Yes, he does. Here, I'll post it again so you can read it:
cap hit – [ minimum salary + $375,000 ]
So I guess you were actually too lazy to read the agreement because you completely skipped this section:
All Player Salary and Bonuses earned in a League Year by a Player who is in the second or later year of a multi-year (as of June 30 prior to the League Year in which the SPC is to be effective), but which Player is not on the Club's Active Roster, Injured Reserve, Injured Non-Roster or Non-Roster, and regardless of whether, or where, the Player is playing, except to the extent the Player is playing under his SPC in the minor leagues, in which case
only the Player Salary and Bonuses in excess of $100,000 shall count towards the calculation of Averaged Club Salary;
And I guess you also decided to completely ignore this section:
For any Player on a Two-Way NHL SPC who is Loaned to a club in another professional league, the total compensation (defined for the purpose of this provision only as the greater of (i) that Player's stated Paragraph 1 Minor League Salary and Bonuses (other than Exhibit 5 Bonuses unless earned)) in that League Year, and (ii) that Player's minimum compensation guarantee and Bonuses (other than Exhibit 5 Bonuses unless earned) in that League Year in excess of the sum of the Minimum Paragraph 1 NHL Salary and $375,000 for that League Year (e.g., $925,000 in 2013-14) for the period during which such Player is Loaned to a club in such professional league
And decided to only use the section that its between those two which is:
For any Player on a One-Way NHL SPC who is Loaned to a club in another professional league, the Averaged Amount of such SPC less the sum of the Minimum Paragraph 1 NHL Salary and $375,000 for that League Year (e.g., $900,000 in 2012-13) for the period during which such Player is Loaned to such professional league;
He keeps it simple for those people that cannot comprehend an entire agreement. If the player doesn't earn 900k then there is no hit, you do not get a negative hit. If the player is on an over 35 and has a hit of 4 mil, the team has to absorb a hit of $3.9 mil.