TORONTO, Sept. 3 /CNW/ - CIBC (CM: TSX; NYSE) announced today that
President and CEO Gerry McCaughey has established a pre-arranged trading plan
for the automatic sale and exercise of up to 110,000 CIBC common shares and up
to 136,000 options, which approach their expiry date within the next two
years. The shares acquired on the exercise of options would be sold
These transactions will start in February 2010 and occur at
pre-determined intervals in approximately equal amounts per month ending in
December 2010. This allows for an orderly, automatic process, avoiding the
sale of a large block of shares all at once or over a short time period.
Mr. McCaughey currently holds approximately 500,000 CIBC shares or share
equivalents and will continue to exceed CIBC's guidelines on executive share
ownership during and after the execution of the plan. Mr. McCaughey is
conducting these transactions for personal financial planning purposes.
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.
For further information:
For further information: John Ferren, Vice-President, Investor
Relations, (416) 980-2088 or Rob McLeod, Senior Director, Communications and
Public Affairs, CIBC, (416) 980-3714