The episode 10, "Live Feed," is the best episode of "White Collar" Season 5, with unexpected twists and a dead Hagen. The episode opens with Peter taking a jog in the park, wondering about what Neal did to ensure his freedom. He gets a call that informs him that he has to be at Washington D.C in two week time, as section chief job waits him. Peter is hesitant about immediately taking-up the offer, as there are many loose ends to tie-up, mostly related to Neal and also David Siegel death.

Agent Jones informs Peter about a potential forgery case at an auction house, which can be a perfect assignment for Peter and Neal. Peter intends to not take Neal's help to solve it, and he tells Agent Jones that they [Peter and Jones] can take care of it. Agent Jones correctly guesses that Neal is troubling him, and he tells his boss that it is time to end the cycle and let Neal take-up his own responsibility. Agent Jones tells Peter to not let one criminal informant to hold him back for long.

Neal and Mozzie go to meet Curtis Hagen, and Neal says that it all started with Hagen and it will end with him that day. The Dutchman demands the glass window of the Church that Neal had stolen, with Mozzie and Rebecca's help. Neal makes an offer to Hagen. Neal is willing to give Hagen that window glass in exchange for getting the tape of him stealing the Welsh coins. Hagen isn't interested in the offer and shows Neal a live feed of a kidnapped Rebecca, with her mouth gagged with a cloth. Hagen wants the glass in 30 minutes, otherwise he warns of harming Rebecca. Neal wants Hagen to let go Rebecca as she is innocent, Hagen does not think so, as she is associated with Neal and that makes kidnapping her a fair game. Neal reminds him that Rebecca was never a part of their deal, and it is between them. But, Neal has no other option but to do as Hagen says and Hagen warns him of dire consequences if he informs the FBI.

At the apartment, Neal and Mozzie discuss their next move, and are unable to figure out from the live feed the location of Rebecca. Mozzie gives Neal him button shaped device, which they can put on Hagen to find out where he had held Rebecca. Neal gives Hagen a part of the glass window, explaining that the glass is used to make what is invisible to naked eyes, visible. Hagen wants Neal to use the glass piece to find out the hidden message in the Chapter 13 of Mosconi Codex. The conversation is interrupted when Neal gets a call from Peter.

Neal has to rush to the auction house, while Hagen asks Mozzie to find out the message. Before leaving Hagen's place, Neal warns Hagen that if anything happens to Rebecca or Mozzie, he would see his ugly side.

At the auction house, William Blake's "Last Judgement" painting is waiting for Neal. He sees the signature of CH on the forged painting. Peter is glad to see the signature as he can capture the Dutchman, again. He has a plan to do that. He asks the man handling the painting at the auction house to accept the painting and make a deal to buy it and ask for the account number, the FBI is going to transfer the money, which will lead them to Hagen. Neal is anxious, as it means Rebecca's life will be in danger if he is unable free her before FBI reaches Hagen. Neal puts the button device in the coat pocket of the auction house man.

Hagen asks Mozzie to paint whatever is visible through the glass piece. He puts fear in Mozzie by revealing that he knows his real name is Theodore Winters, while he has no clue about his real name. Neal joins Mozzie at Hagen's place and puts another piece of the button device in his ear to hear the conversation that is taking place at the FBI. Mozzie shows him the symbols that he has painted on the pages of the 13th chapter of Codex. Neal asks Mozzie to memorise all the symbols and then he threatens Hagen, telling him if he does not set free Rebecca, he is going to burn the pages of the Codex. Hagen does as asked, but Neal uses the oil and lighter to convert the pages into dust.

FBI correctly zeroes in on the address of Hagen. Neal and Rebecca are able to talk and Neal asks her to come out to a crowded place and they both meet. At Neal's place, Rebecca asks about the symbols that they saw in the pages of Codex and where are the pages. Neal says Mozzie has memorised them and it is related to a Hindu deity. Rebecca correctly deduces that the symbol is of Hindu goddess Sita, the goddess of wealth. The clues and symbols are leading to a huge diamond, which is likely to be in New York.

Peter catches Hagen and Neal is kept out of the new development. Hagen is ready to make a deal with Peter, but Peter is not interested to know. However, he changes his mind when Agent Jones informs him that Neal tracking device data reveal that Neal was with Hagen the whole afternoon. Neal accompanies Peter and Hagen to a place where Hagen seems to have hidden some evidence against Neal. Before he could reveal his part of the deal, he is shot dead by a sniper standing on the roof of tall building. Neal tells Peter that he was with Hagen because Rebecca's life was in danger. From Hagen's pocket, Neal finds a bill of a restaurant, behind which is scribbled different time.

Neal and Peter visit the restaurant, and sit where Hagen had sat during his visit. They see a residential building and believe that Hagen was recording the time of someone coming out of that building and going in. The two enter an apartment of that building, after seeing Cooper 3 in the name plates.

The apartment has cabinets, full of files. Neal's file is there and Peter's, as well. The cabinet has files of everyone working at White Collar division. Neal finds a sheet on which CH (signature of Curtis Hagen) has been practiced, which confirms that it was not Hagen who had forged Blake's painting. Inside the apartment, Neal finds photographs of Rebecca in different hairstyles and with and without glasses. A closer look of the space at the back of the apartment shocks Neal. It is the same where Rebecca was held as a kidnapped person. Peter says that that it is Rebecca's place.

Rebecca is turning out to be a master con-woman, the mastermind of the Codex game.