In all, Griffin will lose $859,442 from his season salary of $18,907,725.
A team spokesman said the suspension will begin when Griffin is healthy, cleared to play and active. He was expected to be out four to six weeks while his hand heals from the Jan. 23 incident in Toronto.
The spokesman said the fine was issued by the Clippers, with the NBA assisting in the investigation of the incident and in the disciplinary process. No other punishment from the league is expected.
Griffin's suspension is twice as long as the two-game suspension given earlier this season to Grizzlies forward Matt Barnes, who was punished for his offseason altercation with former Knicks coach Derek Fisher.
Sources familiar with the situation told ESPN's Ramona Shelburne that Griffin's punishment is double that of Barnes' because of the severity of the Toronto incident and the injuries sustained by assistant equipment manager Matias Testi.
The Clippers end a four-game road trip Wednesday night in Boston before the All-Star break this weekend. They resume play with a four-game trip starting Feb. 18 in San Antonio.
During Wednesday's shootaround, coach Doc Rivers said the team is ready to move on from the incident.
"It's just nice to have it over with, and now we can kind of move on," Rivers said. "Obviously, we don't get Blake back yet -- we have a lot of games before that -- and we have to keep trying to get through that. But that [punishment] part of it is over with, and now we can get back to kind of repairing our team."
The Clippers will donate Griffin's salary from the five games to charities that help disadvantaged youth in Los Angeles. The team said Griffin asked to donate his time to the organizations.
"We have made it clear that this conduct has no place in the Clippers organization," team owner Steve Ballmer and Rivers said in a joint statement Tuesday. "Blake is remorseful and has apologized for his actions. He is a valued member of our Clippers family and we support him as he rejoins the team."
Ballmer and Rivers, who also is president of basketball operations, said Griffin is eager to get back to work, which starts immediately with rehab, appearances and attendance at games.
Griffin has been away from the team since he punched Testi last month, and Rivers said Griffin likely would be back with the Clippers after the All-Star break.
Point guard Chris Paul said he "can't wait" for Griffin's return.
"Both of those guys were a part of our family, and we can't wait to get them back, get some things back to normalcy," Paul said at the shootaround.
The Clippers are 18-4 without Griffin, who has been out since Dec. 26 with a partially torn left quadriceps tendon. He was close to returning from that injury when he punched Testi, who sustained multiple facial injuries. Both men were sent back to Los Angeles, where Griffin underwent a procedure on his hand.
There was no immediate comment from Griffin. He has been off Twitter since Jan. 26 when he posted an apology on the social media site, where he is a frequent user. He and Testi are friends and Griffin described him as "someone I care about."
ESPN's Ramona Shelburne and Chris Forsberg and The Associated Press contributed to this report.
Is four games a fair suspension for Griffin?
Marcellus Wiley and Max Kellerman think Blake Griffin's four-game suspension isn't much of a punishment for striking a team employee.