CIBC Announces Pre-arranged Option Exercise and Share Sale Plan for CEO
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
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.
Geoff Weiss, Vice-President, Investor Relations, (416) 980-5093 or Kevin
Dove, Head of External Communications and Media Relations, CIBC, (416)
To view this news release in HTML formatting, please use the following URL:
CO: CIBC - Investor Relations
-0- Dec/11/2012 21:49 GMT
Press spacebar to pause and continue. Press esc to stop.