The Glasgow club announced to the stock exchange yesterday that Mr Stockbridge, who left Rangers in January, was given more than 714,000 shares in the company due to a clause in the contract he signed in 2012.
It is understood that the windfall is a "legacy" of deals signed in the wake of Mr Green's takeover and that the current board had no control over the share issue.
The shares mean that Mr Stockbridge has a 1.1 per cent interest in the club, but it is not known if he will hold on to it or sell the shares on.
Their current value is around 30p, meaning that Mr Stockbridge is in line for a hefty payday if he cashes in.
The Rangers announcement said: "The New Ordinary Shares are being issued pursuant to an exercise of the options granted to Brian Stockbridge (a former Director of the Company) on admission of the Company's shares to trading on AIM pursuant to Mr Stockbridge's original contract of employment with The Rangers Football Club Limited dated 17 September 2012."
Mr Stockbridge came in for heavy criticism from shareholders at the club's AGM last December after the club reported a £14 million operating loss for the 13 months to June. He was re-elected to the board with support from just 65.3 per cent of shareholders, the smallest margin of any of the five board members, and stood down "by mutual consent" the next month.