The contract is worth $660K at the NHL level and carries a salary of $70,000 at the AHL level, where I'd expect Racine to spend the season.
Racine was originally drafted by the Panthers in the third round (87th overall) of the 2011 NHL Entry Draft. The 23-year-old has spent three full seasons in the AHL. He made his only NHL appearance during the 2013-14 season.
In 198 games with the San Antonio Rampage and Portland Pirates, Racine, a prototypical defensive-defenseman, has scored 1 goal and 21 assists to go along with 333 PIM and a +27 rating.