Schwartz was having a productive season until it was cut short due to injury. He recorded eight goals and 22 points in 33 regular season games, and another 14 points in 20 postseason contests.
"He's part of that core we have moving forward," general manager Doug Armstrong said in a release. "Schwartz and (Vladimir) Tarasenko, Robby Fabbri, Colton Parayko, Alex Pietrangelo, Jake Allen - we're trying to build around these guys. Having Schwartz wrapped up in that group, we know we now have a core that we can build around and try to win a championship around."
Armstrong stated heading into the offseason that signing Schwartz was his top priority.
The winger was scheduled to have his hearing Wednesday in Toronto.