Use your definitions

Before

The annual compensation cycle for non-employee directors begins on the date of the annual stockholders’ meeting and ends on the date of the next annual stockholders meeting (“Directors’ Compensation Cycle”). Director compensation in the tables below represents annual compensation with respect to service during fiscal 2015.

No later than December 31 of the year prior to a director’s re-election to the Board, the director can elect to receive up to 100% of his or her annual fees in the form of RSUs issued at a rate of $XX worth of stock for each $1.00 of cash compensation foregone. The RSUs are issued at the beginning of the Directors’ Compensation Cycle on the date of the annual meeting of stockholders and will vest on the date of the annual meeting of stockholders in the following year, provided that the recipient is a director on such date.

Before, with commentary

The annual compensation cycle for non-employee directors begins on the date of the annual stockholders’ meeting and ends on the date of the next annual stockholders meeting (“Directors’ Compensation Cycle”). Director compensation in the tables below represents annual compensation with respect to service during fiscal 2015.

No later than December 31 of the year prior to a director’s re-election to the Board, the director can elect to receive up to 100% of his or her annual fees in the form of RSUs issued at a rate of $XX worth of stock for each $1.00 of cash compensation foregone. The RSUs are issued at the beginning of the Directors’ Compensation Cycle on the date of the annual meeting of stockholders [this is included in the definition of Directors’ Compensation Cycle] and will vest on the date of the annual meeting of stockholders in the following year [why not use the definition you just asked your readers to learn?], provided that the recipient is a director on such date.

After

The annual compensation cycle for non-employee directors begins on the date of the annual stockholders’ meeting and ends on the date of the next annual stockholders meeting (“Directors’ Compensation Cycle”). Director compensation in the tables below represents annual compensation with respect to service during fiscal 2015.

No later than December 31 of the year prior to a director’s re-election to the Board, the director can elect to receive up to 100% of his or her annual fees in the form of RSUs issued at a rate of $XX worth of stock for each $1.00 of cash compensation foregone. The RSUs are issued at the beginning of the Directors’ Compensation Cycle and will vest at the end of that Directors’ Compensation Cycle, provided that the recipient is a director on such date.