Early Retirement Benefit. In the event the Participant’s Commencement Date precedes his Normal Retirement Date, his Retirement Benefit shall be the amount determined under [Section 3.1] of the Plan, reduced by the standard early retirement reduction factors set forth in Rider No. 1 to the Crown Cork & Seal Company, Inc. Pension Plan (or any successor plan thereto) for the period by which his Commencement Date precedes his Normal Retirement Date.

Retirement Benefit. Notwithstanding any provision of the Plan to the contrary, Stecko’s Retirement Benefit under [Section 2.1] shall be equal to the product of Stecko’s final average compensation, multiplied by his years of service, multiplied by (.0167). For purposes of this Appendix A: # “final average compensation” shall mean Stecko’s average base salary plus average bonus in the three of his final five years of service during which his base salary and bonus, determined independently, were highest; and # “years of service” shall equal five (5) plus the elapsed time from April 12, 1999 until Stecko’s termination of service. Stecko’s Retirement Benefit shall not be reduced by his PCA Pension Plan Benefit, Pactiv Pension Plan Benefit or Pactiv SERP Benefit, and shall be nonforfeitable without regard to his reason for terminating Service. If distribution of Stecko’s Retirement Benefit commences prior to age 62, a 4% per year reduction will apply.

Retirement Benefit. If the Executive provides prior written notice to the CEO of the Company of his intent to retire from his employment with the Company during the Employment Term, then notwithstanding that he does not have five years of service with Valley and his written notice does not meet the required period for notice, the Executive’s retirement shall be treated as a qualified Retirement under the Stock Plans and his award agreements. With respect to any performance restricted stock units, the units will remain outstanding after the executive’s retirement from his employment with the Corporation and the Bank and vest, or be forfeited, in accordance with the terms of the applicable award agreement and Stock Plan. If the Executive retires or announces his retirement prior to the meeting of the Compensation and Human Resources Committee awarding bonuses for 2017 performance, he nonetheless will be entitled to an equity award and cash bonus for his service in 2017, the amount of which shall be in the discretion of the Compensation and Human Resources Committee.

Amount of Early Retirement Supplemental Benefit. The monthly supplemental retirement benefit payable to a Participant who retires prior to Normal Retirement Date shall be an amount equal to 1/12th of 55 percent of the Highest Average Three-Year Compensation, reduced by all of the following that are applicable:

Early Retirement Employee. If a Change of Control (as such term is defined in Paragraph 6(c)(ii) below) occurs during the Term of this Agreement, the Executive may elect by written notice given to the Bank at any time within six (6) months after such Change of Control to terminate the employment of the Executive by the Bank whereupon the Executive will become an "Early Retirement Employee" and will be entitled to receive such payments as are provided hereafter in this Paragraph 6. Such election and the termination of the Executive's employment shall become effective on the first day of the second calendar month commencing after delivery of such notice (the "Early Retirement Effective Date").

Subject to [Subparagraph III(F)], should the Executive elect Early Retirement or be discharged without cause by the Bank subsequent to the Early Retirement Date [[Subparagraph I(D)]], the Executive shall be entitled to receive a reduced annual benefit amount as set forth in Exhibit A-22], based on the Executive’s age at Early Retirement. Said payments to commence thirty (30) days following the Executive’s Early Retirement Date. Such payments shall be made in equal monthly installments [1/12th of the annual benefit for a period of thirteen (13) years]. Upon completion of the aforestated payments and commencing the next month subsequent thereto, the Executive shall be entitled to receive a reduced Index Retirement Benefit [[Subparagraph I(F)]] amount as set forth in Exhibit A-22], based on the Executive’s age at Early Retirement, which benefit shall be paid to the Executive until his death at which time said benefit shall cease. For the avoidance of doubt, when Early Retirement occurs prior to age sixty-five (65), the reduced annual benefit as set forth in Exhibit A-22], based on the Executive’s age at Early Retirement, will apply to the age sixty-six (66) benefit listed on Exhibit A-11], to the age sixty-six benefit listed on [Exhibit A-1A]A], and to the Index Retirement Benefit listed on Exhibit A-33].

Early Retirement Date. The [[Team Member:Person]]’s Service terminates on or after the [[Team Member:Person]]’s Early Retirement Date and the Company receives a valid unrevoked Release Agreement from the [[Team Member:Person]]. “Early Retirement Date” is the date that is # on or prior to the [[Team Member:Person]]’s termination of Service, # at or after attaining age 45 and prior to attaining age 55 and completing at least 15 years of Service (which 15 years need not be continuous), # if the [[Team Member:Person]]’s termination of Service is voluntary, at least six months after the [[Team Member:Person]] commenced discussions with the Company’s Chief Executive Officer or most senior human resources executive regarding the [[Team Member:Person]]’s consideration of termination, and # the following additional requirements are satisfied, to the extent applicable: # if the [[Team Member:Person]]’s Early Retirement Date occurs prior to the [[Team Member:Person]]’s attainment of age 48, the [[Team Member:Person]] was providing Service for at least the first 24 months of the Performance Period, # if the [[Team Member:Person]]’s Early Retirement Date occurs prior to the [[Team Member:Person]]’s attainment of age 52 and on or after attainment of age 48, the [[Team Member:Person]] was providing Service for at least the first 18 months of the Performance Period, and # if the [[Team Member:Person]]’s Early Retirement Date occurs prior to the [[Team Member:Person]]’s attainment of age 55 and on or after attainment of age 52, the [[Team Member:Person]] was providing Service for at least the first 12 months of the Performance Period.

Early Retirement Distribution. A Participant who remains in the employ of the Employer until his Early Retirement Age (and is not entitled to a distribution by reason of an Involuntary Termination pursuant to [Section 5.3(a)]) will receive an Early Retirement Benefit equal to the vested balance of his Account as of the date of his Retirement. Payment of the Early Retirement Benefit will begin on the first day of the second calendar month following the date of the Participant's Retirement; provided, that the Participant timely elected (or was deemed to have timely elected) to receive an Early Retirement Benefit pursuant to [Section 3.1(b)] and did not subsequently elect to defer such payment pursuant to [Section 5.7]. Except as provided in [Section 10.3], distribution of the Early Retirement Benefit will be made in the form of equal annual installments through the date the Participant attains age eighty (80). Distributions will be made in the form of cash or Stock, depending on the Participant's investment crediting rates as provided in [Section 4.4]. The commencement of the payment of the Early Retirement benefit will be subject to the six (6) month delay applicable to Key Employees under [Section 5.4].

Early Retirement Eligibility Date means the earliest date on which a Participant may terminate employment with the Affiliated Companies with either a normal retirement benefit or a subsidized early retirement benefit from a defined benefit plan sponsored by an Affiliated Company.

The Normal Retirement Benefit shall be equal to the greater of a Participant's Early Retirement Benefit or his Normal Retirement Benefit at Normal Retirement Age.