Well that makes it easier.

If you want your display to countdown, fire a countdown function at 1 second interval which decrements the countdown text field. When the countdown text field reaches zero fire the "button pressed" function.

Something like:
Code:
...

$Button1 = $Form.Controls.Button("OK", 276, 160, 105, 20)
$Button1.Anchor = 10
$Button1.OnClick = "Button1_Clicked"
...
$Timer1 = $System.Timer()
$Timer1.Interval = 1000 * 1 * 1 ;milliseconds * seconds * minutes
$Timer1.OnTick = "Countdown()"
...
...
subform.show
$Timer1.Start()
...

Function Button1_Clicked()
$Timer1.Stop()
...
EndFunction

Function CountDown()
$Panel3.Text = Val($Panel3.Text) - 1
If Val($Panel3.Text) < 1 Button1_Clicked() EndIf
EndFunction