An Editable Shape is a non procedural shape which can be created using the Pen or Pencil tools as well as by converting any of the procedural Shapes using the Shapes > Make Editable command (
cmd/ctrl + e). They can also be created via the Toolbar by checking Make Editable Primitives in the tool options at the top.
You can animate the vertices of an Editable Shape using keyframes and the Edit Shapes tool. Also known as path animation.
Path - once you create a keyframe any changes you make to the Shape's vertices will create new keyframes and the vertices will transform between each position in between keyframes.