The deal will pay the outfielder $3.4 million in 2020 and $6.6 million in 2021 before he enters his third and final arbitration year in 2022, according to Mark Feinsand of MLB.com.
Benintendi initially requested $4.15 million for 2020, while the team countered with $3.4 million when the figures were exchanged in January.
Drafted seventh overall in 2015, Benintendi has four major-league seasons under his belt. The 25-year-old slashed .266/.343/.431 with 13 home runs, 40 doubles, and 10 stolen bases across 138 games in 2019.
Left-handed starter Eduardo Rodriguez is the only arbitration-eligible player remaining for Boston.