TORONTO, Dec. 11, 2012 /CNW/ - CIBC (TSX:CM) (NYSE: CM) announced today
that, as in previous years, President and CEO Gerry McCaughey has
established a pre-arranged plan for the automatic exercise of options.
In 2013, Mr. McCaughey will exercise up to 315,420 options. The shares
acquired on the exercise of options would be sold automatically.
As in prior years, these transactions will occur throughout 2013,
subject to the price of CIBC's common shares meeting or exceeding
pre-determined exercise prices, allowing for an automatic process.
Mr. McCaughey currently holds CIBC share units well above the minimum
requirement under CIBC's share ownership guidelines of six times his
base salary, and will continue to do so during and after the execution
of this 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
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:
Geoff Weiss, Vice-President, Investor Relations, (416) 980-5093 or Kevin Dove, Head of External Communications and Media Relations, CIBC, (416) 980-8835