Exponential Backoff Retry Timer Trigger - Timeout exception

For the timer trigger function, we have implemented exponential backoff retry with max retry count = 3, minimum interval = 1 min and maximum interval = 5 mins. But, we are getting the below timeout exception:

Exception while executing function: **Timer Trigger function name** The delegate executed asynchronously through TimeoutPolicy did not complete within the timeout. The operation was canceled. Unable to read data from the transport connection: The I/O operation has been aborted because of either a thread exit or an application request.. The I/O operation has been aborted because of either a thread exit or an application request.

We changed the minimum interval to 10 mins and the maximum interval to 45 mins, but after retrying once, the function was never triggered again for retry. The exponential backoff retry doesn't seem to be working as expected. Are we missing something with the exponential backoff retry mechanism?