# EDGAR Filing Document

**Accession Number:** 0001045520
**File Stem:** 0001104659-23-029016
**Filing Date:** 2023-3
**Character Count:** 53442
**Document Hash:** 44ebb31236330a38a57eaabbf623ccf6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-029016.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001104659-23-029016

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
- **CENTRAL INDEX KEY:** 0001045520
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-257113
- **FILM NUMBER:** 23709155

**BUSINESS ADDRESS:**
- **STREET 1:** 81 BAY STREET
- **STREET 2:** CIBC SQUARE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 0E7
- **BUSINESS PHONE:** 4169803096

**MAIL ADDRESS:**
- **STREET 1:** 81 BAY STREET
- **STREET 2:** CIBC SQUARE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 0E7

&nbsp;&nbsp;&nbsp;**Filed Pursuant to Rule 424(b)(2)<br> Registration Statement No. 333-257113<br> (To Prospectus dated September 2, 2021,<br> Prospectus Supplement dated September 2, 2021 and <br> Product Supplement STEPS-1 dated July 29, 2022)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1,692,642 Units<br> $10 principal amount per unit<br> CUSIP No. 13607Y857<br>![](tm238250d9_424b2img001.jpg) | &nbsp;&nbsp;&nbsp;Pricing Date<br> Settlement Date<br> Maturity Date  | &nbsp;&nbsp;March 2, 2023<br> March 9, 2023<br> March 15, 2024 |
| &nbsp;&nbsp;**STEP Income Securities<sup>®</sup> Linked to the Common Stock of International Business Machines Corporation** | &nbsp;&nbsp;**STEP Income Securities<sup>®</sup> Linked to the Common Stock of International Business Machines Corporation** | &nbsp;&nbsp;**STEP Income Securities<sup>®</sup> Linked to the Common Stock of International Business Machines Corporation** |

---

&nbsp;&nbsp;&nbsp;&nbsp;· Maturity
 of approximately one year and one week

&nbsp;&nbsp;&nbsp;&nbsp;· Interest
 payable quarterly at the rate of 10.00% per year

&nbsp;&nbsp;&nbsp;&nbsp;· A
 payment of $0.532 per unit if the Underlying Stock increases to or above 110.00% of the Starting Value

&nbsp;&nbsp;&nbsp;&nbsp;· 1-to-1
 downside exposure to decreases in the Underlying Stock, with up to 100% of your principal at risk

&nbsp;&nbsp;&nbsp;&nbsp;· All
 payments on the notes are subject to the credit risk of Canadian Imperial Bank of Commerce

&nbsp;&nbsp;&nbsp;&nbsp;· In
 addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Structuring
 the Notes"

&nbsp;&nbsp;&nbsp;&nbsp;· Limited
 secondary market liquidity, with no exchange listing

&nbsp;&nbsp;&nbsp;&nbsp;· The
 notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed
 by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the
 United States, Canada, or any other jurisdiction

**The notes are being issued by Canadian Imperial Bank of Commerce ("CIBC"). There are important differences between the notes and a conventional debt security, including different investment risks and certain additional costs. See "Risk Factors" beginning on page TS-6 of this term sheet and beginning on page PS-6 of product supplement STEPS-1.**

**The initial estimated value of the notes as of the pricing date is $9.782 per unit, which is less than the public offering price listed below.** See "Summary" on the following page, "Risk Factors" beginning on page TS-6 of this term sheet and "Structuring the Notes" on page TS-10 of this term sheet for additional information. The actual value of your notes at any time will reflect many factors and cannot be predicted with accuracy.

None of the Securities and Exchange Commission (the "SEC"), any state securities commission, or any other regulatory body has approved or disapproved of these securities or determined if this Note Prospectus (as defined below) is truthful or complete. Any representation to the contrary is a criminal offense.

---

| | | |
|:---|:---|:---|
|  | <u>Per Unit</u> | <u>Total</u> |
| Public offering price<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16926420.00 |
| Underwriting discount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$253896.30 |
| Proceeds, before expenses, to CIBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16672523.70 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Plus accrued interest from the scheduled settlement date, if settlement
 occurs after that date.

**The notes:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Are Not FDIC Insured** | &nbsp;&nbsp;**Are Not Bank Guaranteed** | &nbsp;&nbsp;**May Lose Value** |

---

**BofA Securities**

March 2, 2023

**STEP** Income **S**ecurities<sup>®</sup> <br> Linked to the Common Stock of International Business Machines Corporation, due March 15, 2024

Summary

The **STEP** Income **S**ecurities<sup>®</sup> Linked to the Common Stock of International Business Machines Corporation, due March 15, 2024 (the "notes") are our senior unsecured debt securities. The notes are not guaranteed or insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the United States, Canada or any other jurisdiction or secured by collateral. The notes are not bail-inable debt securities (as defined on page 6 of the prospectus). **The notes will rank equally with all of our other unsecured and unsubordinated debt. All payments due on the notes, including any repayment of principal, will be subject to the credit risk of CIBC.** The notes provide quarterly interest payments. Additionally, if the Ending Value of the Market Measure, which is the common stock of International Business Machines Corporation (the "Underlying Stock"), is at or above the Step Level, the notes will also provide a payment of $0.532 per unit at maturity. If the Ending Value is less than the Step Level, the Redemption Amount will not be greater than your principal amount. If the Ending Value is less than the Starting Value, the Redemption Amount will be less than the principal amount of your notes, and may be as low as zero. All payments on the notes will be calculated based on the $10 principal amount per unit and will depend on the performance of the Underlying Stock, subject to our credit risk. See "Terms of the Notes" below.

The economic terms of the notes (including the Step Payment) are based on our internal funding rate, which is the rate we would pay to borrow funds through the issuance of market-linked notes, and the economic terms of certain related hedging arrangements. Our internal funding rate is typically lower than the rate we would pay when we issue conventional fixed rate debt securities. This difference in funding rate, as well as the underwriting discount and the hedging-related charge described below, reduced the economic terms of the notes to you and the initial estimated value of the notes on the pricing date. Due to these factors, the public offering price you pay to purchase the notes is greater than the initial estimated value of the notes.

On the cover page of this term sheet, we have provided the initial estimated value for the notes. This initial estimated value was determined based on our pricing models, and was based on our internal funding rate on the pricing date, market conditions and other relevant factors existing at that time, and our assumptions about market parameters. For more information about the initial estimated value and the structuring of the notes, see "Structuring the Notes" on page TS-10.

---

| | | |
|:---|:---|:---|
| Terms of the Notes | Terms of the Notes | Redemption Amount Determination |
| &nbsp;&nbsp;**Issuer:** | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce ("CIBC") | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Principal Amount:** | &nbsp;&nbsp;&nbsp;$10.00 per unit | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Term:** | &nbsp;&nbsp;&nbsp;Approximately one year and one week | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;&nbsp;The common stock of International Business Machines Corporation (the "Underlying Company") (NYSE symbol: IBM) | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Starting Value:** | &nbsp;&nbsp;&nbsp;128.48, which was the Volume Weighted Average Price on the pricing date. | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Volume Weighted Average Price:** | &nbsp;&nbsp;&nbsp;The volume weighted average price (rounded to two decimal places) shown on page "AQR" on Bloomberg L.P. for trading in shares of the Underlying Stock taking place from approximately 9:30 a.m. to 4:02 p.m. on all U.S. exchanges. | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Ending Value:** | &nbsp;&nbsp;&nbsp;The Closing Market Price of the Underlying Stock on the valuation date, multiplied by the Price Multiplier on that day. The scheduled valuation date is subject to postponement in the event of Market Disruption Events, as described beginning on page PS-18 of product supplement STEPS-1. | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Valuation Date:** | &nbsp;&nbsp;&nbsp;March 8, 2024 | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;&nbsp;10.00% per year | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Interest Payment Dates:** | &nbsp;&nbsp;&nbsp;June 15, 2023, September 15, 2023, December 15, 2023 and the maturity date | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Step Payment:** | &nbsp;&nbsp;&nbsp;$0.532 per unit, which represents a return of 5.32% of the principal amount. | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Step Level:** | &nbsp;&nbsp;&nbsp;141.33 (110.00% of the Starting Value, rounded to two decimal places). | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Threshold Value:** | &nbsp;&nbsp;&nbsp;128.48 (100% of the Starting Value). | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Price Multiplier:** | &nbsp;&nbsp;&nbsp;1, subject to adjustment for certain corporate events relating to the Underlying Stock described beginning on page PS-20 of product supplement STEPS-1. | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Fees and Charges:** | &nbsp;&nbsp;&nbsp;The underwriting discount of $0.15 per unit listed on the cover page and the hedging-related charge of $0.05 per unit described in "Structuring the Notes" on page TS-10. | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |
| &nbsp;&nbsp;**Calculation Agent:** | &nbsp;&nbsp;&nbsp;BofA Securities, Inc. ("BofAS"). | &nbsp;&nbsp;In addition to interest payable, on the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm238250d9_424b2img002.jpg)  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**STEP Income Securities<sup>®</sup>** | &nbsp;&nbsp;**TS-2** |

---

**STEP** Income **S**ecurities<sup>®</sup> <br> Linked to the Common Stock of International Business Machines Corporation, due March 15, 2024

The terms and risks of the notes are contained in this term sheet and in the following:

▪ Product
supplement STEPS-1 dated July 29, 2022:

[https://www.sec.gov/Archives/edgar/data/1045520/000110465922083978/tm2220148d52_424b5.htm](https://www.sec.gov/Archives/edgar/data/1045520/000110465922083978/tm2220148d52_424b5.htm)

▪ Prospectus
supplement dated September 2, 2021:

[https://www.sec.gov/Archives/edgar/data/1045520/000110465921112440/tm2123981d29_424b5.htm](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](https://www.sec.gov/Archives/edgar/data/1045520/000110465921112558/tm2123981d24_424b3.htm)

These documents (together, the "Note Prospectus") have been filed as part of a registration statement with the SEC, which may, without cost, be accessed on the SEC website as indicated above or obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") or BofAS by calling 1-800-294-1322. Before you invest, you should read the Note Prospectus, including this term sheet, for information about us and this offering. Any prior or contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus. Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement STEPS-1. Unless otherwise indicated or unless the context requires otherwise, all references in this document to "we," "us," "our," or similar references are to CIBC.

Investor Considerations

**You may wish to consider an investment in the notes if:**

▪ You
 anticipate that the Ending Value will be greater than or equal to the Starting Value.

▪ You seek
 periodic interest payments on your investment.

▪ You accept
 that the maximum return on the notes is limited to the sum of the quarterly interest payments and the Step Payment, if any.

▪ You are
 willing to risk a loss of principal if the Ending Value is below the Starting Value.

▪ You are
 willing to forgo dividends or other benefits of owning shares of the Underlying Stock.

▪ You are
 willing to accept a limited or no market for sales prior to maturity, and understand that the market prices for the notes, if any,
 will be affected by various factors, including our actual and perceived creditworthiness, our internal funding rate and fees and
 charges on the notes.

▪ You are willing to assume our
 credit risk, as issuer of the notes, for all payments under the notes, including the Redemption Amount.

**The notes may not be an appropriate investment for you if:**

▪ You anticipate
 that the Ending Value will be less than the Starting Value.

▪ You anticipate that the
 price of the Underlying Stock will increase substantially and do not want a payment at maturity that is limited to the Step Payment.

▪ You seek principal repayment
 or preservation of capital.

▪ In addition to periodic
 interest payments, you seek an additional guaranteed return above the principal amount.

▪ You seek to receive dividends
 or other distributions paid on the Underlying Stock.

▪ You seek an investment for
 which there will be a liquid secondary market.

▪ You are unwilling or are unable to take market
 risk on the notes or to take our credit risk as issuer of the notes.

The notes are not intended for purchase by any investor that is not a United States person, as that term is defined for U.S. federal income tax purposes, and no dealer may make offers of the notes to any such investor. We urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**STEP Income Securities<sup>®</sup>** | &nbsp;&nbsp;**TS-3** |

---

**STEP** Income **S**ecurities<sup>®</sup> <br> Linked to the Common Stock of International Business Machines Corporation, due March 15, 2024

Hypothetical Payments at Maturity

The following examples are for purposes of illustration only. They are based on **hypothetical** values and show **hypothetical** payments on the notes. **The actual amount you receive and the resulting return will depend on the actual Starting Value, Threshold Value, Ending Value, Step Level, and term of your investment.** The following examples do not take into account any tax consequences from investing in the notes. These examples are based on:

1) a hypothetical Starting Value of $100.00;

2) a hypothetical Threshold Value of $100.00 (100.00% of the hypothetical Starting Value);

3) a hypothetical Step Level of $110.00 (110.00% of the hypothetical Starting Value);

4) the Step Payment of $0.532 per unit;

5) the term of the notes from March 9, 2023 to March 15, 2024; and

6) the interest rate of 10.00% per year.

The **hypothetical** Starting Value of $100.00 used in these examples has been chosen for illustrative purposes only. The actual Starting Value is 128.48, which was the Volume Weighted Average Price on the pricing date. For recent actual prices of the Underlying Stock, see "The Underlying Stock" section below. In addition, all payments on the notes are subject to issuer credit risk.

**Example 1**

*The Ending Value is $117.50 (117.50% of the Starting Value)*

The Ending Value is greater than the Step Level. Consequently, in addition to the quarterly interest payments, you will receive on the maturity date the principal amount plus the Step Payment of $0.532 per unit. The Redemption Amount will therefore be equal to $10.532 per unit ($10.00 plus the Step Payment of $0.532 per unit).

**Example 2**

*The Ending Value is $107.50 (107.50% of the Starting Value)*

The Ending Value is greater than the Starting Value and the Threshold Value but less than the Step Level. Consequently, you will receive the quarterly interest payments, but you will not receive the Step Payment on the maturity date. The Redemption Amount will therefore be equal to the principal amount of $10.00 per unit.

**Example 3**

*The Ending Value is $70.00 (70.00% of the Starting Value)*

The Ending Value is less than the Starting Value and the Threshold Value. Consequently, you will receive the quarterly interest payments, but you will not receive the Step Payment on the maturity date, and you will participate on a 1-for-1 basis in the decrease in the price of the Underlying Stock. The Redemption Amount per unit will equal:

![](tm238250d9_424b2sp02img01.jpg)

**On the maturity date, you will receive a Redemption Amount equal to $7.00 per unit.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**STEP Income Securities<sup>®</sup>** | &nbsp;&nbsp;**TS-4** |

---

**STEP** Income **S**ecurities<sup>®</sup> <br> Linked to the Common Stock of International Business Machines Corporation, due March 15, 2024

**Summary of the Hypothetical Examples**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Example 1** | &nbsp;&nbsp;**Example 2** | &nbsp;&nbsp;**Example 3** |
|  | &nbsp;&nbsp;**The Ending Value is <br> greater than or equal to <br> the Step Level** | &nbsp;&nbsp;**The Ending Value is <br> less than the Step <br> Level but greater than <br> or equal to the Starting<br> Value** | &nbsp;&nbsp;**The Ending Value is<br> less than the Starting <br> Value and the <br> Threshold Value** |
| &nbsp;&nbsp;Starting Value | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$100.00 |
| &nbsp;&nbsp;Ending Value | &nbsp;&nbsp;$117.50 | &nbsp;&nbsp;$107.50 | &nbsp;&nbsp;$70.00 |
| &nbsp;&nbsp;Step Level | &nbsp;&nbsp;$110.00 | &nbsp;&nbsp;$110.00 | &nbsp;&nbsp;$110.00 |
| &nbsp;&nbsp;Threshold Value | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$100.00 |
| &nbsp;&nbsp;Interest Rate (per year) | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;10.00% |
| &nbsp;&nbsp;Step Payment | &nbsp;&nbsp;$0.532 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Redemption Amount per Unit | &nbsp;&nbsp;$10.532 | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$7.00 |
| &nbsp;&nbsp;Total Return of the Underlying Stock<sup>(1)</sup> | &nbsp;&nbsp;22.30% | &nbsp;&nbsp;12.30% | &nbsp;&nbsp;-25.20% |
| &nbsp;&nbsp;Total Return on the Notes<sup>(2)</sup> | &nbsp;&nbsp;15.51% | &nbsp;&nbsp;10.19% | &nbsp;&nbsp;-19.81% |

---

<sup>(1)</sup> The total return of the Underlying Stock assumes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the percentage change in the price of the Underlying Stock from the Starting Value to the Ending Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a constant dividend yield of 4.71% per year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no transaction fees or expenses.

<sup>(2)</sup> The total return on the notes includes interest paid on the notes from March 9, 2023 to March 15, 2024.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**STEP Income Securities<sup>®</sup>** | &nbsp;&nbsp;**TS-5** |

---

**STEP** Income **S**ecurities<sup>®</sup> <br> Linked to the Common Stock of International Business Machines Corporation, due March 15, 2024

Risk Factors

*There are important differences between the notes and a conventional debt security. An investment in the notes involves significant risks, including those listed below. You should carefully review the more detailed explanation of risks relating to the notes in the "Risk Factors" sections beginning on page PS-6 of product supplement STEPS-1, page S-1 of the prospectus supplement, and page 1 of the prospectus identified above. We also urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.*

**<u>Structure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;▪ Depending on the performance of the Underlying Stock as measured shortly before
the maturity date, you may lose up to 100% of the principal amount.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You will not receive a Step Payment at maturity unless the Ending Value is
greater than or equal to the Step Level.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Your investment return is limited to the return represented by the periodic
interest payments over the term of the notes and the Step Payment, if any, and may be less than a comparable investment directly in the
Underlying Stock.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Your return on the notes may be less than the yield you could earn by owning
a conventional fixed or floating rate debt security of comparable maturity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Payments on the notes are subject to our credit risk, and actual or perceived
changes in our creditworthiness are expected to affect the value of the notes. If we become insolvent or are unable to pay our obligations,
you may lose your entire investment.

**<u>Valuation- and Market-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;▪ Our initial estimated value of the notes is lower than the public offering
price of the notes. The public offering price of the notes exceeds our initial estimated value because costs associated with selling and
structuring the notes, as well as hedging the notes, all as further described in "Structuring the Notes" on page TS-10,
are included in the public offering price of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Our initial estimated value does not represent future values of the notes
and may differ from others' estimates. Our initial estimated value is only an estimate, which was determined by reference to our
internal pricing models when the terms of the notes were set. This estimated value was based on market conditions and other relevant factors
existing at that time, our internal funding rate on the pricing date and our assumptions about market parameters, which can include volatility,
dividend rates, interest rates and other factors. Different pricing models and assumptions could provide valuations for the notes that
are greater or less than our initial estimated value. In addition, market conditions and other relevant factors in the future may change,
and any assumptions may prove to be incorrect. On future dates, the market value of the notes could change significantly based on, among
other things, changes in market conditions, including the price of the Underlying Stock, our creditworthiness, interest rate movements
and other relevant factors, which may impact the price at which MLPF&S, BofAS or any other party would be willing to buy notes from
you in any secondary market transactions. Our estimated value does not represent a minimum price at which MLPF&S, BofAS or any other
party would be willing to buy your notes in any secondary market (if any exists) at any time.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Our initial estimated value of the notes was not determined by reference to
credit spreads for our conventional fixed-rate debt. The internal funding rate that was used in the determination of our initial estimated
value of the notes generally represents a discount from the credit spreads for our conventional fixed-rate debt. The discount is based
on, among other things, our view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management
costs of the notes in comparison to those costs for our conventional fixed-rate debt. If we were to have used the interest rate implied
by our conventional fixed-rate debt, we would expect the economic terms of the notes to be more favorable to you. Consequently, our use
of an internal funding rate for market-linked notes had an adverse effect on the economic terms of the notes and the initial estimated
value of the notes on the pricing date, and could have an adverse effect on any secondary market prices of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;▪ A trading market is not expected to develop for the notes. None of us, MLPF&S
or BofAS is obligated to make a market for, or to repurchase, the notes. There is no assurance that any party will be willing to purchase
your notes at any price in any secondary market.

**<u>Conflict-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;▪ Our business, hedging and trading activities, and those of MLPF&S, BofAS
and our respective affiliates (including trades in shares of the Underlying Stock) and any hedging and trading activities we, MLPF&S,
BofAS or our respective affiliates engage in for our clients' accounts, may affect the market value and return of the notes and
may create conflicts of interest with you.

&nbsp;&nbsp;&nbsp;&nbsp;▪ There may be potential conflicts of interest involving the calculation agent,
which is BofAS. We have the right to appoint and remove the calculation agent.

**<u>Market Measure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;▪ The Underlying Company will have no obligations relating to the notes, and
none of us, MLPF&S or BofAS will perform any due diligence procedures with respect to the Underlying Company in connection with this
offering.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You will have no rights of a holder of the Underlying Stock, and you will
not be entitled to receive any shares of the Underlying Stock or dividends or other distributions by the Underlying Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**STEP Income Securities<sup>®</sup>** | &nbsp;&nbsp;**TS-6** |

---

**STEP** Income **S**ecurities<sup>®</sup> <br> Linked to the Common Stock of International Business Machines Corporation, due March 15, 2024

&nbsp;&nbsp;&nbsp;&nbsp;▪ While we, MLPF&S, BofAS or our respective affiliates may from time to
time own securities of the Underlying Company, we, MLPF&S, BofAS and our respective affiliates do not control the Underlying Company,
and have not verified any disclosure made by the Underlying Company.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The Redemption Amount will not be adjusted for all corporate events that could
affect the Underlying Stock. See "Description of the Notes—Anti-Dilution Adjustments" beginning on page PS-20 of
product supplement STEPS-1.

**<u>Tax-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;▪ The U.S. federal income tax consequences of the notes are uncertain, and may
be adverse to a holder of the notes. See "Summary of U.S. Federal Income Tax Consequences" below and "U.S. Federal Income
Tax Summary" beginning on page PS-30 of product supplement STEPS-1. For a discussion of the Canadian federal income tax consequences
of investing in the notes, see "Material Income Tax Consequences—Canadian Taxation" in the prospectus, as supplemented
by the discussion under "Summary of Canadian Federal Income Tax Considerations" herein.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**STEP Income Securities<sup>®</sup>** | &nbsp;&nbsp;**TS-7** |

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**STEP** Income **S**ecurities<sup>®</sup> <br> Linked to the Common Stock of International Business Machines Corporation, due March 15, 2024

The Underlying Stock

We have derived the following information from publicly available documents. We have not independently verified the accuracy or completeness of the following information. International Business Machines Corporation provides computer solutions. The company offers application, technology consulting and support, process design and operations, cloud, digital workplace, and network services, as well as business resiliency, strategy, and design solutions.

Because the Underlying Stock is registered under the Securities Exchange Act of 1934, the Underlying Company is required to file periodically certain financial and other information specified by the SEC. Information provided to or filed with the SEC by the Underlying Company can be located through the SEC's website at http://www.sec.gov by reference to SEC CIK number 51143.

This term sheet relates only to the notes and does not relate to the Underlying Stock or to any other securities of the Underlying Company. None of us, MLPF&S, BofAS or any of our respective affiliates has participated or will participate in the preparation of the Underlying Company's publicly available documents. None of us, MLPF&S, BofAS or any of our respective affiliates has made any due diligence inquiry with respect to the Underlying Company in connection with the offering of the notes. None of us, MLPF&S, BofAS or any of our respective affiliates makes any representation that the publicly available documents or any other publicly available information regarding the Underlying Company are accurate or complete. Furthermore, there can be no assurance that all events occurring prior to the date of this term sheet, including events that would affect the accuracy or completeness of these publicly available documents that would affect the trading price of the Underlying Stock, have been or will be publicly disclosed. Subsequent disclosure of any events or the disclosure of or failure to disclose material future events concerning the Underlying Company could affect the price of the Underlying Stock and therefore could affect your return on the notes. Information from outside sources is not incorporated by reference in, and should not be considered part of, this term sheet or any accompanying prospectus, prospectus supplement or product supplement. The selection of the Underlying Stock is not a recommendation to buy or sell the Underlying Stock.

The Underlying Stock trades on the New York Stock Exchange (the "NYSE") under the symbol "IBM."

**Historical Data**

***The following graph shows the daily historical performance of the Underlying Stock on its primary exchange in the period from January 1, 2013 through March 2, 2023. We obtained this historical data from Bloomberg L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the pricing date, the Closing Market Price of the Underlying Stock was $128.93. The graph below may have been adjusted to reflect certain corporate actions such as stock splits and reverse stock splits.***

**Historical Performance of the Underlying Stock**

***This historical data on the Underlying Stock is not necessarily indicative of its future performance or what the value of the notes may be. Any historical upward or downward trend in the price per share of the Underlying Stock during any period set forth above is not an indication that the price per share of the Underlying Stock is more or less likely to increase or decrease at any time over the term of the notes.***

Before investing in the notes, you should consult publicly available sources for the prices and trading pattern of the Underlying Stock.

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| | |
|:---|:---|
| &nbsp;&nbsp;**STEP Income Securities<sup>®</sup>** | &nbsp;&nbsp;**TS-8** |

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**STEP** Income **S**ecurities<sup>®</sup> <br> Linked to the Common Stock of International Business Machines Corporation, due March 15, 2024

Supplement to the Plan of Distribution

Under our distribution agreement with BofAS, BofAS will purchase the notes from us as principal at the public offering price indicated on the cover of this term sheet, less the indicated underwriting discount. MLPF&S will in turn purchase the notes from BofAS for resale, and it will receive a selling concession in connection with the sale of the notes in an amount up to the full amount of the underwriting discount set forth on the cover of this term sheet.

We will deliver the notes against payment therefor in New York, New York on a date that is greater than two business days following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes more than two business days prior to the original issue date will be required to specify alternative settlement arrangements to prevent a failed settlement.

The notes will not be listed on any securities exchange. In the original offering of the notes, the notes will be sold in minimum investment amounts of 100 units. If you place an order to purchase the notes, you are consenting to MLPF&S and/or one of its affiliates acting as a principal in effecting the transaction for your account.

MLPF&S and BofAS may repurchase and resell the notes, with repurchases and resales being made at prices related to then-prevailing market prices or at negotiated prices, and these prices will include MLPF&S's and BofAS's trading commissions and mark-ups or mark-downs. MLPF&S and BofAS may act as principal or agent in these market-making transactions; however, neither is obligated to engage in any such transactions. At their discretion, for a short, undetermined initial period after the issuance of the notes, MLPF&S and BofAS may offer to buy the notes in the secondary market at a price that may exceed the initial estimated value of the notes. Any price offered by MLPF&S or BofAS for the notes will be based on then-prevailing market conditions and other considerations, including the performance of the Underlying Stock and the remaining term of the notes. However, none of us, MLPF&S, BofAS or any of our respective affiliates is obligated to purchase your notes at any price or at any time, and we cannot assure you that we, MLPF&S, BofAS or any of our respective affiliates will purchase your notes at a price that equals or exceeds the initial estimated value of the notes.

The value of the notes shown on your account statement will be based on BofAS's estimate of the value of the notes if BofAS or another of its affiliates were to make a market in the notes, which it is not obligated to do. That estimate will be based upon the price that BofAS may pay for the notes in light of then-prevailing market conditions, and other considerations, as mentioned above, and will include transaction costs. At certain times, this price may be higher than or lower than the initial estimated value of the notes.

The distribution of the Note Prospectus in connection with these offers or sales will be solely for the purpose of providing investors with the description of the terms of the notes that was made available to investors in connection with their initial offering. Secondary market investors should not, and will not be authorized to, rely on the Note Prospectus for information regarding CIBC or for any purpose other than that described in the immediately preceding sentence.

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| | |
|:---|:---|
| &nbsp;&nbsp;**STEP Income Securities<sup>®</sup>** | &nbsp;&nbsp;**TS-9** |

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**STEP** Income **S**ecurities<sup>®</sup> <br> Linked to the Common Stock of International Business Machines Corporation, due March 15, 2024

Structuring the Notes

The notes are our debt securities, the return on which is linked to the performance of the Underlying Stock. As is the case for all of our debt securities, including our market-linked notes, the economic terms of the notes reflect our actual or perceived creditworthiness at the time of pricing. The internal funding rate we use in pricing the market-linked notes is typically lower than the rate we would pay when we issue conventional fixed-rate debt securities of comparable maturity. This difference is based on, among other things, our view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for our conventional fixed-rate debt. This generally relatively lower internal funding rate, which is reflected in the economic terms of the notes, along with the fees and charges associated with market-linked notes, resulted in the initial estimated value of the notes on the pricing date being less than their public offering price.

Payments on the notes, including the interest payments on the notes and the Redemption Amount, will be calculated based on the $10 Principal Amount per unit. The Redemption Amount will depend on the performance of the Underlying Stock. We are also required to make the interest payments on the notes. In order to meet these payment obligations, at the time we issue the notes, we may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) with BofAS or one of its affiliates. The terms of these hedging arrangements are determined by seeking bids from market participants, including BofAS and its affiliates, and take into account a number of factors, including our creditworthiness, interest rate movements, the volatility of the Underlying Stock, the tenor of the notes and the tenor of the hedging arrangements. The economic terms of the notes and their initial estimated value depend in part on the terms of these hedging arrangements.

BofAS has advised us that the hedging arrangements will include a hedging-related charge of approximately $0.05 per unit, reflecting an estimated profit to be credited to BofAS from these transactions. Since hedging entails risk and may be influenced by unpredictable market forces, additional profits and losses from these hedging arrangements may be realized by BofAS or any third party hedge providers.

For further information, see "Risk Factors—Valuation- and Market-related Risks" beginning on page PS-7 of product supplement STEPS-1 and "Use of Proceeds" on page S-16 of prospectus supplement.

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| | |
|:---|:---|
| &nbsp;&nbsp;**STEP Income Securities<sup>®</sup>** | &nbsp;&nbsp;**TS-10** |

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**STEP** Income **S**ecurities<sup>®</sup> <br> Linked to the Common Stock of International Business Machines Corporation, due March 15, 2024

Summary of Canadian Federal 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 term sheet 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 CIBC and any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of the note; (c) does not use or hold and is not deemed to use or hold the note in, or in the course of, carrying on a business in Canada; (d) is entitled to receive all payments (including any interest and principal) made on the note; (e) is not a, and deals at arm's length with any, "specified shareholder" of CIBC for purposes of the thin capitalization rules in the Canadian Tax Act; and (f) is not an entity in respect of which CIBC 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 CIBC's shares determined on a votes or fair market value basis, and an entity in respect of which CIBC is a "specified entity" generally includes (i) an entity that is a specified shareholder of CIBC (as defined above), (ii) an entity in which CIBC (either alone or together with entities with whom CIBC 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.

**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.**

Based on Canadian tax counsel's understanding of the Canada Revenue Agency's administrative policies and having regard to the terms of the 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 CIBC on a note as, on account of or in lieu of payment of, or in satisfaction of, interest.

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

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| | |
|:---|:---|
| &nbsp;&nbsp;**STEP Income Securities<sup>®</sup>** | &nbsp;&nbsp;**TS-11** |

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**STEP** Income **S**ecurities<sup>®</sup> <br> Linked to the Common Stock of International Business Machines Corporation, due March 15, 2024

Summary of U.S. Federal Income Tax Consequences

The following discussion is a brief summary of the material U.S. federal income tax consequences relating to an investment in the notes. The following summary is not complete and is both qualified and supplemented by, or in some cases supplements, the discussion entitled "U.S. Federal Income Tax Summary" in product supplement STEPS-1, which you should carefully review prior to investing in the notes.

The U.S. federal income tax consequences of your investment in the notes are uncertain. No statutory, judicial or administrative authority directly discusses how the notes should be treated for U.S. federal income tax purposes. In the opinion of our tax counsel Mayer Brown LLP, it would generally be reasonable to treat the notes as prepaid derivative contracts. Pursuant to the terms of the notes, you agree to treat the notes in this manner for all U.S. federal income tax purposes. If your notes are so treated, you should generally recognize capital gain or loss upon the sale, exchange, redemption or payment at maturity in an amount equal to the difference between the amount you receive at such time, including any Step Payment, and the amount that you paid for your notes. Such gain or loss should generally be long-term capital gain or loss if you have held your notes for more than one year.

If you are a U.S. Holder, although the treatment of the periodic interest payments is unclear, we intend to treat the periodic interest payments, including on the maturity date, as ordinary income includible by you at the time such payments accrue or are received in accordance with your normal method of accounting for U.S. federal income tax purposes. If you are an accrual method taxpayer who keeps an applicable financial statement, you may be required to include a periodic interest payment in income earlier than under your regular method of tax accounting if the income is recognized earlier on such applicable financial statement.

The characterization described above is not binding on the U.S. Internal Revenue Service (the "IRS") or the courts. Thus, it is possible that the IRS would seek to characterize your notes in a manner that results in tax consequences to you that are different from those described above or in the accompanying product supplement. For a more detailed discussion of certain alternative characterizations with respect to your notes and certain other considerations with respect to your investment in the notes, you should consider the discussion set forth in "U.S. Federal Income Tax Summary" of the product supplement. We are not responsible for any adverse consequences that you may experience as a result of any alternative characterization of the notes for U.S. federal income tax or other tax purposes.

With respect to the discussion in the product supplement regarding "dividend equivalent" payments, the IRS has issued a notice that provides that withholding on dividend equivalent payments will not apply to specified ELIs that are not delta-one instruments and that are issued before January 1, 2025.

**You should consult your tax advisor as to the tax consequences of such characterization and any possible alternative characterizations of the notes for U.S. federal income tax purposes. You should also 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.**

Validity of the Notes

In the opinion of Blake, Cassels & Graydon LLP, as Canadian counsel to CIBC, the issue and sale of the notes has been duly authorized by all necessary corporate action of CIBC 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 CIBC, 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 CIBC 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 CIBC'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 term sheet and the accompanying product supplement, prospectus supplement and prospectus, the notes will constitute valid and binding obligations of CIBC, 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 CIBC 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 CIBC's Registration Statement on Form F-3 filed with the SEC on June 15, 2021.

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| | |
|:---|:---|
| &nbsp;&nbsp;**STEP Income Securities<sup>®</sup>** | &nbsp;&nbsp;**TS-12** |

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**STEP** Income **S**ecurities<sup>®</sup> <br> Linked to the Common Stock of International Business Machines Corporation, due March 15, 2024

Where You Can Find More Information

We have filed a registration statement (including a product supplement, a prospectus supplement, and a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you should read the Note Prospectus, including this term sheet, and the 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 MLPF&S or BofAS toll-free at 1-800-294-1322.

"**STEP** Income **S**ecurities<sup>®"</sup> and "STEPS<sup>®"</sup> are registered service marks of Bank of America Corporation, the parent company of MLPF&S and BofAS.

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| | |
|:---|:---|
| &nbsp;&nbsp;**STEP Income Securities<sup>®</sup>** | &nbsp;&nbsp;**TS-13** |

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## Ex-Filing

**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 $16,926,420.00.