Slaven Bilic was set the long-term target of turning West Ham into Champions League challengers but he will also walk away with nothing if the club are relegated next season.
Bilic, 46, was confirmed yesterday as the successor to Sam Allardyce on a three-year contract worth around £3m per season but, with West Ham missing out on a series of other targets, it is understood they have protected themselves against the financial cost of the Croatian failing.
With West Ham hoping the move into the 54,000-seat capacity Olympic Stadium in time for the 2016-17 season, West Ham now want Bilic to propel the team into what they regard as the "next level".
"It is a great place to play and I felt like I was at home," said Bilic, who played for the club in the 1996-97 season. "I could feel that they really wanted me so it was an easy choice. I would say to the West Ham fans that I will give my best and together we will achieve great things. I remember West Ham as a special club."
Elsewhere, John Carver has left Newcastle along with coach Steve Stone with the club expected to appoint former England boss Steve McClaren as Alan Pardew's permanent successor (© Daily Telegraph, London)