Material Agreement (Form 8-K)

Item 1.01. Entry into a Material Definitive Agreement.

On June 4, 2026, Porsche Auto Funding LLC ("PAF"), Porsche Financial Services, Inc. ("PFS") and BofA Securities, Inc., on its own behalf and as representative of the several underwriters thereunder (collectively, the "Underwriters"), entered into an Underwriting Agreement, for the sale of the following notes to be issued by Porsche Innovative Lease Owner Trust 2026-1 (the "Issuing Entity"): Class A-1, Class A-2a, Class A-2b, Class A-3 and Class A-4 (collectively, the "Notes") with an aggregate principal balance of $911,000,000. The Notes have been registered pursuant to the Securities Act of 1933, as amended, under a Registration Statement on Form SF-3 (Commission File Nos. 333-290988 and 333-290988-01). It is anticipated that the Notes will be issued on June 12, 2026 (the "Closing Date").

Attached as Exhibit 1.1 is the Underwriting Agreement.

Porsche Leasing Ltd. (the "Origination Trust") will create a separate unit of beneficial interest (the "Transaction SUBI") pursuant to the Transaction SUBI Supplement 2026-1 (the "Transaction SUBI Supplement"), to be dated as of the Closing Date, between Porsche Funding Limited Partnership ("PFLP"), as settlor and UTI Holder (in such capacity, the "UTI Holder"), and Wilmington Trust Company, as Origination Trustee (the "Origination Trustee"), to the Amended and Restated Trust Agreement of the Origination Trust, dated as of November 14, 1997, between PFLP, as settlor and UTI Holder, and the Origination Trustee. Pursuant to the Transaction SUBI Supplement, the Origination Trustee, on behalf of the Origination Trust and at the direction of the UTI Holder, will identify and allocate to the Transaction SUBI certain retail vehicle leases (the "Leases"), the related Porsche vehicles leased under the Leases (the "Leased Vehicles") and related property (collectively, the "Included Units").

Item 8.01. Other Events.

On the Closing Date, the parties will enter into the following documents, , each of which will be dated as of the Closing Date:

1.            Transaction SUBI Supplement 2026-1 to Amended and Restated Trust Agreement, by and among PFLP, as settlor and UTI holder, and the Origination Trustee, pursuant to which the Origination Trust will issue the Transaction SUBI Certificate evidencing a special unit of beneficial interest in the Included Units.

2.            SUBI Sale Agreement, by and between PFLP, as seller, and PAF, as buyer, pursuant to which PFLP will transfer to PAF the Transaction SUBI Certificate.

3.            Amended and Restated Trust Agreement, by and between PAF and Wilmington Trust, National Association (the "Owner Trustee"), which will amend and restate the trust agreement, dated as of November 10, 2025, pursuant to which the Issuing Entity was created.

4.            SUBI Transfer Agreement, by and between PAF, as seller, and the Issuing Entity, as buyer, pursuant to which PAF will transfer to the Issuing Entity the Transaction SUBI Certificate.

5.            Transaction SUBI Supplement 2026-1 to Amended and Restated Servicing Agreement, by and among PFS, as servicer, the Origination Trust and the Origination Trustee, pursuant to which PFS will agree to service the Included Units.

6.            Indenture, by and between the Issuing Entity and U.S. Bank Trust Company, National Association (the "Indenture Trustee"), pursuant to which the Notes will be issued.

7.            Administration Agreement, by and among the Issuing Entity, PFS, as administrator, and the Indenture Trustee, relating to the provision by PFS of certain administration services relating to the Issuing Entity relating to the Notes.

8.            Securities Account Control Agreement, by and among the Issuing Entity, PFS, as servicer, the Indenture Trustee and U.S. Bank National Association, as securities intermediary, relating to the maintenance of certain accounts.