An optical external modulator includes an optical waveguide having a first interferometer section and a second interferometer section formed on an electro-optic substrate. An electrode structure disposed on the substrate transmits an RF drive signal that is applied to the first and second interferometer sections in series. A reflector optically coupled to the substrate redirects light away from the first interferometer section to the second interferometer section and provides an optical fold region that introduces an optical time delay between the first and second interferometer sections. The optical time delay is used for at least partially compensating for a velocity mismatch between the light and the RF drive signal.