[FWP] Canadian Imperial Bank of Commerce Free Writing Prospectus
Form 4 Overview: Maravai LifeSciences Holdings, Inc. (MRVI) disclosed that director John A. DeFord acquired 89,139 shares of Class A common stock on 16 June 2025.
Transaction details: The shares were granted as restricted stock units (RSUs) under the company’s 2020 Omnibus Incentive Plan at an assigned value of $2.16 per share. These RSUs will vest in full on the earlier of (i) one year from the grant date or (ii) the date of the 2026 annual shareholder meeting.
Post-transaction ownership: Following the award, DeFord’s beneficial ownership rises to 159,185 shares, all held directly.
Implications: A director increasing his stake—albeit via equity compensation—tends to align management and shareholder interests and can be interpreted as a vote of confidence in MRVI’s long-term prospects. Because the grant stems from an incentive plan rather than an open-market purchase, any cash outlay by the insider is not indicated in the filing.
Panoramica del Modulo 4: Maravai LifeSciences Holdings, Inc. (MRVI) ha comunicato che il direttore John A. DeFord ha acquisito 89.139 azioni di azioni ordinarie di Classe A il 16 giugno 2025.
Dettagli della transazione: Le azioni sono state assegnate come unità azionarie vincolate (RSU) nell'ambito del Piano Incentivi Omnibus 2020 della società, con un valore attribuito di 2,16 dollari per azione. Queste RSU matureranno completamente alla prima delle due date seguenti: (i) un anno dalla data di assegnazione oppure (ii) la data dell'assemblea annuale degli azionisti del 2026.
Proprietà dopo la transazione: Dopo l'assegnazione, la partecipazione beneficiaria di DeFord sale a 159.185 azioni, tutte detenute direttamente.
Implicazioni: L'aumento della quota da parte di un direttore — anche se tramite compensi azionari — tende ad allineare gli interessi della direzione con quelli degli azionisti e può essere interpretato come un segnale di fiducia nelle prospettive a lungo termine di MRVI. Poiché l'assegnazione deriva da un piano di incentivazione e non da un acquisto sul mercato aperto, nel documento non è indicata alcuna spesa in contanti da parte dell'insider.
Resumen del Formulario 4: Maravai LifeSciences Holdings, Inc. (MRVI) informó que el director John A. DeFord adquirió 89,139 acciones ordinarias Clase A el 16 de junio de 2025.
Detalles de la transacción: Las acciones fueron otorgadas como unidades restringidas de acciones (RSU) bajo el Plan de Incentivos Omnibus 2020 de la compañía, con un valor asignado de 2.16 dólares por acción. Estas RSU se consolidarán por completo en la fecha que ocurra primero entre (i) un año desde la fecha de otorgamiento o (ii) la reunión anual de accionistas de 2026.
Propiedad después de la transacción: Tras la asignación, la propiedad beneficiaria de DeFord aumenta a 159,185 acciones, todas mantenidas directamente.
Implicaciones: Que un director incremente su participación — aunque a través de compensación en acciones — suele alinear los intereses de la gestión con los de los accionistas y puede interpretarse como una señal de confianza en las perspectivas a largo plazo de MRVI. Dado que la asignación proviene de un plan de incentivos y no de una compra en el mercado abierto, no se indica ningún desembolso en efectivo por parte del insider en el reporte.
서식 4 개요: Maravai LifeSciences Holdings, Inc. (MRVI)는 이사 John A. DeFord가 2025년 6월 16일에 클래스 A 보통주 89,139주를 취득했다고 공시했습니다.
거래 세부사항: 해당 주식은 회사의 2020년 종합 인센티브 플랜에 따른 제한 주식 단위(RSU)로 부여되었으며, 주당 2.16달러의 평가액이 부여되었습니다. 이 RSU는 부여일로부터 1년이 경과하거나 2026년 연례 주주총회 중 빠른 시점에 전액 취득됩니다.
거래 후 소유 현황: 이번 수여 후 DeFord의 실질 소유 주식 수는 모두 직접 보유한 159,185주로 증가했습니다.
의미: 이사가 지분을 늘리는 것은 비록 주식 보상 형태이지만 경영진과 주주의 이해관계를 일치시키는 경향이 있으며 MRVI의 장기 전망에 대한 신뢰의 표시로 해석될 수 있습니다. 이번 수여가 공개 시장에서의 매입이 아닌 인센티브 플랜에 따른 것이므로 내부자의 현금 지출은 공시되지 않았습니다.
Présentation du formulaire 4 : Maravai LifeSciences Holdings, Inc. (MRVI) a déclaré que le directeur John A. DeFord a acquis 89 139 actions ordinaires de classe A le 16 juin 2025.
Détails de la transaction : Les actions ont été attribuées sous forme d’unités d’actions restreintes (RSU) dans le cadre du Plan d’incitation omnibus 2020 de la société, avec une valeur attribuée de 2,16 $ par action. Ces RSU seront entièrement acquises à la date la plus proche entre (i) un an à partir de la date d’attribution ou (ii) la date de l’assemblée annuelle des actionnaires de 2026.
Propriété après la transaction : Après cette attribution, la propriété bénéficiaire de DeFord s’élève à 159 185 actions, toutes détenues directement.
Implications : L’augmentation de la participation d’un administrateur — même via une rémunération en actions — tend à aligner les intérêts de la direction et des actionnaires et peut être interprétée comme un signe de confiance dans les perspectives à long terme de MRVI. Étant donné que l’attribution provient d’un plan d’incitation et non d’un achat sur le marché ouvert, aucune sortie de trésorerie de l’initié n’est indiquée dans le document.
Überblick über Formular 4: Maravai LifeSciences Holdings, Inc. (MRVI) gab bekannt, dass Direktor John A. DeFord am 16. Juni 2025 89.139 Aktien der Klasse A Stammaktien erworben hat.
Transaktionsdetails: Die Aktien wurden als Restricted Stock Units (RSUs) im Rahmen des Omnibus-Incentive-Plans 2020 des Unternehmens gewährt, mit einem zugewiesenen Wert von 2,16 USD pro Aktie. Diese RSUs werden vollständig unverfallbar am früheren der beiden Termine: (i) ein Jahr nach dem Gewährungsdatum oder (ii) dem Datum der Hauptversammlung 2026.
Eigentumsverhältnisse nach der Transaktion: Nach der Zuteilung steigt DeFords wirtschaftliches Eigentum auf 159.185 Aktien, die alle direkt gehalten werden.
Auswirkungen: Eine Erhöhung des Anteils eines Direktors – wenn auch durch Aktienvergütung – tendiert dazu, die Interessen von Management und Aktionären in Einklang zu bringen und kann als Vertrauensbeweis in die langfristigen Aussichten von MRVI gewertet werden. Da die Zuteilung aus einem Anreizplan und nicht aus einem offenen Markt-Kauf stammt, ist im Formular kein Bargeldausgang des Insiders angegeben.
- Director ownership increases by 89,139 shares, raising total holdings to 159,185 and enhancing alignment with shareholders.
- Equity award vests within one year, encouraging near-term board engagement and retention.
- None.
Insights
TL;DR: Director received 89k RSUs, boosting stake to 159k shares; signals alignment but no cash purchase.
From a capital-markets standpoint, DeFord’s RSU grant modestly increases insider ownership, which many investors view as a governance positive. The transaction adds ~0.07% to MRVI’s 135 million share count—immaterial for dilution—but confirms ongoing use of equity incentives to attract and retain leadership. Given the $2.16 reference price, the award value is roughly $192k, a small expense relative to MRVI’s market cap. Because the filing shows a code "A" rather than "P," the acquisition is not an open-market buy and therefore carries less immediate signaling power. Overall impact: mildly constructive.
TL;DR: Fresh RSU grant under 2020 Plan ties director compensation to performance; limited dilution, neutral financial impact.
The one-year/next-AGM vesting schedule promotes short-term board retention while still aligning incentives with shareholder returns through equity-based pay. No indicators of insider selling or material governance concerns are present. As the award is routine under an approved plan, it is unlikely to shift voting dynamics or trigger proxy advisory scrutiny.
Panoramica del Modulo 4: Maravai LifeSciences Holdings, Inc. (MRVI) ha comunicato che il direttore John A. DeFord ha acquisito 89.139 azioni di azioni ordinarie di Classe A il 16 giugno 2025.
Dettagli della transazione: Le azioni sono state assegnate come unità azionarie vincolate (RSU) nell'ambito del Piano Incentivi Omnibus 2020 della società, con un valore attribuito di 2,16 dollari per azione. Queste RSU matureranno completamente alla prima delle due date seguenti: (i) un anno dalla data di assegnazione oppure (ii) la data dell'assemblea annuale degli azionisti del 2026.
Proprietà dopo la transazione: Dopo l'assegnazione, la partecipazione beneficiaria di DeFord sale a 159.185 azioni, tutte detenute direttamente.
Implicazioni: L'aumento della quota da parte di un direttore — anche se tramite compensi azionari — tende ad allineare gli interessi della direzione con quelli degli azionisti e può essere interpretato come un segnale di fiducia nelle prospettive a lungo termine di MRVI. Poiché l'assegnazione deriva da un piano di incentivazione e non da un acquisto sul mercato aperto, nel documento non è indicata alcuna spesa in contanti da parte dell'insider.
Resumen del Formulario 4: Maravai LifeSciences Holdings, Inc. (MRVI) informó que el director John A. DeFord adquirió 89,139 acciones ordinarias Clase A el 16 de junio de 2025.
Detalles de la transacción: Las acciones fueron otorgadas como unidades restringidas de acciones (RSU) bajo el Plan de Incentivos Omnibus 2020 de la compañía, con un valor asignado de 2.16 dólares por acción. Estas RSU se consolidarán por completo en la fecha que ocurra primero entre (i) un año desde la fecha de otorgamiento o (ii) la reunión anual de accionistas de 2026.
Propiedad después de la transacción: Tras la asignación, la propiedad beneficiaria de DeFord aumenta a 159,185 acciones, todas mantenidas directamente.
Implicaciones: Que un director incremente su participación — aunque a través de compensación en acciones — suele alinear los intereses de la gestión con los de los accionistas y puede interpretarse como una señal de confianza en las perspectivas a largo plazo de MRVI. Dado que la asignación proviene de un plan de incentivos y no de una compra en el mercado abierto, no se indica ningún desembolso en efectivo por parte del insider en el reporte.
서식 4 개요: Maravai LifeSciences Holdings, Inc. (MRVI)는 이사 John A. DeFord가 2025년 6월 16일에 클래스 A 보통주 89,139주를 취득했다고 공시했습니다.
거래 세부사항: 해당 주식은 회사의 2020년 종합 인센티브 플랜에 따른 제한 주식 단위(RSU)로 부여되었으며, 주당 2.16달러의 평가액이 부여되었습니다. 이 RSU는 부여일로부터 1년이 경과하거나 2026년 연례 주주총회 중 빠른 시점에 전액 취득됩니다.
거래 후 소유 현황: 이번 수여 후 DeFord의 실질 소유 주식 수는 모두 직접 보유한 159,185주로 증가했습니다.
의미: 이사가 지분을 늘리는 것은 비록 주식 보상 형태이지만 경영진과 주주의 이해관계를 일치시키는 경향이 있으며 MRVI의 장기 전망에 대한 신뢰의 표시로 해석될 수 있습니다. 이번 수여가 공개 시장에서의 매입이 아닌 인센티브 플랜에 따른 것이므로 내부자의 현금 지출은 공시되지 않았습니다.
Présentation du formulaire 4 : Maravai LifeSciences Holdings, Inc. (MRVI) a déclaré que le directeur John A. DeFord a acquis 89 139 actions ordinaires de classe A le 16 juin 2025.
Détails de la transaction : Les actions ont été attribuées sous forme d’unités d’actions restreintes (RSU) dans le cadre du Plan d’incitation omnibus 2020 de la société, avec une valeur attribuée de 2,16 $ par action. Ces RSU seront entièrement acquises à la date la plus proche entre (i) un an à partir de la date d’attribution ou (ii) la date de l’assemblée annuelle des actionnaires de 2026.
Propriété après la transaction : Après cette attribution, la propriété bénéficiaire de DeFord s’élève à 159 185 actions, toutes détenues directement.
Implications : L’augmentation de la participation d’un administrateur — même via une rémunération en actions — tend à aligner les intérêts de la direction et des actionnaires et peut être interprétée comme un signe de confiance dans les perspectives à long terme de MRVI. Étant donné que l’attribution provient d’un plan d’incitation et non d’un achat sur le marché ouvert, aucune sortie de trésorerie de l’initié n’est indiquée dans le document.
Überblick über Formular 4: Maravai LifeSciences Holdings, Inc. (MRVI) gab bekannt, dass Direktor John A. DeFord am 16. Juni 2025 89.139 Aktien der Klasse A Stammaktien erworben hat.
Transaktionsdetails: Die Aktien wurden als Restricted Stock Units (RSUs) im Rahmen des Omnibus-Incentive-Plans 2020 des Unternehmens gewährt, mit einem zugewiesenen Wert von 2,16 USD pro Aktie. Diese RSUs werden vollständig unverfallbar am früheren der beiden Termine: (i) ein Jahr nach dem Gewährungsdatum oder (ii) dem Datum der Hauptversammlung 2026.
Eigentumsverhältnisse nach der Transaktion: Nach der Zuteilung steigt DeFords wirtschaftliches Eigentum auf 159.185 Aktien, die alle direkt gehalten werden.
Auswirkungen: Eine Erhöhung des Anteils eines Direktors – wenn auch durch Aktienvergütung – tendiert dazu, die Interessen von Management und Aktionären in Einklang zu bringen und kann als Vertrauensbeweis in die langfristigen Aussichten von MRVI gewertet werden. Da die Zuteilung aus einem Anreizplan und nicht aus einem offenen Markt-Kauf stammt, ist im Formular kein Bargeldausgang des Insiders angegeben.
Filed Pursuant to Rule 433
Registration Statement No. 333-272447
| CAPPED LEVERAGED INDEX RETURN NOTES® (CAPPED LIRNs®) |
Capped LIRNs® Linked to the Russell 2000® Index
| Issuer | Canadian Imperial Bank of Commerce (“CIBC”) |
| Principal Amount | $10.00 per unit |
| Term | Approximately two years |
| Market Measure | The Russell 2000® Index (Bloomberg symbol: “RTY”) |
| Payout Profile at Maturity |
• 2-to-1 upside exposure to increases in the Market Measure, subject to the Capped Value • Return of principal if the Market Measure does not change or decreases by no more than 10.00% • 1-to-1 downside exposure to decreases in the Market Measure beyond a 10% decline, with up to 90% of your principal at risk |
| Participation Rate | 200% |
| Capped Value | [$12.00 to $12.40] per unit, a [20.00% to 24.00%] return over the principal amount, to be determined on the pricing date. |
| Threshold Value | 90% of the Starting Value |
| Investment Considerations | This investment is designed for investors who anticipate that the Market Measure will increase moderately over the term of the notes, and are willing to accept a capped return, take downside risk below a threshold and forgo interim interest payments. |
| Preliminary Offering Documents | https://www.sec.gov/Archives/edgar/data/1045520/000110465925063881/tm2516701d31_fwp.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:
| · | Depending on the performance of the Market Measure as measured shortly before the maturity date, you may lose up to 90% of the principal amount. | |
| · | Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the stocks included in the Market Measure. | |
| · | 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. | |
| · | The notes are subject to risks associated with small-size capitalization companies. |
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.
The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and the table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.
| Hypothetical Percentage Change from the Starting Value to the Ending Value |
Hypothetical Redemption Amount per Unit |
Hypothetical Total Rate of Return on the Notes |
| -100.00% | $1.00 | -90.00% |
| -50.00% | $6.00 | -40.00% |
| -20.00% | $9.00 | -10.00% |
| -10.00%(1) | $10.00 | 0.00% |
| -5.00% | $10.00 | 0.00% |
| -3.00% | $10.00 | 0.00% |
| 0.00% | $10.00 | 0.00% |
| 2.00% | $10.40 | 4.00% |
| 10.00% | $12.00 | 20.00% |
| 11.00% | $12.20(2) | 22.00% |
| 20.00% | $12.20 | 22.00% |
| 50.00% | $12.20 | 22.00% |
| 100.00% | $12.20 | 22.00% |
(1) This hypothetical percentage change corresponds to the Threshold Value.
(2) The Redemption Amount per unit cannot exceed the hypothetical Capped Value.
Canadian Imperial Bank of Commerce (CIBC) has filed a registration statement (including a product supplement, a prospectus supplement, and a prospectus) with the U.S. Securities and Exchange Commission (SEC) for the offering to which this document relates. Before you invest, you should carefully read these documents and other documents that CIBC has filed with the SEC for more complete information about CIBC and this offering. You may get these documents without cost by visiting EDGAR on the SEC Website at www.sec.gov. CIBC's Central Index Key, or ClK, on the SEC website is 1045520. Alternatively, MLPF&S or BofAS will arrange to send you these documents if you so request by calling toll-free at 1-800-294-1322.
FAQ
How many MRVI shares did director John A. DeFord acquire on 16 June 2025?
What is John A. DeFord’s total beneficial ownership in MRVI after the transaction?
When do the newly granted MRVI RSUs vest?
Was the acquisition an open-market purchase?
What was the reference price assigned to the RSUs in the Form 4?
