Excel 2010 - Using multiple IF OR statements to return different values

I am trying to change a number in a cell based on the text entered in another cell. This is working when using two values (see Rows 4 + 5 in image)

=IF(J5="L",I5,(I5-0.5))*OR(IF(B5="Flexi",0,(I5-0.5)))

However I cannot get it to work with three (see Row 6 in image)

=IF(J7="L",I7,(I7-0.5))*OR(IF(B7="Flexi",0,(I7-0.5))*OR(IF(B7="Half",3.7,(I7-0.5))))

Cell K6 should now have a value of 3.7 however it does not change.

Excel

Excel with Formulas

Thanks