Short Term Deferral and Multiple Payment Events

[ERISA-Bubs]

Can I use the short term deferral for one payment event, but not all payment events?

For example, I have two payment events, one of which is 409A compliant (Date Certain) and one of which is not (IPO Event). The payment is to be made the earlier of Date Certain or IPO Event.

If paid on Date Certain, it will be paid out over 36 months. If paid on IPO Event, it will be paid within 2 1/2 months following the end of the year. Can I use the short term deferral exception to cover the IPO Event even though the plan allows for payment after the 2 1/2 month period in the event the Date Certain comes first?

[ERISA-Bubs]

Can anyone help me out with this? I'm struggling to find confirmation and I'm nearing my deadline for reporting back. Thank you.