WARNING: The following contains spoilers for Hawkeye Episode 4, "Partners, Am I Right?" which aired Wednesday on Disney+.

The premiere episode of Hawkeye involved a heist in which the Tracksuit Mafia set off an explosion and ransacked a black-market auction. And while more attention was given to the Ronin suit (which Kate ended up with) and the sword (which Jack swiped from Armond before his death), the leadership of the Tracksuit Mafia was explicit about the fact that what they were really after was a particular watch, recovered from the wreckage of the Avengers Compound.

The vintage Rolex's connection to the Avengers Compound led many theorists to wonder if the device might have belonged to Tony Stark. Tony was known to hide advanced tech in the form of accessories such as eyeglasses. If it did have some connection to Tony, the implications could've been operational (one could imagine a watch designed by Stark Industries could have any number of outlandish functions), or they could've been purely sentimental in light of Tony's death in Avengers: Endgame. However, this week's episode of Hawkeye seems to have ruled out a direct connection to Iron Man. In fact, the Rolex appears to be a Barton family heirloom.

RELATED: Hawkeye: Who Owns Stark Tower Now?

When it becomes apparent that Clint isn't going to make it home on day four of his New York vacation-turned-mission, he checks in with his wife Laura. First, he sends her a text, asking if she can run "Sloan LTD" for him. Then, he calls and their phone conversation makes it clear that she's been far more involved in Clint's work than the MCU has previously let on. Laura's not just his doting wife and the mother of his three kids; she's effectively his "guy in the chair," which changes everything we know about their relationship and how she might play into the MCU's future. In no time at all, she's discovered that Sloan Limited, which is run by one Jack Duquesne, is a money-laundering front for "the big guy", who is almost certainly Kingpin. It's also Laura who has the foresight to inquire about the Rolex, in German no less, which suggests she's undergone some higher-level spy training of her own.

Clint thought the watch was destroyed, but Laura reminds him that they thought his "fancy suit" was destroyed, too. If the watch does still exist (and we know it does) she seems pretty worried about it. Laura tells Clint she'll check the signal from its transmitter. This means it's not the tricked-out tech piece of a dead man, but a simple watch (albeit with a tracker) that Laura may have given Clint, perhaps so she could follow his whereabouts. It could also mean whoever wanted it and has it now is also specifically interested in tracking down Clint, or more accurately, Ronin.

While their safe space is filled with helpful LARPers, Clint gets a text from his wife who has located the watch at 3715 Godfrey Road. He sends Kate in with some trick arrows while he guards the perimeter. Clint explains that the Rolex is the property of somebody he used to work with. This information is slightly at odds with his and Laura's phone call. Whoever he's referring to has been "out of the game a long time but their identity is still attached" to the watch. If the Tracksuit Mafia knew what they had, it would blow this friend's cover, a point about which Clint gets noticeably choked up. Kate finds it, along with a piece of notebook paper containing the names and ages of Clint's family members. This information could have come from the timepiece itself (perhaps it was an engraved gift), or the thief could've been on the right track and doing some research on the Bartons.

RELATED: Hawkeye’s Fifth Episode May ‘Blow Up Twitter’

Clint is reunited with his wife

The apartment, it turns out, belongs to Echo, who -- with the help of a Black Widow -- fights off Clint and Kate. She (or someone above her) may think she can use the watch to identify and get revenge on Ronin, but from the way Clint and Laura act, it sure seems like the watch is a bigger liability for someone else. It is still unclear if that Clint was the person in the suit when Ronin assassinated Echo's father, and though the series is making it seem as though the Rolex will implicate him, it could very well be Laura Barton whose cover could get blown.

After all, Echo had Clint in a position where she could've killed him in Episode 2, but she didn't. Episode 4 hints that Laura was "in the game" at some point, and there's nobody else Clint would care about protecting more. But whether the watch is actually Clint's, Laura's or a mutual friend's (Nick Fury?) is almost beside the point -- the fact that it is still out there in the world has upped the ante for Hawkeye.

To see Kate and Clint find the watch, Episode 4 of Hawkeye is streaming now on Disney+. 

KEEP READING: How Hawkeye Is Designed to Serve Both Hardcore Comic and MCU Fans