Memphis Grizzlies and Quincy Pondexter have agreed to a four-year, $14 million extension Thursday according to Yahoo! Sports.
The Grizzlies held a team option on the 25-year-old, who earned a little over $1.2 million last season.
A former first-round pick by Oklahoma City in 2010, Pondexter averaged 6.4 points and 2.2 rebounds last season in 59 games.