There is a single sed command invocation here containing two editing commands. No piping is involved. The first editing command deletes every line that contains 01, 03, 05m or 07 as the 9th and 10th characters on a line. If that command didn't delete the line, the 2nd editing commands deletes every line that contains 10 or 11 as the 9th and 10th characters on a line. If neither of those editing commands deleted the input line, the default sed action is to copy the input line to standard output.

When there are two editing commands to be performed by one invocation of sed, each of those editing commands can be introduced as separate -e option arguments (as shown in the first sed command above).

Many sed commands (including the delete command) can be entered as a single -e option argument by separating them with a semicolon. And, if only one editing command argument is needed, including the actual -e option is optional (as shown in the second sed command above).