TORONTO, Sept. 29, 2014 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced today that President and CEO Victor Dodig has established a pre-arranged plan for the automatic exercise of options. In December 2014, Mr. Dodig will exercise 14,321 options, subject to the price of CIBC's common shares meeting or exceeding pre-determined prices. The shares acquired on the exercise of options will be sold automatically and the proceeds will be donated to charity.
These types of automatic plans allow participants to exercise options and sell shares on a pre-determined basis. The participant has no discretion to alter the terms of that arrangement or influence the execution of the plan. Appropriate filings reporting the sales will be made with securities regulatory authorities within the required time frame.
The plan was established in accordance with the guidelines of the Ontario Securities Commission and the rules of the United States Securities and Exchange Commission, as well as CIBC's policies on exercising options and selling shares held by directors and officers.
CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.
SOURCE Canadian Imperial Bank of Commerce