The deal, which carries an average annual value of $5.25 million, includes a $1.5 million signing bonus in each of the deal's final two years. Martinez will also have a modified no-trade clause across all three years, with varying numbers of teams in each.
With the Golden Knights last season, Martinez played in 53 regular-season games, scoring nine goals and adding 23 assists. In 19 playoff games, prior to Vegas' elimination at the hands of the Montreal Canadiens in the Stanley Cup semifinals, Martinez contributed four goals and two assists.
The 34-year-old spent the first 11 seasons of his NHL career with the Los Angeles Kings, where he won the Stanley Cup in 2012 and 2014, before being traded to Vegas in February of 2020.
Martinez's last contract was a six-year, $24 million deal he had signed with the Kings.