Meditations
written by Marcus Aurelius

Flint asks Gates to seek additional help from Captain Hornigold to borrow his ship, Royal Lion, in search of the Urca de Lima. Meanwhile, Silver and Billy tackle a morale problem when they work together on the finding out the remaining mutineers. During a captains meeting to strike a deal, Eleanor is impressed by Vane's voice of reason and calm demeanor, which leads to them having an intimate encounter. However, once she finds out Max is taken by his crew, she punishes Vane by giving them an ultimatum. Also Gates is promoted from quartermaster to captaining his own ship.

The year is 1931, Nucky Thompson has exiled himself with Sally Wheet in Havana, Cuba, where he is currently working on a deal with the Bacardi Rum Company. The trip takes a strange turn as Nucky coincidentally bumps into Meyer Lansky while dining, who states he's just on vacation with his wife. However, Nucky questions Lansky's presence after an attempt on his life occurs later that evening, only to be thwarted by new bodyguard Arquimedes. Back in New York, an older Luciano sets up a meeting with Joe Masseria to discuss rival gangster Salvatore Maranzano. As their discussion concludes, Luciano excuses himself to the washroom, leaving Masseria to be gunned down at the table by Bugsy Siegel and Tonino Sandrelli. Meanwhile, Chalky White is now part of a chain gang and working prison detail in the woods when a riot breaks out; amidst the chaos, Chalky is able to snag the keys from a killed guard and escapes-though temporarily confronted by the gun-toting, somewhat mentally unstable Milton. Margaret is moving up the ranks at her job in New York, but her life of independence and stability is thrown into danger after her boss commits suicide. Luciano appears before the Maranzano family and pledges loyalty to Maranzano. Through flashbacks, the early life of a young Enoch and Eli Thompson is depicted, showing their volatile upbringing and the relationship between Enoch and a young Commodore.

Seven-year exile Eli Thompson has hit rock bottom, now a perpetual drunk and working as a debt collector for the Chicago Outfit with George Mueller, who is now one of Capone's veteran members. Mueller's life is starting to unravel as well, as the tension at home becomes evident through the strained exchanges with his wife and children. Gillian Darmody has gone completely clean during her forceful installment at a women's sanitarium, and begins planning how to get out. Eli's son Willie Thompson is now pursuing a career as a prosecutor, but with a possible ulterior motive. Nucky sits down with retired Chicago boss Johnny Torrio to discuss recent events, and Torrio arranges a meeting between Nucky and Maranzano. Luciano, Lansky, Siegel and Tonino meet to discuss their next move, with the former uneasy about Tonino based on his treacherous past. Nucky later sits down with Maranzano and Luciano, but in doing so recalls Tonino's culpability after seeing a boardwalk caricature in memory of old flame Billy Kent. After the Maranzano meeting, Nucky arranges a private meeting with Tonino, who warns him that Luciano is plotting against him. When pressed by Nucky, Tonino offers his loyalty whenever Nucky should ask. Later that evening, Lansky is rushed outside to find a dead Tonino thrown on his steps-murdered in open acknowledgement of Lansky and Luciano's murder attempt on Nucky in Havana, as well as vengeance for Tonino's part in Billy's death.