Tom Card sends Michael, Fi, Sam and Jesse to Panama to track down Tyler Gray who killed Nate and Anson. Michael is unhappy to be working with a field agent named Brady Pressman but Card doesn't give him a choice. Also Fi is angry about Michael asking the CIA for help with this after the way they reassigned Pearce and forced her to help on a job.
Things don't get any easier when they get to Panama. Gray finds their base and they have to flee across a rooftop leaving most of their weapons behind. After they've improvised some weapons they manage to find Gray and his term of mercenaries later and set up an ambush. Michael manages to disarm Gray and get him at gunpoint.
Gray laughs in Mike's face and tells him that Card sent him and his team to wipe Michael and the others out, and Card will kill Michael regardless of Michael's "success" in capturing Gray. Michael refuses to believe him but when he calls Card for a status update, Michael lies and says that Gray managed to slip away to see how Card reacts. Card promptly lies that he can see Gray running down an alley via surveillance footage, and insists that Michael needs to stay put and allow backup to capture Gray, adding at the end that he's proud of Michael for the work he's done. When Michael ends the call Gray mockingly asks if Card threw in the SoProudOfYou thing, since Gray says that was one of Card's favorite ways of manipulating Michael.
With Gray as a hostage and hopefully evidence against Card, the gang flees but Card really wants Michael and the team dead and is willing to go to extreme measures to do it, as they find out when some military jets bomb the warehouse that Michael was standing in when he called Card.
A badly wounded Brady drops Mike, Fi, Sam, Jesse and their hostage Gray off in the woods and then makes a HeroicSacrifice by continuing to drive the car and drawing the fire of the jets. They make it back to a safe house but the episode closes with Sam wondering what the hell they do now.