Neris has saved 84 games over eight seasons for Philadelphia, including a career-high 28 in 2019. He had 12 saves and a 3.63 ERA in 74 appearances for the Phillies last season.
Neris will receive $8 million in 2022 and 2023 and the deal includes a club option for $8.5 million in 2024 with a $1 million buyout.
He can convert the team option to a player option via one of several playing time thresholds -- by appearing in at least 50 games in each of 2022 and '23, appearing in at least 110 games spanning 2022-23, or appearing in at least 60 games in 2023. Neris would also have to not be on the injured list for the club's final game in 2023 and would have to pass a physical.
Neris can also earn up to $1 million in performance bonuses each season -- $100,000 for finishing 30, 35 and 40 games; $150,000 for finishing 45 and 50 games; and $200,000 for finishing 55 and 60 games.