Personally, I would not use the alarm directly in the rule. Instead, what you want to do is add your virtual contact to HSM in whatever modes you want to use the panic for. Then in Rule machine, when the button is pressed you would do this, using the custom action where appropriate:
Open Virtual Contact sensor
Delay actions by 10 seconds
Close Virtual Contact Sensor
This would also prevent the alarm form being retriggered for 10 seconds should it register more than one button press. Again, this would only trigger the alarm if it was armed to one of the states that you want to use the button in.