; vacancies (i) Term A member of the Board shall serve for a term of 6 years. (ii) Vacancies A vacancy on the Board— (I) shall not affect the powers of the Board; and (II) shall be filled in the same manner as the original appointment was made. (D) Initial meeting Not later than 30 days after the date on which all members of the Board have been appointed, the Board shall hold the initial meeting of the Board. (E) Meetings The Board shall meet at the call of the Chairperson. (F) Quorum A majority of the members of the Board shall constitute a quorum, but a lesser number of members may hold hearings. (G) Chairperson and vice chairperson The Board shall select a Chairperson and Vice Chairperson from among the members of the Board. (H) Compensation Each member of the Board may be compensated at not to exceed the daily equivalent of the annual rate of basic pay in effect for a position at level V of the Executive Schedule for each day during which the member is engaged in the actual performance of the duties of the Board. (I) Duties The Board shall advise the Secretary on carrying out the duties of the Secretary under this subsection. (7) Intellectual property (A) In general As a condition of receiving a financial award under this subsection, an applicant shall agree to vest the intellectual property of the applicant derived from the technology in 1 or more entities that are incorporated in the United States. (B) Reservation of license The United States— (i) may reserve a nonexclusive, nontransferable, irrevocable, paid-up license, to have practiced for or on behalf of the United States, in connection with any intellectual property described in subparagraph (A)