The deal carries an average annual value of $1.7 million.
Coburn, 34, recorded four goals and 23 points in 74 games with the Lightning last season.
The native of Shaunavon, Sask., has appeared in 924 career NHL games with Tampa, the Philadelphia Flyers and Atlanta Thrashers. Over the course of his career, Coburn has posted 48 goals and 228 points.
Coburn has also represented Canada on multiple occasions, capturing a silver medal at the 2009 world championships and a gold medal at the 2005 world juniors.