I wouldn't use the function name 'Reclass', I think that may already be the name of an existing function.
But basically, 'OR CODE Value" is not correct. It's not clear exactly what you want to do. It looks like you just want to return the same value you're passing in. You're returning the existing OR_CODE value when OR_CODE is an empty string, and it looks like you want to return the existing OR_CODE value value when it's not. So it looks like you just want to calculate the same value as already exists either way, which seems kind of pointless. Maybe what you want is to return some different value when OR_CODE = '', otherwise keep the existing value. Try something like this:
def rcls(someCode, otherValue):
if someCode == '':
return otherValue # or, calculate a value
OR_CODE = rcls(!OR_CODE!, 'someOtherValue')