TORONTO, Sept. 29 /CNW/ - CIBC (CM: TSX; NYSE) announced today that Gerry
McCaughey, President and Chief Executive Officer, has established a
pre-arranged trading plan to exercise options for CIBC common shares and to
sell the acquired shares. Starting in February 2009, Mr. McCaughey will
exercise these options in 11 installments during the last year of the life of
the options, which expire in 2010.
Mr. McCaughey's plan includes a timetable to exercise a set number of
options for CIBC common shares at regular, predetermined intervals before they
expire. This timetable is meant to promote an orderly, automatic exercise
process, avoiding the sale of a large block all at once or over a short time
period. The plan provides for Mr. McCaughey to exercise approximately 10,000
options each month beginning February 2, 2009 until December 1, 2009.
The number of CIBC common shares Mr. McCaughey would continue to hold
during and after the execution of the plan far exceeds CIBC's guidelines on
executive share ownership.
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