<?php
if(!function_exists('FoundationPress_entry_meta')) :
    function FoundationPress_entry_meta() {
        echo '<time class="updated" datetime="'. get_the_time('c') .'">'. sprintf(__('Posted on %s at %s.', 'FoundationPress'), get_the_time('l, F jS, Y'), get_the_time()) .'</time>';
        echo '<p class="byline author">'. __('Written by', 'FoundationPress') .' <a href="'. get_author_posts_url(get_the_author_meta('ID')) .'" rel="author" class="fn">'. get_the_author() .'</a></p>';
    }
endif;
?>
<?php
if(!function_exists('FoundationPress_entry_meta')) :
    function FoundationPress_entry_meta() {
        echo '<time class="updated" datetime="'. get_the_time('c') .'">'. sprintf(__('Posted on %s at %s.', 'FoundationPress'), get_the_date(), get_the_time()) .'</time>';
        echo '<p class="byline author">'. __('Written by', 'FoundationPress') .' <a href="'. get_author_posts_url(get_the_author_meta('ID')) .'" rel="author" class="fn">'. get_the_author() .'</a></p>';
    }
endif;
?>

Format time and date according to WordPress settings.
Format time and date according to WordPress settings.

Removed the hardcoded time formatting, to make the theme honor the time and date settings set in the WordPress Admin