I am calculating penalties for a road race. The penalties are applied as follows :

For every minute LATE, the penalty is 10 seconds
For every minute EARLY, the penalty is 1 minute
For lateness exceeding 15 minutes, the penalty/result is OTL
For arriving on time, the penalty is 0:00:00

column A = time out
column B = time allowed
column C = intended time
column D = time in
column E = penalty

Please provide formula to calculate the penalty in column E