Sorry... that's a bad tooltip (result of copying a control). There's no Mod for time.
The help file lists a bunch of different tokens for time. The one you are probably looking for is either
{TIMEHOUR:dateVariableName} - The hour of the indicated date variable's time, expressed in a 12-hour clock.
or
{time:dateVariableName} - The indicated date variable's time, expressed as a 12-hour clock.
Note that, 'time' is lower-case (left over from when {TIME} and {time} were the ONLY tokens.
Hope that helps!