Why is my Health status formula giving a #UNPARSEABLE return?



I'm writing a health formula (pasted below) that should make the Health status Green if Encode Complete, Yellow for a blank field, and Red if Element Rejected. I'm getting a #UNPARSEABLE error, but not sure where the error is. When I break down the formula per color, they return correctly, but the formula doesn't work when it's put together. Can anyone identify where my error is? Thanks in advance!

=IF([Vendor Status]@row = "Encode Complete", "Green"), IF(OR([Vendor Status]@row= "", "Yellow"), IF(OR([Vendor Status]@row = "Element Rejected", "Red")))


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