I'd guess it's a mechanical "flag" indicator, either a bistable solenoid or split field controlled visual marker that shows the device has tripped.
It operates from the DC supply P2 - N2 and is fed power either at the right side, from the "tripped" indicator relay, or the left from the mechanical overload reset button.
The actual overload sense devices are the I r-s-t and K r-s-t ones, the rest of the circuit is indication from those. The only possible delay in tripping would be thermal or hydraulic in the overloads.
The tripped indicator relay does have an R-C delay, possibly just for noise or interference suppression - it runs from the I r-s-t trips, which seem to need manual reset via the R button.
There is a type of DC motor that has a centre-tapped series field. The centre tap connects to one brush and the other brush and field ends are the external connections. The motor runs one direction or the other depending on which field terminal is powered.
That type would fit in with the operation of that device.
[I had some old aircraft servos that used that three wire system, also Lionel model train motors with wound fields work like that.]
>google<
They appear to actually be called "split field" motors:
**broken link removed**