The San Jose Sharks are continuing to try to clear cap space for next season and placed defenceman Paul Martin on waivers for purposes of a buyout Friday.

Now 37, Martin had one year and $4.25 million remaining on a four-deal signed before the 2015-16 season. A native of Minneapolis, Martin appeared in only 14 games for the Sharks this season, having been assigned to their American Hockey League-affiliate San Jose Barracuda at one point in January.

"Paul Martin has been the upmost professional on and off the ice during his three years in San Jose," Sharks general manager Doug Wilson said in a statement. "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."

The buyout out of Martin will create $2.8 million in cap room for the Sharks who, as of right now, are projected to have roughly $16 million in cap space. The team traded Mikkel Boedker to the Ottawa Senators earlier this week to clear further space. Martin will, however, count for $1.42 million against the Sharks cap in 2019-20.

Martin has appeared in 870 career NHL games over 14 NHL seasons with the New Jersey Devils, Pittsburgh Penguins and Sharks.