- Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * ODEA PATRICK	2. Issuer Name and Ticker or Trading Symbol PEETS COFFEE & TEA INC [ PEET ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __ X __ Director                      _____ 10% Owner __ X __ Officer (give title below)      _____ Other (specify below) President & CEO
(Last)          (First)          (Middle) C/O PEET'S COFFEE & TEA, INC., 1400 PARK AVENUE	3. Date of Earliest Transaction (MM/DD/YYYY) 11/4/2011
(Street) EMERYVILLE, CA 94608 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/4/2011		M		29100	A	$23.57	98756	D
Common Stock	11/4/2011		S		10358   (1)	D	$60.97   (2)	88398	D
Common Stock	11/4/2011		S		18642   (1)	D	$60.97   (3)	69756	D
Common Stock	11/4/2011		S		100   (1)	D	$61.95	69656	D
Common Stock	11/7/2011		M		900	A	$23.57	70556	D
Common Stock	11/7/2011		M		33500	A	$26.34	104056	D
Common Stock	11/7/2011		S		30810   (1)	D	$58.89   (4)	73246	D
Common Stock	11/7/2011		S		3490   (1)	D	$58.89   (5)	69756	D
Common Stock	11/7/2011		S		100   (1)	D	$60.6	69656	D
Common Stock	11/8/2011		M		16498	A	$26.34	86154	D
Common Stock	11/8/2011		M		23837	A	$26.48	109991	D
Common Stock	11/8/2011		M		12700	A	$26.5	122691	D
Common Stock	11/8/2011		S		46015   (1)	D	$58.37   (6)	76676	D
Common Stock	11/8/2011		S		7020   (1)	D	$58.37   (7)	69656	D

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$23.57	11/4/2011		M			29100	(8)	5/21/2018	Common Stock	29100	(9)	10900	D
Stock Option (Right to Buy)	$23.57	11/7/2011		M			900	(8)	5/21/2018	Common Stock	900	(9)	10000	D
Stock Option (Right to Buy)	$26.34	11/7/2011		M			33500	(10)	5/20/2019	Common Stock	33500	(9)	66500	D
Stock Option (Right to Buy)	$26.34	11/8/2011		M			16498	(10)	5/20/2019	Common Stock	16498	(9)	50002	D
Stock Option (Right to Buy)	$26.48	11/8/2011		M			23837	(11)	5/17/2015	Common Stock	23837	(9)	2648	D
Stock Option (Right to Buy)	$26.5	11/8/2011		M			12700	(12)	5/23/2017	Common Stock	12700	(9)	0	D

Explanation of Responses:
( 1)	The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.
( 2)	Represents weighted average sales price. The shares were sold at prices ranging from $59.89 to $60.89. The Reporting Person will provide upon request, to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.
( 3)	Represents weighted average sales price. The shares were sold at prices ranging from $60.92 to $61.87. The Reporting Person will provide upon request, to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.
( 4)	Represents weighted average sales price. The shares were sold at prices ranging from $58.33 to $59.32 The Reporting Person will provide upon request, to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.
( 5)	Represents weighted average sales price. The shares were sold at prices ranging from $59.35 to $60.31. The Reporting Person will provide upon request, to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.
( 6)	Represents weighted average sales price. The shares were sold at prices ranging from $57.74 to $58.73 The Reporting Person will provide upon request, to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.
( 7)	Represents weighted average sales price. The shares were sold at prices ranging from $58.74 to $59.45 The Reporting Person will provide upon request, to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.
( 8)	The option vests 25% per year over 4 years beginning on 5/21/08.
( 9)	Not applicable.
( 10)	The option vests 25% per year over 4 years beginning on 5/20/09.
( 11)	Vested as to shares that are being exercised.
( 12)	The option vests 25% per year over 4 years beginning on 5/23/07.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ODEA PATRICK C/O PEET'S COFFEE & TEA, INC. 1400 PARK AVENUE EMERYVILLE, CA 94608	X		President & CEO

Signatures
Patrick O'Dea, by /s/ Robin Riske, Attorney-in-fact		11/8/2011
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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