The story opens with Spider-Man hanging upside down from the ceiling of a sewer tunnel. As he slowly regains consciousness, he realizes he is not alone. In fact, a hooded woman is staring at him. When asked who she is, the woman pulls back her hood and reveals that she’s the girl who is going to kill Spider-Man (her hair is blonde, almost white and she wears some kind of leather suit).
Flashing back to two weeks earlier, Spider-Man and Daredevil are locked into battle with the super-villain known as Fracture on a construction site somewhere in the city. The amazing pair is fiercely fighting off their common opponent, unaware that they are being watched by someone standing across the street on a building rooftop. Despite their combine efforts, Spidey and Daredevil are struggling to defeat Fracture. Things get even more complicated when Fracture uses his powers to bring down a large crane on top of them. Fortunately, Spidey's quick thinking and hefty supply of webbing allow him to catch the various pieces of the crane as they come plummeting down toward he and Daredevil. Then, Daredevil uses his Billy club to knock Fracture out cold. Across the street, the hooded woman (seen in the introductory pages of the issue) looks on and, though the urge to kill Spider-Man is almost overwhelming, she continues to observe and study him. After handing Fracture over to the authorities, Spidey swings away, again unaware that he's being watched, though he does get a slight warning from his spider-sense, which he attributes to fatigue. The hooded woman realizes that he seems to have been warned that it is not safe to return home; however, Spidey does (unwillingly) reveal the general area where he lives. The hooded woman collects evidence left behind by Spidey, so she can narrow down exactly where he lives, and proceeds to then return home. After careful research using a very sophisticated computer system, she tracks down the apartment Spider-Man, as Peter Parker, leases. She wishes she could just kill him and be done with it, but she knows that it is important that she take her time, as she is aware of what he's capable of. Her goal is to weaken him first, and then take away everything he is and everyone he loves.
One week later, we find Peter at his new job, working for a local comic books store in Midtown Manhattan. As he and another employee, Mike converse, Peter's spider-sense kicks in, warning him of danger. A fraction of second later, he tackles his co-worker to the ground, just as some kind of steel arrow zips by and lodges itself in a magazine rack. Mike cannot believe how fast Peter moved. Peter tells Mike to be quiet and, looking at the window, notices someone standing on the roof of a building across the street. The "someone" turns out to be the hooded woman that kidnapped Spider-Man (actually Vin Gonzales, but more on that later). Another steel arrow wedges itself inches from Peter and Mike's heads, as Mike wonders what is happening. Telling Mike to close his eyes, Peter grabs hold of him and flees the store by crashing through a window, landing outside on the sidewalk, where bystanders wonder what is going on. As Peter tries to figure out who is shooting at him, another shot is fired and the corner of the concrete wall behind him blows up. With only one escape option, Peter leads Mike into a nearby subway terminal. There, Peter explains to a freaked out Mike that the shooter is only after him because he has a secret. Peter then reveals to Mike that he's a Skrull, which is why they're after him. This is obviously a lie, but convincingly enough, Mike buys into it and takes off running, yelling back at Peter that his secret is safe with him. Needless to say, that is the first and last day of Peter’s job as a comic book store employee.
At the Fifth Precinct, one week later, Vin Gonzales meets with Detective Palone, who delivers the bad news that he's suspended, as his off-duty gun was found at the scene of the murder of a drug dealer. Gonzales tries to argue that it must be a mistake but Palone advises him to talk to his union rep, as an investigation has been opened into the matter.
At the Parker – Gonzales apartment, Peter is home alone when someone knocks at the door. When Peter answers, the door, a black man hands him a subpoena and tells him that he's served. Reading the subpoena out loud, it reveals that an individual named Maxwell is suing Spider-Man (Maxwell is the man Spidey saved from imminent death in Amazing Spider-Man #549). Peter wonders why he's getting subpoenaed and the man surmises that it must be because he takes a lot of pictures of Spider-Man. Peter is left flabbergasted.
Devastated to have been suspended, Vin Gonzales walks aimlessly through the city. Suddenly, a dark-coloured Mercedes Benz comes out of nowhere and runs into Vin, sending him flying into the air. The car immediately speeds away, leaving a bloody Vin behind. Nearby pedestrians call for help while a half-conscious Vin claims to have had the wind knocked out of him.
The following day, Peter, Harry Osborn and Vin, who's made an amazing recovery, are playing pool at a local billiard spot. Somehow, Vin managed to roll with the impact when the car ran him over, so he'll live. He is, however, very unhappy with his current situation. Peter tries to reassure him that he'll get his badge back, as he's had enough bad luck to go around and he always came out of it unscathed. Vin explains that, to make things worse, he was recently the victim of identity theft when someone stole his ATM number and wiped out his savings account, which is problematic, as the bank is threatening to foreclose on his student loans. Harry tries to console Vin by telling him the Health Department has been breathing down his neck over at the Coffee Bean and that his manager just had stroke. Vin is not really sympathetic of Harry's position, because Harry is loaded. Wishing to be left alone, Vin takes his leave.
Vin walks inside his apartment, unaware that he is not alone. Hanging from the ceiling is a hooded woman. Before Vin even realizes anything is wrong, she drops down and knocks him to the ground. As he wonders what is going on, she hands him a Spider-Man costume (Peter's!) and she instructs him to put it on. After he puts it on, she tells him to turn around. She then whacks him with the gun and he loses consciousness.
When Vin awakens, he is hanging upside down from the ceiling of the sewer tunnel (as seen earlier). The woman who abducted him approaches him. Vin asks to know who she is and she appears to be surprised that he doesn’t. She indicates that she's the girl who's going to kill Spider-Man. Vin indicates that she's making a mistake, but she tells him not to beg, as she's not interested in hunting a spineless coward. Vin tries to convince her that she is indeed making a big mistake but she replies that she's had entire weeks to think about everything. She hoists her gun and pulls the trigger. The chain holding Vin to the ceiling shatters and Vin comes crashing down on the ground. The woman bends over him and removes his mask, telling him that she has spent weeks thinking about how she was going to ruin his life, so she could end it.
To be continued.