A wildcard Find can use brackets () to delineate certain segments of the expression for re-use. The Find expression:
.Text = "(\<" & arrTerms(i) & ")(\>)(*)\1/\2"
has 3 such delineated segments and it is the 3rd of these that gets re-used for the replacement. In Greg's code, there were just 2 such delineations and the 2nd gets reused.
Not jibberish; just clever.

The:
(\<" & arrTerms(i) & ")(\>)
defines 2 segments of the Find expression for re-use: the string comprising the '<' and array entry for the 1st segment; and the '>' for the 2nd segment. A '\' is required before certain Find characters, including < and >.

The:
(*)
defines as a 3rd segment whatever follows the 2nd segment that precedes a repeat of the 1st segment, as indicated by the \1.

The:
\1/\2
says to repeat the 1st segment, insert the /, then repeat the 2nd segment.

FWIW:
.Text = "(\<" & arrTerms(i) & ")(\>)(*)\1/\2"
is the same as:
.Text = "\<" & arrTerms(i) & "\>(*)\<" & arrTerms(i) & "/\>"
for which the replacement would be \1.

__________________
Cheers,
Paul Edstein
[Fmr MS MVP - Word]