The 24-year-old forward, who was a restricted free agent, scored 33 points (14 goals, 19 assists) in 70 games last season for the Sharks, who finished last in the Western Conference (29-36-5, .450 points percentage).
Labanc played on a one-year, $1 million contract he signed July 8, 2019, after scoring an NHL career-high 56 points (17 goals, 39 assists) in 2018-19.
"It was a tough year for us as a team," he said. "And it obviously didn't pan out the way we all wanted to, especially for me to bet on myself. But I think that we kind of have to forget about last season and then make sure that we kind of focus on the upcoming year and make sure that we're gonna be all coming into training camp ready. I'm really excited to be a Shark for four years."
Selected by San Jose in the sixth round (No. 171) of the 2014 NHL Draft, Labanc has scored 149 points (50 goals, 99 assists) in 284 regular-season games and 14 points (five goals, nine assists) in 30 Stanley Cup Playoff games.
"You learn sometimes even more during tough times than you do in good times," general manager Doug Wilson said of signing Labanc for four years after a down season. "It's extremely rare in this league to have a 23-year-old kid score 56 points like he did, so we know the skill sets that he had. I think we all got to see his playoff performance (one goal, three assists in 5-4 overtime win against Vegas Golden Knights in 2019 Western Conference First Round) and what we all witnessed. What's really important here is that he has ingredients and skill sets that are so important in today's game, not just 5-on-5, but also on the power play."
Labanc has 48 power-play points (nine goals, 39 assists) in the NHL.
"[Labanc] adds some important ingredients to our lineup, especially with how we want to play going forward," Sharks coach Bob Boughner said. "His creativity makes him a player that other teams have to be aware of and we're excited to see that on display at both 5-on-5 and on the power play."
NHL.com staff writer Mike Zeisberger contributed to this report
