The 34-year-old defenseman could have become an unrestricted free agent July 1.
"Being part of this team and this organization has been an honor since I got here," Coburn said in comments tweeted by the Lightning. "This is home for us. We love Tampa and we love everything it encompasses. We feel like we have an unbelievable team here and I want to be a part of it. I feel like there's some unfinished business and I really wanted to be a part of that.."
Coburn had 23 points (four goals, 19 assists) in 74 games with the Lightning, who won 62 games and the Presidents' Trophy this season. He had one assist in two Stanley Cup Playoff games before Tampa Bay was swept by the Columbus Blue Jackets in the Eastern Conference First Round.
Selected by the Atlanta Thrashers with the No. 8 pick in the 2003 NHL Draft, Coburn has 228 points (48 goals, 180 assists) in 924 regular-season games through 14 NHL seasons with the Thrashers, Philadelphia Flyers and Lightning. He has 32 points (three goals, 29 assists) in 134 playoff games.
