This page is about defining the Shapeshift action. For a list of models that can shapeshift, check here.
A model with the Shapeshift ability has two cards and two models, one representing its original form and one representing its shapeshift form.
Replace its card with the card of its new form. Replace the model on the dungeon map with the new form’s model. The new model must occupy at least one square that the previous model occupied. If there is no room to place the new model it may not shapeshift.
The model retains all tokens and equipment it possesses regardless of its form. The shapeshift form retains the same model type as the original form. Monsters that shapeshift are considered in play, and may not spawn, as long as one of its forms is on the dungeon map. Heroes do not draw loot when a monster shapeshifts from one form into another.
When spawning a monster with shapeshift, the Consul must check to see which form costs more skull points and pay that amount (the monster still spawns in its original form.)
In Arcade, monsters will shapeshift when given the Unique command. They will first perform their unique actions and then shapeshift to their new form (SDE:L KS rules errata question)