Order unanimously affirmed, without costs. Memorandum: Special Term properly dismissed plaintiff's causes of action for wrongful discharge, conversion and punitive damages. The court correctly determined that plaintiff was an employee at will (see, Martin v New York Life Ins. Co., 148 N.Y. 117) and that defendant's employee policy manual does not contain an express limitation on defendant's right to terminate such employment (see, Sabetay v Sterling Drug, 69 N.Y.2d 329; Murphy v American Home Prods. Corp., 58 N.Y.2d 293, 305; Buffolino v Long Is. Sav. Bank, 126 A.D.2d 508, 509; Collins v Hoselton Datsun, 120 A.D.2d 952; Patrowich v Chemical Bank, 98 A.D.2d 318, 322-323, affd 63 N.Y.2d 541). Plaintiff's complaint fails to state a cause of action for conversion because defendant's reduction of the redemption price of plaintiff's stock was specifically provided for in the stock purchase agreement, which plaintiff signed on October 10, 1978 and which was in effect upon plaintiff's termination. Plaintiff's separate cause of action for punitive damages is not recognized in New York (APS Food Sys. v Ward Foods, 70 A.D.2d 483, 488).