Pablo Sandoval officially has joined the Boston Red Sox.

Sandoval agreed to a five-year contract with the Red Sox, the team announced Tuesday prior to hosting an introductory press conference at Fenway Park. The third baseman’s deal runs through the 2019 season and also includes a club option for 2020.

An industry source provided’s Alex Speier with additional details about Sandoval’s contract, which reportedly is worth $95 million through the first five years when one factors in the signing bonus and $5 million buyout.

The annual salaries are below.

Signing bonus: $3 million
2015: $17 million
2016: $17 million
2017: $17 million
2018: $18 million
2019: $18 million
2020: Team option for $17 million ($5 million buyout)

Speier noted that Sandoval’s contract carries an average annual value of $19 million over the next five years for luxury tax purposes. The 2020 club option is for Sandoval’s age 33 season.’s Jon Heyman offered some additional details, too.

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Sandoval, who said Tuesday he chose Boston over his former team, the San Francisco Giants, in part because he wanted a new challenge, will be paid handsomely in the coming years. The Red Sox found the two-time All-Star to be a perfect fit, though, and his signing should stabilize third base after back-to-back disappointing seasons from the position.

Click for Sandoval’s top moments of 2014 >>

Thumbnail photo via Greg M. Cooper/USA TODAY Sports Images