Quoting: littlejerryseinfeld
I thought it was a deal signed after the player turned 35
I thought so too, but apparently its slightly more complicated. So if its an extension signed when they are 34, but they turn 35 before June 30th of the first year of that contract, its a 35+ contract. Here's the blub from the CBA FAQs page here:
"A contract is designated a 35+ contract if the players age on the first year of the contract is 35 or older (as of June 30 prior to the year of the effective contract).
35+ contracts that are two years in length or longer and:
1. Have a signing bonus in the 2nd or later year, OR
2. Are front-loaded
Will not benefit from a reduced cap hit regardless of the players location of play, termination, retired status, or a buyout. This rule was introduced by the NHL to prevent teams from backloading contracts past when the player was expected to retire. An exception to this rule is that a team will receive a $100,000 cap hit reduction if the player is on the 2nd or later year of the contract and assigned to the minors"