Khiron Life Sciences Corp. — Capital/Financing Update 2021

Jan 19, 2021

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----- Start of picture text ----- CIBC Autocallable Coupon Buffer Notes linked to VanEckVectors® Junior Gold Miners ETF, Series 7Principal At Risk Notes – Due January 29, 2026(January 19, 2021)----- End of picture text -----

A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and territories of Canada. A copy of the final base shelf prospectus, any amendment to the final base shelf prospectus and any applicable shelf prospectus supplement that has been filed, is required to be delivered with this document. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any amendment and any applicable shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

CIBC Autocallable Coupon Buffer Notes linked to VanEck Vectors® Junior Gold Miners ETF, Series 7

Linked to 4.90% Semi-annual Semi-annual Autocall the VanEck Contingent Coupon Variable Buffered Feature (starting in Vectors®Junior Gold Payments Downside Protection July 2021) Miners ETF (9.80% per annum)

Investment Highlights

	Investment Highlights	Investment Highlights	Investment Highlights	Investment Highlights
	Currency:CAD Denominated.Reference Share:Shares of the VanEck Vectors® Junior Gold Miners ETF (NYSE Arca: GDXJ)*.Cash Flow:The Notes offer the opportunity to obtain semi-annual Coupon Payments equal to the Coupon Amount of $4.90 perNote if the Reference Share Return on the applicable Valuation Date is greater than or equal to -30.00%.Call Feature:The Notes will automatically be called by CIBC on a Call Date if the Reference Share Return on the applicableValuation Date is greater than or equal to 0.00%.BufferedDownsideProtection:If the Notes are not automatically called by CIBC and if the Reference Share Return at maturity is negative, theNotes provide principal protection at maturity if the Reference Share Return is greater than or equal to -25.00% onthe final Valuation Date. If, however, the Reference Share Return is less than -25.00% on the final Valuation Date,the Variable Amount will be equal to the product of (i) the Reference Share Return plus 25.00%; and (ii) 133.33%(which will be negative in these circumstances and will result in a loss of a portion of the Principal Amount atmaturity), subject to aminimumMaturityAmount of$1.00 perNote.
	TermAvailable UntilIssue DateMaturity Date(if not called)MinimumInvestmentHow to Buy
	5 yearsJanuary 25, 2021January 29, 2021January 29, 2026$5,000Wood Gundy: SyndNETThird Party: FundservCBL11600Distribution GroupBritish Columbia877 858-9332Québec855 847-6696Ontario866 474-4166Atlantic Canada888 847-6407Prairies866 391-8633Fundserv Client Services866 474-0142
	Distribution Group
	British Columbia	877 858-9332	Québec	855 847-6696
	Ontario	866 474-4166	Atlantic Canada	888 847-6407
	Prairies	866 391-8633	Fundserv Client Services	866 474-0142

*Investors will not have any right to receive any dividends or other distributions on the Reference Share or any dividends or other distributions on any securities in the Reference ETF. The annual dividend yield of the Reference Share was 1.50% for the 12 months ended January 7, 2021, which would represent aggregate dividends of 7.50% over the five year term of the Notes, assuming the dividend yield remains consistent and the dividends are not reinvested.

Hypothetical Examples

The following hypothetical examples show how the Coupon Payments and the Maturity Amount would be calculated under three different scenarios. These examples are for illustrative purposes only and should not be construed as an estimate or forecast of the performance of the Reference Share at any time during the term of the Notes or the return that may be paid on the Notes. The actual performance of the Reference Share will be different from these hypothetical examples and the differences may be material.

Hypothetical Scenario #1 with no Coupon Payments payable and the Notes are not called prior to maturity

In this hypothetical scenario, the Reference Share Return was less than -30.00% on each Valuation Date. Accordingly, the Notes were not automatically called by CIBC prior to maturity and Investors would not be entitled to receive a Coupon Payment on any of the Coupon Payment Dates. The Variable Amount at maturity will be -$13.33 per Note, calculated as the product of $100.00 x (-35.00% + 25.00%) x 133.33%, as the Reference Share Return is less than -25.00% on the final Valuation Date. In this example the total cumulative return is -13.33% (which is equal to an annual compounded return of -2.82%).

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----- Start of picture text ----- Semi-Annual ValuationDate Reference Share Return Coupon PaymentIssue Date1 -37.00% $0.002 -39.00% $0.003 -45.00% $0.004 -41.00% $0.005 -33.00% $0.006 -33.00% $0.007 -35.00% $0.008 -40.00% $0.009 -39.00% $0.0010 -35.00% $0.00Total Coupon Payments $0.00Variable Amount = $100.00 x (-35.00% + 25.00%) x 133.33%= -$13.33Maturity Amount $86.67Annual Compounded Return -2.82%Hypothetical Scenario #2 with Coupon Payments payable on six Coupon Payment Dates and the Notes are not called prior to maturity----- End of picture text -----

In this hypothetical scenario, the Reference Share Return was below 0.00% on each Valuation Date and the Reference Share Return was less than -30.00% on four Valuation Dates. Accordingly, the Notes were not automatically called by CIBC prior to maturity and Investors would be entitled to receive Coupon Payments on six Coupon Payment Dates (aggregate Coupon Payments of $29.40 over the term of the Notes). The Variable Amount at maturity will be the product of $100.00 x 0.00%, as the Reference Share Return was greater than -25.00% on the final Valuation Date. In this example the total cumulative return is 29.40% (which is equal to an annual compounded return of 5.29%).

Semi-Annual ValuationDate	Reference Share Return	Coupon Payment
Issue Date
1	-45.00%	$0.00
2	-42.00%	$0.00
3	-38.00%	$0.00
4	-44.00%	$0.00
5	-16.00%	$4.90
6	-18.00%	$4.90
7	-20.00%	$4.90
8	-17.00%	$4.90
9	-21.00%	$4.90
10	-15.00%	$4.90
Total Coupon Payments	$29.40
Variable Amount	$0.00
Maturity Amount	$100.00
Annual Compounded Return	5.29%

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2 | CIBC Autocallable Coupon Buffer Notes linked to VanEck Vectors® Junior Gold Miners ETF, Series 7

Hypothetical Scenario #3 with Coupon Payments payable on seven Coupon Payment Dates and the Notes are called prior to maturity In this hypothetical scenario, the Reference Share Return was greater than 0.00% on the seventh Valuation Date and the Reference Share Return was greater than -30.00% on seven Valuation Dates. Accordingly, the Notes were automatically called by CIBC on the related Call Date following the seventh Valuation Date and Investors would be entitled to receive Coupon Payments on seven Coupon Payment Dates (aggregate Coupon Payments of $34.30 over the term of the Notes). Since the Reference Share Return on the seventh Valuation Date was greater than 0.00%, the Variable Amount will be equal to $0.00 per Note, calculated as the product of $100.00 x 0.00%. In this example the total cumulative return is 34.30% (which is equal to an annual compounded return of 8.79%).

return of 8.79%).	return of 8.79%).
		SiAl Vlti
		em-nnua auaonDate	Reference Share Return		Coupon Payment
		Issue Date
		1	-20.00%		$4.90
		2		-17.00%	$4.90
		3		-21.00%	$4.90
		4		-18.00%	$4.90
		5		-22.00%	$4.90
		6		-22.00%	$4.90
		7		1.00%	$4.90
		Total Coupon Payments		$34.30
		Variable Amount		$0.00
		Maturity Amount		$100.00
		Annual Compounded Return		8.79%
Invest	ment Details
Issuer:		Canadian Imperial	Bank	of Commerce (“CIBC”)
				.
Principal	Amount:	$100.00 (Par) per Note.
Issue Siz	e:	Maximum $50,000,000 (		500,000 Notes).
Minimum	Subscription:	$5,000 (50 Notes).
Referenc	e Share:	Shares of the VanEck Ve		ctors® Junior Gold Miners ETF (NYSE Arca: GDXJ).
Issue Dat	e:	January 29, 2021.
Maturity	Date / Term:	January 29, 2026 (5 yeawill be the immediatelyCIBC on any Call Date a		rs), provided that if such date is not a Business Day then the Maturity Date
				following Business Day, subject to the Notes being automatically called bynd subject to the occurrence of a Market Disruption Event.
Coupon Payment Dates:		The dates specified below, provided that if any such day is not a Business Day, then the CouponPayment Date will be the next Business Day, subject to the occurrence of a Market DisruptionEvent:July 29, 2021January 31, 2022July 29, 2022January 30, 2023July 31, 2023January 29, 2024July 29, 2024January 29, 2025July 29, 2025January 29, 2026

Coupon Payments: On each semi-annual Coupon Payment Date during the term of the Notes, Investors will be eligible to receive a Coupon Payment equal to $4.90 per Note (the “Coupon Amount”). Coupon Payments will be determined as follows:

 if the Reference Share Return on the relevant Valuation Date is greater than or equal to -30.00%, the Coupon Payment will equal the Coupon Amount; and

• if the Reference Share Return on the relevant Valuation Date is less than -30.00%, the Coupon Payment will be $0.00 per Note.

The total Coupon Payments payable to Investors over the term of the Notes will not exceed $49.00 per Note (based on $4.90 per Note payable on each Coupon Payment Date). No Coupon Payments will be paid on a Coupon Payment Date if the Reference Share Return on the relevant Valuation Date is less than -30.00% or if the Notes have been automatically called by CIBC on a preceding Call Date. There is no guarantee that any Coupon Payments will be paid during the term of the Notes.

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3 | CIBC Autocallable Coupon Buffer Notes linked to VanEck Vectors® Junior Gold Miners ETF, Series 7

Call Feature:	The Notes will be automatically called by CIBC on a Call Date if the Reference Share Return on the
	applicable Valuation Date is greater than or equal to 0.00%.
Call Dates:	The dates specified below (based on an Issue Date of January 29, 2021), provided that if the Issue
	Date is postponed, each Call Date will be postponed by an equivalent number of days, and provided
	further that if any such date is not both a Business Day and at least five Business Days following the
	applicable Valuation Date, the applicable Call Date will be postponed until the next Business Day
	that is at least five Business Days following the applicable Valuation Date, in each case subject to
	the occurrence of a Market Disruption Event:
	July 29, 2021January 31, 2022
	July 29, 2022January 30, 2023
	July 31, 2023January 29, 2024
	July 29, 2024January 29, 2025
	July 29, 2025-
Reference Share Return:	The Reference Share Return will be a number (positive or negative), expressed as a percentage,
	determined as follows:
	(Share PriceVD– Share PriceID) / Share PriceID, where
	the “Share PriceVD” will be the Closing Price on the applicable Valuation Date; and
	the “Share PriceID” will be the Closing Price on the Issue Date, provided that if the Issue Date is
	not an Exchange Day, the Share PriceIDshall be determined on the next following Exchange Day
	(in which case references to the Closing Price on the Issue Date shall be deemed to refer to the
	Closing Price on such next following Exchange Day),
	subject in each case to the provisions set out under “Market Disruption Events, Adjustments and
	Substitutions and Extraordinary Events” in the Prospectus.
Valuation Dates:	The dates specified below, provided that if any such day is not an Exchange Day, then the
	applicable Valuation Date will be the immediately preceding Exchange Day, subject to the
	occurrence of a Market Disruption Event:
	July 22, 2021January 24, 2022
	July 22, 2022January 23, 2023
	July 24, 2023January 22, 2024
	July 22, 2024January 22, 2025
	July 22, 2025January 22, 2026
Maturity Amount:	Investors will be entitled to receive on the later of (a) the fifth Business Day following the final
	Valuation Date and (b) the Maturity Date (the "Maturity Payment Date") (or on a Call Date, if the
	Notes are automatically called by CIBC prior to the Maturity Date) in respect of each Note held by
	such Investor, an amount (the “Maturity Amount”) equal to the sum of (i) the Principal Amount and
	(ii) the Variable Amount, which will either be nil or negative, subject to a minimum Maturity
	Amount of $1.00 per Note.
Variable Amount:	The Variable Amount for a Note is an amount equal to the product of $100.00 multiplied by the
	following:
	0.00%, if the Reference Share Return is greater than or equal to -25.00% on the applicable
	Valuation Date; or
	the product of (i) the Reference Share Return plus 25.00%; and (ii) 133.33% (which will be
	negative in these circumstances and will result in a loss of a portion of the Principal Amount at
	maturity), if the Reference Share Return is less than -25.00% on the applicable Valuation Date.
	If the Notes are called by CIBC, Investors will not be entitled to receive any further return that they
	would have otherwise been entitled to receive if the Notes had not been called by CIBC.
Secondary Market and Early	**The Notes will not be listed on any securities exchange or quotation system.**CIBC World Markets
Trading Amount:	Inc. (“CIBC WM”) intends to provide a daily secondary market for the sale of Notes to CIBC WM, but
	reserves the right not to do so, in its sole discretion, at any time without any prior notice to
	Investors. Under no circumstances will CIBC WM provide a secondary market for the Notes on or
	following a Valuation Date for the Notes if the Notes will be called by CIBC on the applicable Call
	Date. No other secondary market for the Notes will be available. Any sale in the secondary market
	may be made at a price less than the Principal Amount and will reflect the deduction of an early
	trading amount of 3.51% per Note initially, declining daily by 0.039% to 0.00% after 90 days. A sale
	of Notes originally purchased using the Fundserv network will be subject to certain additional
	procedures and limitations established by the Fundserv network.

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4 | CIBC Autocallable Coupon Buffer Notes linked to VanEck Vectors® Junior Gold Miners ETF, Series 7

	An Investor who disposes of a Note to CIBC WM in the secondary market will generally be required
	to include in income as interest the amount, if any, by which the sale price exceeds the Principal
	Amount of such Note. Investors who dispose of a Note prior to maturity should consult their own tax
	advisors. See “Certain Canadian Federal Income Tax Considerations” in the Pricing Supplement.
Calculation Agent:	CIBC WM.
Registered Account Eligibility:	RRSPs, RRIFs, RESPs, RDSPs, certain DPSPs, and TFSAs.

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5 | CIBC Autocallable Coupon Buffer Notes linked to VanEck Vectors® Junior Gold Miners ETF, Series 7

Fundserv is a registered trademark of Fundserv Inc.

Disclaimer

This document should be read in conjunction with the short form base shelf prospectus dated November 5, 2019 (the “Prospectus”) and the CIBC Pricing Supplement No. 848 to the Prospectus dated January 19, 2021 (the “Pricing Supplement”).

An investment in the Notes involves risks not associated with conventional fixed rate or floating rate debt securities. None of CIBC, the Dealers or any of their respective affiliates, associates, or any other person or entity guarantees that holders of Notes will receive an amount equal to their original investment in the Notes or guarantees that any return will be paid on the Notes (subject to the minimum Maturity Amount of $1.00 per Note) at or prior to maturity of the Notes. Amounts paid to holders of the Notes will depend on the price performance of the Reference Share. An investment in Notes is not suitable for a purchaser who does not understand (either on his or her own or with the help of a financial advisor) the terms of the Notes or the risks associated with the Notes and with structured products, options or similar financial instruments generally. See “Risk Factors” in the Prospectus and “Certain Risk Factors” in the Pricing Supplement.

The Notes will not constitute deposits that are insured under the Canada Deposit Insurance Corporation Act or any other deposit insurance regime designed to ensure the payment of all or a portion of a deposit upon the insolvency of the deposit taking institution.

The principal amount of the Notes will not be fully guaranteed and, subject to the minimum Maturity Amount of $1.00 per Note, will be at risk. As a result, Investors could lose substantially all of their original investment in the Notes.

CIBC WM intends to provide a secondary market for the sale of Notes to CIBC WM but reserves the right not to do so, in its sole discretion, at any time without any prior notice to holders of Notes. There is no other market through which the Notes may be sold and purchasers may not be able to re-sell Notes.

CIBC WM is a wholly-owned subsidiary of CIBC. By virtue of such ownership, CIBC is a “related issuer” and a “connected issuer” of CIBC WM within the meaning of applicable securities legislation. See “Plan of Distribution” in the Prospectus.

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