Drain the olives and place them in a glass or other nonreactive container.

Using a wooden mallet or the back of a wooden spoon, hit the peppercorns just enough to bruise or barely crack them. Add to the olives.

Cut the lemon into 12 or 15 pieces, removing the seeds. Add the lemon to the olives. Rub the sprigs of thyme between your hands over the bowl, dropping some of the leaves onto the olives, then add the sprigs and the olive oil. Turn the olives to coat them with the mixture. Cover with plastic wrap and refrigerate at least 24 hours, or up to 3 days before serving.

Yields 2 cups.