Green, who was set to be the chairman of the merged ITV, was ousted in October following a shareholder revolt led by Fidelity fund manager Anthony Bolton, dubbed the "quiet assassin".
Carlton's final annual report reveals that in addition to compensation of £1.8m for loss of office, the report shows that Green was awarded an additional £13.2m in shares triggered by the merger of Carlton with ITV network partner Granada.
When Green was pushed out it was originally reported that he was to receive a payout of £1.4m, the equivalent of two years' salary.
The £13.2m was the reward for Green for hitting full performance bonuses for 2003 and is made up of two equity plans with payments running through 2006 and 2007.
The size of the payment drew reaction from the National Association of Pension Funds, which has been critical of huge payouts to executives.
"We will be looking closely at the company's explanation and justification for this substantial payout, especially bearing in mind Mr Green did not have a contract with the company," a spokesman for the National Association of Pension Funds said.
The situation with Green, who founded Carlton, is complicated because he never had a formal contract even though he was chairman of the company for 20 years.
Despite his fall from one of the top jobs in media, Green seems to have quickly bounced back. Last month was revealed to be leading a bid for the UCI cinema chain.
Reports said that multimillionaire Green has held preliminary talks with the Reuben brothers, the billionaire private investors, about providing equity for the offer.
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