Schaub (10-3) was a finalist on The Ultimate Fighter 10, and his nine fights in the UFC were all under his TUF contract. He went 6-3 overall in those bouts, picking up wins over the likes of Gabriel Gonzaga and Mirko Cro Cop along the way. He was knocked out twice in a row by Antonio Rodrigo Nogueira and Ben Rothwell in late 2011 and early 2012, but rebounded with two straight wins over Lavar Johnson and Matt Mitrione.
Terms of the deal were obviously not released, other than the number of fights. Schaub is not currently scheduled to fight, but will probably get a booking soon.