Terry will make $600,000 at the NHL level or $300,000 at the American Hockey League level.
Terry, 25, played 10 games for the Hurricanes this season. He had the winning shootout goal Nov. 15 against the Anaheim Ducks and also scored his first two NHL points, both assists, on April 3 against the Dallas Stars.
Terry also led the Charlotte Checkers of the AHL in goals (28) and points (69). He finished sixth in the league in scoring and third in power-play points (37).
Carolina's fifth-round pick (No. 132) in the 2007 NHL Draft, Terry has one goal and three points in 13 career NHL games.