The San Jose Sharks have placed defenseman Paul Martin on unconditional waivers with the intention of buying him out.
"Paul Martin has been the utmost professional on and off the ice during his three years in San Jose," Sharks general manager Doug Wilson said in a statement released Friday. "His leadership, character and on-ice contributions have been essential to our success and in reaching the 2016 Stanley Cup Final. The impact he has had on our organization, his teammates and many of our younger players will be felt for many years to come."
Martin was scheduled to make $4.25 million next season as part of a four-year, $19.4 million deal signed in July 2015. He played only 14 games last season, logging more time in the AHL (18 games) because of injuries and effective play.
The 37-year-old Martin played for the New Jersey Devils and the Pittsburgh Penguins before joining the Sharks in 2015, and he reached the playoffs in each of his 14 NHL seasons.
Overall, the defensive-minded Martin has 50 goals and 270 assists for 320 points in 870 career games.
The Associated Press contributed to this report.