SEC Form FWP filed by Canadian Imperial Bank of Commerce

Autocallable Strategic Accelerated Redemption Securities^® Linked to the S&P 500^® Index

Issuer

Canadian Imperial Bank of Commerce (“CIBC”)

Principal Amount

$10.00 per unit

Term

Approximately 3 years, if not called on the first two Observation Dates

Market Measure

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

Automatic Call

Automatic call if the Observation Level of the Market Measure on any of the Observation Dates is equal to or greater than the Call Level

Observation Level

The closing level of the Market Measure on any Observation Date

Observation Dates

Approximately one, two and three years after the pricing date

Call Level

100% of the Starting Value

Call Amounts (per Unit)

[$10.725 to $10.825] if called on the first Observation Date, [$11.450 to $11.650] if called on the second Observation Date, and [$12.175 to $12.475] if called on the final Observation Date, each to be determined on the pricing date

Payout Profile at Maturity

If not called, 1-to-1 downside exposure to decreases in the Market Measure, with up to 100% of the principal amount at risk

Threshold Value

100% of the Starting Value

Investment Considerations

This investment is designed for investors who anticipate that the Observation Level on at least one of the Observation Dates will be equal to or greater than the Call Level and, in that case, accept an early exit from the investment, and are willing to accept that their return on their investment will be capped at the applicable Call Premium, take full downside risk and forgo interim interest payments.

Preliminary Offering Documents

https://www.sec.gov/Archives/edgar/data/1045520/000191870426002532/formfwp.htm

Exchange Listing

No

You should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy .

Risk Factors

Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:

●If the notes are not called, you will lose up to 100% of the principal amount.

●Your investment return is limited to the return represented by the applicable Call Premium.

●Payments on the notes, including any repayment of principal, are subject to the credit risk of CIBC, and actual or perceived changes in the creditworthiness of CIBC are expected to affect the value of the notes.  If CIBC becomes insolvent or is unable to pay its obligations, you may lose your entire investment.

●The initial estimated value of the notes on the pricing date will be less than their public offering price.

●If you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial estimated value of the notes on the pricing date.

●As a noteholder, you will have no rights of a holder of the securities represented by the Market Measure, and you will not be entitled to receive securities, dividends or other distributions by the issuers of those securities.

Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.