Defenseman Mark Streit has signed a four-year contract with the Philadelphia Flyers, the team announced Friday.
The deal is worth $21 million, an average annual value of $5.25 million.
Streit would have become an unrestricted free agent July 5. The Flyers acquired his rights from the New York Islanders on June 12 in exchange for minor-league forward Shane Harper and a fourth-round pick in the 2014 NHL Draft.
"The future is bright," Streit said at the time of the trade. "[The Flyers] were in the Cup Finals three years ago, and there is so much skill and a great mix between veteran players and young players, so I'm pretty confident and I truly hope [a contract is ] going to get done soon."
Streit, 35, finished the 2012-13 regular season with six goals and 27 points in 45 games, then added two goals and five points in six Stanley Cup Playoff games.
Earlier this month, the Flyers announced they intended to use contract compliance buyouts on forward Danny Briere and goaltender Ilya Bryzgalov.