SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

CANADIAN IMPERIAL BANK OF COMMERCE /CAN/

(Last)

(First)

(Middle)

PO BOX 770, SUITE 4440

BCE PLACE, 181 BAY STREET

(Street)

TORONTO ONTARIO

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
GLOBAL PAYMENTS INC [ GPN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
05/11/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, no par value	05/11/2004		S⁽¹⁾		2,327,755	D	$42.48	6,000,000	I	See footnote⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Call option (obligation to sell)	$45.84	05/11/2004		J⁽³⁾			1	03/28/2006⁽⁴⁾	03/28/2006⁽⁴⁾	Common Stock	1,200,000⁽⁵⁾	$0⁽³⁾	1	I	See footnote⁽²⁾
Put option (right to sell)	$41.59	05/11/2004		P⁽³⁾		1⁽¹⁾		03/28/2006⁽⁴⁾	03/28/2006⁽⁴⁾	Common Stock	1,200,000⁽⁵⁾	$0⁽³⁾	1	I	See footnote⁽²⁾
Call option (obligation to sell)	$46.3	05/11/2004		J⁽³⁾			1	06/28/2006⁽⁴⁾	06/28/2006⁽⁴⁾	Common Stock	1,200,000⁽⁵⁾	$0⁽³⁾	1	I	See footnote⁽²⁾
Put option (right to sell)	$42.06	05/11/2004		P⁽³⁾		1		06/28/2006⁽⁴⁾	06/28/2006⁽⁴⁾	Common Stock	1,200,000⁽⁵⁾	$0⁽³⁾	1	I	See footnote⁽²⁾
Call option (obligation to sell)	$46.8	05/11/2004		J⁽³⁾			1⁽³⁾	09/29/2006⁽⁴⁾	09/29/2006⁽⁴⁾	Common Stock	1,200,000⁽⁵⁾	$0⁽³⁾	1	I	See footnote⁽²⁾
Put option (right to sell)	$42.55	05/11/2004		P⁽³⁾		1		09/29/2006⁽⁴⁾	09/29/2006⁽⁴⁾	Common Stock	1,200,000⁽⁵⁾	$0⁽³⁾	1	I	See footnote⁽²⁾
Call option (obligation to sell)	$47.3	05/11/2004		J⁽³⁾			1	12/28/2006⁽⁴⁾	12/28/2006⁽⁴⁾	Common Stock	1,200,000⁽⁵⁾	$0⁽³⁾	1	I	See footnote⁽²⁾
Put option (right to sell)	$43.05	05/11/2004		P⁽³⁾		1		12/28/2006⁽⁴⁾	12/28/2004⁽⁴⁾	Common Stock	1,200,000⁽⁵⁾	$0⁽³⁾	1	I	See footnote⁽²⁾
Call option (obligation to sell)	$47.79	05/11/2004		J⁽³⁾			1	03/28/2007⁽⁴⁾	03/28/2007⁽⁴⁾	Common Stock	1,200,000⁽⁵⁾	$0⁽³⁾	1	I	See footnote⁽²⁾
Put option (right to sell)	$43.54	05/11/2004		P⁽³⁾		1		03/28/2007⁽⁴⁾	03/28/2007⁽⁴⁾	Common Stock	1,200,000⁽⁵⁾	$0⁽³⁾	1	I	See footnote⁽²⁾

Explanation of Responses:

1. The shares are being sold pursuant to a registered underwritten public offering.

2. The shares are directly owned by CIBC Investments Limited, a wholly-owned subsidiary of Canadian Imperial Bank of Commerce.

3. CIBC Investments Limited entered into a "zero-cost dollar" arrangement pursuant to which the options may settle in multiple tranches over five quarters and may be settled at the option of CIBC Investments Limited, by delivery of shares of common stock, by cash payments or by a combination of the two methods.

4. Each option comprises 20 components which expire and are exercisable over a 20 consecutive trading day period beginning on the date set forth above.

5. The number of shares of each component of the option is 60,000.

	/s/ Antonio Molestina, Senior Vice President and Deputy General Counsel	05/13/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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