Franklin, 25, lost his licence for six months after being caught driving at 90km/h in a 50km/h zone on Thursday.
In a statement on Monday afternoon, the Hawks said Franklin
met with the club's leadership group and senior management on Monday morning where it was determined he would undergo an education program designed to promote "more responsible road behaviour".
Franklin will also donate $1000 towards a road safety program or appropriate charity, the Hawks said.
"It has been determined the club’s role in this instance is to provide Lance with education on the consequences of speed-related trauma, in order to promote more responsible road behaviour," the Hawthorn statement said.
"The group is confident the suspension of Lance’s licence for six months, and the inconvenience this punitive penalty results in will serve as an effective and daily reminder of appropriate behaviour on the roads.
"Additionally, the leadership group has requested that Lance personally research and make arrangements for an external organisation to provide a workshop or presentation for all Hawthorn players on responsible conduct on the roads."
Franklin missed Hawthorn's comprehensive 47-point victory over Collingwood at the MCG on Saturday with a hamstring injury and is in a race against time to be fit to face Essendon at Etihad Stadium on Friday night.
