; vacancies (A) Terms A member of the Board shall be appointed for a term of 5 years, except that— (i) the Chair shall be appointed for a term of 2 years; and (ii) of the other members first appointed— (I) 4 members shall be appointed for a term of 5 years; (II) 3 members shall be appointed for a term of 4 years; and (III) 2 members shall be appointed for a term of 3 years. (B) Vacancies (i) In general A vacancy on the Board shall be filled in the manner in which the original appointment was made and shall be subject to any condition that applied with respect to the original appointment. (ii) Filling unexpired term An individual chosen to fill a vacancy shall be appointed for the unexpired term of the member replaced. (C) Expiration of terms The term of any member shall not expire before the date on which the member’s successor takes office. (3) Chair (A) Initial appointment The first chair of the Board shall be appointed by the President. (B) Subsequent appointments Any subsequent chair of the Board shall be elected by a majority of the members of the Board. (4) Initial meeting Not later than 60 days after the date on which the majority of members have been appointed under paragraph (1)(A), the Board shall hold an initial meeting. (5) Quorum A majority of members of the Board shall constitute a quorum. (6) Salary Each member of the Board shall be compensated at a rate not to exceed the highest annual rate of basic pay in effect for a position at level IV of the Executive Schedule under section 5315 of title 5, United States Code. (d) Duties and authority (1) Establishment of standards (A) Endorsement contracts The Commission shall establish standards with respect to endorsement contracts. (B) Certification of college athlete agents (i) In general The Commission shall establish standards with respect to— (I) registration and annual certification of— (aa) college athlete agents; and (bb) agencies and entities that represent college athletes; (II) revocation of such certification