Which protease are you speaking about? Are you looking for primary structural or functional stability?
Some proteases may be preserved in 50% glycerol at -20C, without denaturation. However, one needs to take into account the essential ions that are frequently needed:
a) Metalloproteases need Zinc.
b) Some proteases need Ca2+ and/or other ions for full function.
c) What is the ideal pH and ionic strength for the particular protease in question? Perhaps, the relevant physiologic environment may serve as a clue to this.