denominations: $1,000 and integral multiples of $1,000 in excess thereof.
   
Principal Amount: $1,000 per Note
   
Aggregate Principal Amount of Notes: $2,000,000
   
Currency: U.S. Dollars (“$”)
   
Term: 2 years, unless previously called
   
Trade Date: June 10, 2022
   
Original Issue Date: June 14, 2022
   
Maturity Date: June 14, 2024, subject to early redemption and postponement as described in “—Business Day Convention” below.
   
Interest Accrual Date: June 14, 2022
   
Interest Rate: Subject to early redemption, the Notes will accrue interest at a rate of 3.15% per annum.
   
Interest Period: The period from and including the original issue date to but excluding the immediately following interest payment date, and each successive period from and including an interest payment date to but excluding the next interest payment date.
   
Interest Payment Dates: Semi-annually, payable in arrears on June 14 and December 14 of each year, commencing on December 14, 2022 and ending on the Maturity Date, subject to postponement as described in “—Business Day Convention” below.
   
Day Count Fraction: 30/360 Unadjusted
   
Record Date: Interest will be payable to the persons in whose names the Notes are registered at the close of business on the Business Day immediately preceding each Interest Payment Date, which we refer to as a “regular record date,” except that the interest due at maturity or upon early
   

 

  redemption will be paid to the persons in whose names the Notes are registered on the Maturity Date or the Optional Redemption Date, as applicable.
   
Optional Early Redemption / Redemption Price:

We have the right to redeem the Notes, in whole but not in part, on
any Optional Redemption Date. The Redemption Price will be 100% of the principal amount plus any accrued and unpaid interest to, but excluding,
the date of such redemption. If we elect to redeem the Notes, we will send a notice to DTC through the trustee at least 5 Business Days
and no more than 20 Business Days before the applicable Optional Redemption Date. We will have no independent obligation to notify you
directly.

 

If the Notes are redeemed early, they will cease to be outstanding
on the applicable Optional Redemption Date, and no further payments will be made on the Notes.

   
Optional Redemption Date: June 14, 2023, subject to postponement as described in “—Business Day Convention” below.
   
Canadian Bail-in Powers: The Notes are bail-inable debt securities and subject to conversion in whole or in part – by means of a transaction or series of transactions and in one or more steps — into common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the CDIC Act and to variation or extinguishment in consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Notes. See “Description of Senior Debt Securities — Special Provisions Related to Bail-inable Debt Securities” and “— Canadian Bank Resolution Powers” in the accompanying prospectus and “Risk Factors — Risks Relating to Bail-Inable Notes” in the accompanying prospectus supplement for a description of provisions and risks applicable to the Notes as a result of Canadian bail-in powers.
   
Agreement with Respect to the Exercise of Canadian Bail-in Powers:

By its acquisition of an interest in any Note, each holder or beneficial
owner of that Note is deemed to (i) agree to be bound, in respect of the Notes, by the CDIC Act, including the conversion of the
Notes, in whole or in part – by means of a transaction or series of transactions and in one or more steps – into common shares
of the Bank or any of its affiliates under subsection 39.2(2.3) of the CDIC Act and the variation or extinguishment of the Notes in consequence,
and by the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation
of the CDIC Act with respect to the Notes; (ii) attorn and submit to the jurisdiction of the courts in the Province of Ontario with
respect to the CDIC Act and those laws; and (iii) acknowledge and agree that the terms referred to in paragraphs (i) and (ii),
above, are binding on that holder or beneficial owner despite any provisions in the indenture or the Notes, any other law that governs
the Notes and any other agreement, arrangement or understanding between that holder or beneficial owner and the Bank with respect to the
Notes.

 

Holders and beneficial owners of Notes will have no further rights
in respect of their bail-inable debt securities to the extent those bail-inable debt securities are converted in a bail-in conversion,
other than those provided under the bail-in regime, and by its acquisition of an interest in any Note, each holder or beneficial owner
of that Note is deemed to irrevocably consent to the converted portion of the principal amount of that Note and any accrued and unpaid
interest thereon being deemed paid in full by the Bank by the issuance of common shares of the Bank (or, if applicable, any of its affiliates)
upon the occurrence of a bail-in conversion, which bail-in conversion will occur without any further action on the part of that holder
or beneficial owner or the trustee; provided that, for the avoidance of doubt, this consent will not limit or otherwise affect any rights
that holders or beneficial owners may have under the bail-in regime.

 

See “Description of Senior Debt Securities— Special Provisions
Related to Bail-inable Debt Securities” and “— Canadian Bank Resolution Powers” in the accompanying prospectus
and

 

 

  “Risk Factors — Risks Relating to Bail-Inable Notes” in the accompanying prospectus supplement for a description
of provisions and risks applicable to the Notes as a result of Canadian bail-in powers.
   
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.

   
Ranking: Senior, unsecured
   
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 required by law or regulation to close in New York, New York or Toronto, Ontario.
   
Business Day Convention: Following. If any scheduled payment date is not a Business Day, the payment will be made on the next succeeding Business Day. 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 interest period.
   
Listing: None
   
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.

 

 

 

ADDITIONAL
RISK FACTORS

 

An investment in the Notes involves significant risks. In addition
to the following risks included in this pricing supplement, we urge you to read “Risk Factors” beginning on page S-1
of the accompanying prospectus supplement and “Risk Factors” beginning on page 1 of the accompanying prospectus.

 

You should understand the risks of investing in the Notes and should
reach an investment decision only after careful consideration, with your advisers, of the suitability of the Notes in light of your particular
financial circumstances and the information set forth in this pricing supplement and the accompanying prospectus supplement and the prospectus.

 

Structure Risks

 

We May Redeem The Notes, In Which Case You Will Receive
No Further Interest Payments.

 

We retain the option to redeem the Notes, in whole but not in part,
on any Optional Redemption Date by giving at least 5 Business Days and no more than 20 Business Days’ prior notice. It is more likely
that we will redeem the Notes prior to their stated Maturity Date to the extent that the interest payable on the Notes is greater than
the interest that would be payable on our other instruments of a comparable maturity, terms and credit rating trading in the market. If
the Notes are redeemed prior to their stated Maturity Date, you will receive no further interest payments from the Notes redeemed and
may have to re-invest the proceeds in a lower rate environment.

 

The Price At Which The Notes May Be Sold Prior To Maturity
Will Depend On A Number Of Factors And May Be Substantially Less Than The Amount For Which They Were Originally Purchased.

 

The price at which the Notes may be sold prior to maturity will depend
on a number of factors. Some of these factors include, but are not limited to: (i) changes in interest rates generally, (ii) any
actual or anticipated changes in our credit ratings or credit spreads, and (iii) time remaining to maturity. In particular, because
the terms of the Notes permit us to redeem the Notes prior to maturity, the price of the Notes may be impacted by the redemption feature
of the Notes. Additionally, the interest rates of the Notes reflect not only our credit spread generally but also the redemption feature
of the Notes and thus may not reflect the rate at which a note without a redemption feature and increasing interest rate might be issued
and sold.

 

Depending on the actual or anticipated level of interest rates, the
market value of the Notes may decrease and you may receive substantially less than 100% of the original issue price if you sell your Notes
prior to maturity.

 

The Notes Will Be Subject to Risks, Including Conversion in
Whole or in Part — by Means of a Transaction or Series of Transactions and in One or More Steps — into Common Shares
of CIBC or Any of its Affiliates, Under Canadian Bank Resolution Powers.

 

Under Canadian bank resolution powers, the Canada Deposit Insurance
Corporation (the “CDIC”) may, in circumstances where CIBC has ceased, or is about to cease, to be viable, assume temporary
control or ownership of CIBC and may be granted broad powers by one or more orders of the Governor in Council (Canada), including the
power to sell or dispose of all or a part of the assets of CIBC, and the power to carry out or cause CIBC to carry out a transaction or
a series of transactions the purpose of which is to restructure the business of CIBC. If the CDIC were to take action under the Canadian
bank resolution powers with respect to CIBC, this could result in holders or beneficial owners of the Notes being exposed to losses and
conversion of the Notes in whole or in part — by means of a transaction or series of transactions and in one or more steps —
into common shares of CIBC or any of its affiliates.

 

As a result, you should consider the risk that you may lose all or
part of your investment, including the principal amount plus any accrued interest, if the CDIC were to take action under the Canadian
bank resolution powers, including the bail-in regime, and that any remaining outstanding Notes, or common shares of CIBC or any of its
affiliates into which the Notes are converted, may be of little value at the time of a bail-in conversion and thereafter. See “Description
of Senior Debt Securities—Special Provisions Related to Bail-inable Debt Securities” and “— Canadian Bank Resolution
Powers” in the accompanying prospectus and “Risk Factors — Risks Relating to Bail-Inable Notes” in the accompanying
prospectus supplement for a description of provisions and risks applicable to the Notes as a result of Canadian bail-in powers.

 

 

The Tax Treatment Of The Notes Is Uncertain.

  

Significant aspects of the tax treatment of the Notes are uncertain.
You should consult your tax advisor about your own tax situation. See “U.S. Federal Income Tax Considerations” and “Certain
Canadian Income Tax Considerations” in this pricing supplement.

 

Conflicts of Interest

 

Certain Business, Trading And Hedging Activities Of Us, CIBCWM And
Our Other Affiliates May Create Conflicts With Your Interests And Could Potentially Adversely Affect The Value Of The Notes.

 

We, CIBCWM or one or more of our other affiliates may engage in trading
and other business activities that are not for your account or on your behalf (such as holding or selling of the Notes for our proprietary
account or effecting secondary market transactions in the Notes for other customers). These activities may present a conflict of interest
between your interest in the Notes and the interests we, CIBCWM or one or more of our other affiliates may have in our or their proprietary
accounts. We, CIBCWM and our other affiliates may engage in any such activities without regard to the Notes or the effect that such activities
may directly or indirectly have on the value of the Notes.

 

Moreover, we, CIBCWM and our other affiliates play a variety of roles
in connection with the issuance of the Notes, including hedging our obligations under the Notes. We expect to hedge our obligations under
the Notes through CIBCWM, one of our other affiliates and/or another unaffiliated counterparty, which may include any dealer from which
you purchase the Notes. In connection with such activities, the economic interests of us, CIBCWM and our other affiliates may be adverse
to your interests as an investor in the Notes. Any of these activities may adversely affect the value of the Notes. In addition, because
hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging activity may result in a
profit that is more or less than expected, or it may result in a loss. We, CIBCWM, one or more of our other affiliates or any unaffiliated
counterparty will retain any profits realized in hedging our obligations under the Notes even if investors do not receive a favorable
investment return under the terms of the Notes or in any secondary market transaction. Any profit in connection with such hedging activities
will be in addition to any other compensation that we, CIBCWM, our other affiliates or any unaffiliated counterparty receive for the sale
of the Notes, which creates an additional incentive to sell the Notes to you. We, CIBCWM, our other affiliates or any unaffiliated counterparty
will have no obligation to take,refrain from taking or cease taking any action with respect to these transactions based on the potential
effect on an investor in the Notes.

 

There Are Potential Conflicts Of Interest Between You And The Calculation
Agent.

 

The calculation agent will determine, among other things, the amount
of payments on the notes. The calculation agent will exercise its judgment when performing its functions. The calculation agent will be
required to carry out its duties in good faith and use its reasonable judgment. However, because we will be the calculation agent, potential
conflicts of interest could arise. None of us, CIBCWM or any of our other affiliates will have any obligation to consider your interests
as a holder of the notes in taking any action that might affect the value of your notes.

 

General Risks

 

Your Investment Is Subject To The Credit Risk Of The Bank.

 

The Notes are senior unsecured debt obligations of the Bank and are
not, either directly or indirectly, an obligation of any third party. As further described in the accompanying prospectus supplement and
prospectus, the Notes will rank on par with all of the other unsecured and unsubordinated debt obligations of the Bank, except such obligations
as may be preferred by operation of law. All payments to be made on the Notes, including the interest payments and the return of the principal
amount at maturity, depend on the ability of the Bank to satisfy its obligations as they come due. As a result, the actual and perceived
creditworthiness of the Bank may affect the market value of the Notes and, in the event the Bank were to default on its obligations, you
may not receive the amounts owed to you under the terms of the Notes.

 

If we default on our obligations under the Notes, your investment would
be at risk and you could lose some or all of your investment. See “Description of Senior Debt Securities—Events of Default”
in the prospectus.

 

 

The Inclusion Of Dealer Spread And Projected Profit From Hedging
In The Original Issue Price Is Likely To Adversely Affect Secondary Market Prices.

  

Assuming no change in market conditions or any other relevant factors,
the price, if any, at which CIBCWM or any other party is willing to purchase the Notes at any time in secondary market transactions will
likely be significantly lower than the original issue price, since secondary market prices are likely to exclude underwriting commissions
paid with respect to the Notes and the cost of hedging our obligations under the Notes that are included in the original issue price.
The cost of hedging includes the projected profit that we and/or our affiliates may realize in consideration for assuming the risks inherent
in managing the hedging transactions. These secondary market prices are also likely to be reduced by the costs of unwinding the related
hedging transactions. In addition, any secondary market prices may differ from values determined by pricing models used by CIBCWM as a
result of dealer discounts, mark-ups or other transaction costs.

 

The Notes Will Not Be Listed On Any Securities Exchange and We Do
Not Expect A Trading Market For the Notes To Develop.

 

The Notes will not be listed on any securities exchange. Although CIBCWM
and/or its affiliates may purchase the Notes from holders, they are not obligated to do so and are not required to make a market for the
Notes. There can be no assurance that a secondary market will develop for the Notes. Because we do not expect that any market makers will
participate in a secondary market for the Notes, the price at which you may be able to sell your Notes is likely to depend on the price,
if any, at which CIBCWM and/or its affiliates are willing to buy your Notes.

 

If a secondary market does exist, it may be limited. Accordingly, there
may be a limited number of buyers if you decide to sell your notes prior to maturity or early redemption. This may affect the price you
receive upon such sale. Consequently, you should be willing to hold the Notes to maturity or early redemption.

 

 

U.S.
FEDERAL INCOME TAX CONSIDERATIONS

 

The following discussion is a brief summary of the material U.S. federal
income tax considerations relating to an investment in the Notes. The following summary is not complete and is both qualified and supplemented
by (although to the extent inconsistent supersedes) the discussion entitled “Material Income Tax Consequences—United States
Taxation” in the accompanying prospectus, which you should carefully review prior to investing in the Notes. It applies only to
those U.S. Holders who are not excluded from the discussion of United States Taxation in the accompanying prospectus. You should consult
your tax advisor concerning the U.S. federal income tax and other tax consequences of your investment in the Notes in your particular
circumstances, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax
laws.

 

We intend to treat the Notes as debt instruments for U.S. federal income
tax purposes. Accordingly, the coupon on a Note will be taxable to a U.S. Holder as ordinary interest income at the time it accrues or
is received in accordance with the U.S. Holder’s normal method of accounting for tax purposes.

 

Upon the sale, exchange, retirement or other disposition of a Note,
a U.S. Holder will recognize taxable gain or loss equal to the difference, if any, between the amount realized on the sale, exchange,
retirement or other disposition, other than accrued but unpaid interest which will be taxable as interest, and such U.S. Holder’s
adjusted tax basis in the Note. A U.S. Holder’s adjusted tax basis in a Note generally will equal the cost of the Note to such U.S.
Holder, and any such gain or loss will generally be capital gain or loss. For a non-corporate U.S. Holder, under current law, the maximum
marginal U.S. federal income tax rate applicable to the gain will be generally lower than the maximum marginal U.S. federal income tax
rate applicable to ordinary income if the U.S. Holder’s holding period for the Notes exceeds one year (i.e., such gain is long-term
capital gain). Any gain or loss realized on the sale, exchange, retirement or other disposition of a Note generally will be treated as
U.S. source gain or loss, as the case may be. Consequently, a U.S. Holder may not be able to claim a credit for any non-U.S. tax imposed
upon a disposition of a Note. The deductibility of capital losses is subject to limitations.

 

 

CERTAIN
CANADIAN INCOME TAX CONSIDERATIONS

 

In the opinion of Blake, Cassels & Graydon LLP, our Canadian
tax counsel, the following summary describes the principal Canadian federal income tax considerations under the Income Tax Act (Canada)
and the Regulations thereto (the “Canadian Tax Act”) generally applicable at the date hereof to a purchaser who acquires beneficial
ownership of a Note pursuant to this pricing supplement and who for the purposes of the Canadian Tax Act and at all relevant times: (a) is
neither resident nor deemed to be resident in Canada; (b) deals at arm’s length with the Issuer and any transferee resident (or deemed
to be resident) in Canada to whom the purchaser disposes of the Note; (c) acquires and holds Notes and any common shares acquired
on a bail-in conversion as capital property; (d) does not use or hold and is not deemed to use or hold the Note or any common shares
acquired on a bail-in conversion in, or in the course of, carrying on a business in Canada; (e) is entitled to receive all payments
(including any interest and principal) made on the Note, (f) is not a, and deals at arm’s length with any, “specified
shareholder” of the Issuer for purposes of the thin capitalization rules in the Canadian Tax Act; and (g) is not an entity
in respect of which the Issuer is a “specified entity” for purposes of the Hybrid Mismatch Proposals, as defined below (a
“Non-Resident Holder”). For these purposes, a “specified shareholder” generally includes a person who (either
alone or together with persons with whom that person is not dealing at arm’s length for the purposes of the Canadian Tax Act) owns or
has the right to acquire or control or is otherwise deemed to own 25% or more of the Issuer’s shares determined on a votes or fair market
value basis, and an entity in respect of which the Issuer is a “specified entity” generally includes (i) an entity that
is a specified shareholder of the Issuer (as defined above), (ii) an entity in which the Issuer (either alone or together with entities
with whom the Issuer is not dealing at arm’s length for purposes of the Canadian Tax Act) owns or has the right to acquire or control
or is otherwise deemed to own a 25% or greater equity interest, and (iii) an entity in which an entity described in (i) (either
alone or together with entities with whom such entity is not dealing at arm’s length for purposes of the Canadian Tax Act) owns
or has the right to acquire or control or is otherwise deemed to own a 25% or greater equity interest. Special rules which apply
to non-resident insurers carrying on business in Canada and elsewhere are not discussed in this summary.

 

For greater certainty, this summary takes into account all specific
proposals to amend the Canadian Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof,
including the proposals released on April 29, 2022 with respect to “hybrid mismatch arrangements” (the “Hybrid
Mismatch Proposals”). This summary assumes that no amount paid or payable to a holder described herein will be the deduction component
of a “hybrid mismatch arrangement” under which the payment arises within the meaning of proposed paragraph 18.4(3)(b) of
the Canadian Tax Act contained in the Hybrid Mismatch Proposals. Investors should note that the Hybrid Mismatch Proposals are in consultation
form, are highly complex, and there remains significant uncertainty as to their interpretation and application. There can be no assurance
that the Hybrid Mismatch Proposals will be enacted in their current form, or at all.

 

This summary is supplemental to and should be read together with the
description of material Canadian federal income tax considerations relevant to a Non-Resident Holder owning Notes under “Material
Income Tax Consequences—Canadian Taxation” in the accompanying prospectus and a Non-Resident Holder should carefully read
that description as well.

 

For the purposes of the Canadian Tax Act, all amounts not otherwise
expressed in Canadian dollars must be converted into Canadian dollars based on the exchange rate as quoted by the Bank of Canada for the
applicable day or such other rate of exchange acceptable to the Minister of National Revenue (Canada).

 

This summary is of a general nature only and is not intended to
be, nor should it be construed to be, legal or tax advice to any particular Non-Resident Holder. Non-Resident Holders are advised to consult
with their own tax advisors with respect to their particular circumstances.

 

Notes

 

Interest payable on the Notes should not be considered to be “participating
debt interest” as defined in the Canadian Tax Act and accordingly, a Non-Resident Holder should not be subject to Canadian non-resident
withholding tax in respect of amounts paid or credited or deemed to have been paid or credited by the Issuer on a Note as, on account
of or in lieu of payment of, or in satisfaction of, interest.

 

 

In the event that a Note held by a Non-Resident Holder is converted
to common shares on a bail-in conversion, the amount (the “Excess Amount”), if any, by which the fair market value of the
common shares received on the conversion exceeds the sum of: (i) the price for which the Note was issued, and (ii) any amount
that is paid in respect of accrued and unpaid interest at the time of the conversion (the “Conversion Interest”) may be deemed
to be interest paid to the Non-Resident Holder. There is a risk that the Excess Amount (if any) and the Conversion Interest could be characterized
as “participating debt interest” and, therefore, subject to Canadian non-resident withholding tax unless certain exceptions
apply.

 

Non-Resident Holders should consult their own advisors regarding the
consequences to them of a disposition of Notes to a person with whom they are not dealing at arm’s length for purposes of the Canadian
Tax Act.

 

Common Shares Acquired on a Bail-in Conversion

 

Dividends

 

Dividends paid or credited or deemed to be paid or credited to a Non-Resident
Holder on common shares of the Issuer or of any affiliate of the Issuer that is a corporation resident or deemed to be resident in Canada
will be subject to Canadian non-resident withholding tax of 25% but such rate may be reduced under the terms of an applicable income tax
treaty.

 

Dispositions

 

A Non-Resident Holder will not be subject to tax under the Canadian
Tax Act on any capital gain realized on a disposition or deemed disposition of any common shares of the Issuer or of any affiliate unless
the common shares constitute “taxable Canadian property” to the Non-Resident Holder for purposes of the Canadian Tax Act at
the time of their disposition, and such Non-Resident Holder is not entitled to relief pursuant to the provisions of an applicable income
tax treaty.

 

Generally, the common shares of the Issuer or of any such affiliate
will not constitute taxable Canadian property to a Non-Resident Holder provided that they are listed on a designated stock exchange (which
includes the TSX and NYSE) at the time of the disposition, unless, at any particular time during the 60-month period that ends at that
time, the following conditions are met concurrently: (i) one or any combination of (a) the Non-Resident Holder, (b) persons
with whom the Non-Resident Holder did not deal at arm’s length, or (c) partnerships in which the Non-Resident Holder or a person
described in (b) holds a membership interest directly or indirectly through one or more partnerships, owned 25% or more of the issued
shares of any class or series of the applicable issuer’s share capital and (ii) more than 50% of the fair market value of the
common shares of such issuer was derived directly or indirectly from one or any combination of (a) real or immovable property situated
in Canada, (b) Canadian resource properties (as defined in the Canadian Tax Act), (c) timber resource properties (as defined
in the Canadian Tax Act), and (d) an option, an interest or right in any of the foregoing property, whether or not such property
exists. Notwithstanding the foregoing, a common share of the Issuer or of any such affiliate may be deemed to be “taxable Canadian
property” in certain other circumstances. Non-Resident Holders whose common shares of the Issuer or of any such affiliate may constitute
taxable Canadian property should consult their own tax advisers with respect to their particular circumstances.

 

 

SUPPLEMENTAL
PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)

 

CIBCWM will purchase the Notes from CIBC at the price to public less
the underwriting discount set forth on the cover page of this pricing supplement for distribution to other registered broker-dealers
or will offer the Notes directly to investors.

 

CIBCWM or other registered broker-dealers will offer the Notes at the
price to public set forth on the cover page of this pricing supplement. CIBCWM may receive a commission of $4.00 (0.40%) per $1,000
principal amount of the Notes and may use a portion or all of that commission to allow selling concessions to other dealers in connection
with the distribution of the Notes. The other dealers may forgo, in their sole discretion, some or all of their selling concessions. The
price to public for Notes purchased by certain fee-based advisory accounts will be 99.60% of the principal amount of the Notes. Any sale
of a Note to a fee-based advisory account at a price to public below 100.00% of the principal amount will reduce the agent’s commission
specified on the cover page of this pricing supplement with respect to such Note. The price to public paid by any fee-based advisory
account will be reduced by the amount of any fees assessed by the dealers involved in the sale of the Notes to such advisory account but
not by more than 0.40% of the principal amount of the Notes.

 

CIBCWM is our affiliate, and is deemed to have a conflict of interest
under FINRA Rule 5121. In accordance with FINRA Rule 5121, CIBCWM may not make sales in this offering to any of its discretionary
accounts without the prior written approval of the customer.

 

The Bank may use this pricing supplement in the initial sale of the
Notes. In addition, CIBCWM or any of our other affiliates may use this pricing supplement in market-making transactions in any Notes after
their initial sale. Unless CIBCWM or we inform you otherwise in the confirmation of sale, this pricing supplement is being used by CIBCWM
in a market-making transaction.

 

While CIBCWM may make markets in the Notes, it is under no obligation
to do so and may discontinue any market-making activities at any time without notice. See the section titled “Supplemental Plan
of Distribution (Conflicts of Interest)” in the accompanying prospectus supplement.

 

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. 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 Original Issue Date.

 

 

VALIDITY
OF THE NOTES

  

In the opinion of Blake, Cassels & Graydon LLP, as Canadian
counsel to the Bank, the issue and sale of the Notes has been duly authorized by all necessary corporate action of the Bank in conformity
with the indenture, and when the Notes have been duly executed, authenticated and issued in accordance with the indenture, the Notes will
be validly issued and, to the extent validity of the Notes is a matter governed by the laws of the Province of Ontario or the federal
laws of Canada applicable therein, will be valid obligations of the Bank, subject to applicable bankruptcy, insolvency and other laws
of general application affecting creditors’ rights, equitable principles, and subject to limitations as to the currency in which
judgments in Canada may be rendered, as prescribed by the Currency Act (Canada). This opinion is given as of the date hereof and
is limited to the laws of the Province of Ontario and the federal laws of Canada applicable therein. In addition, this opinion is subject
to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and the genuineness of signature,
and to such counsel’s reliance on the Bank and other sources as to certain factual matters, all as stated in the opinion letter
of such counsel dated June 15, 2021, which has been filed as Exhibit 5.2 to the Bank’s Registration Statement on Form F-3
filed with the SEC on June 15, 2021.

 

In the opinion of Mayer Brown LLP, when the Notes have been duly completed
in accordance with the indenture and issued and sold as contemplated by this pricing supplement and the accompanying prospectus supplement
and the prospectus, the Notes will constitute valid and binding obligations of the Bank, entitled to the benefits of the indenture, subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors’ rights and to general equity principles. This opinion is given as of the date hereof and is limited to the laws of the
State of New York. This opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of
the indenture and such counsel’s reliance on the Bank and other sources as to certain factual matters, all as stated in the legal
opinion dated June 15, 2021, which has been filed as Exhibit 5.1 to the Bank’s Registration Statement on Form F-3
filed with the SEC on June 15, 2021.

 

  

 

Exhibit 107.1

 

The pricing supplement to which this Exhibit is attached is a final
prospectus for the related offering(s). The maximum aggregate offering price of the related offering(s) is $2,000,000.00.

 

 

 

 

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