Absent a contrct, an employee is an employee-at-will who may be dismissed at any time, with or without cause.
In Merola v. Exergent Corp. the court noted "not every discharge of an at-will employee of a close cororpation who happens to own stock in the corporation gives rise to a successful breach of fiduciary duty claim." The court found the gist of the complaint to be employement related, with the share ownership incidental to his claim.
According to one Ohio court, the issue is "whether teh employemetn fo a minroity sharehodler in aclose cororpation can be terminated by the majroity sharehodlers for estensibly legitimat, but not particularly compelling, business reasons.