Rather than go through prolonged negotiations on a long-term contract, the 23-year-old forward opted for a quicker resolution, signing July 8.
"I didn't want to wait," he said following a Checking For Charity game at Flyers Skate Zone on Friday. "I wanted to sign the contract, get myself ready for the upcoming year and have nothing hanging over my shoulder."
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Labanc said he also wanted to help the Sharks, who lost forwards Joe Pavelski (Dallas Stars), Joonas Donskoi (Colorado Avalanche) and Gustav Nyquist (Columbus Blue Jackets) during free agency.
"I think I did [general manager Doug Wilson] a big favor, and the Sharks organization, taking that deal," Labanc said. "There's a lot more salary cap (space) for him to get another one or two players. It's awesome and I think it'll help our team be good Stanley Cup contenders this year and that's where we want to be, we want to hoist the Stanley Cup this year. It's a long season, and we're going to need very player we can get."
Labanc will be counted to help the Sharks get back to the Stanley Cup Final for the first time since 2016. He had 56 points (17 goals, 39 assists) in 82 regular-season games and nine points (four goals, five assists) in 20 Stanley Cup Playoff games last season. Four of those nine points (one goal, three assists) came during the Sharks' five-minute third-period power play against the Vegas Golden Knights in Game 7 of the Western Conference First Round.