I am looking at building a fighter, but the wording on Combat Challenge confuses me a little. It says "Whenever an enemy marked by you is adjacent to you and shifts or makes an attack that does not include you as a target."

My question is how is it parsed, is it

Whenever an enemy marked by you
(is adjacent to you and shifts)
or
(makes an attack that does not include you as a target)

or is it

Whenever an enemy marked by you is adjacent to you and
(shifts)
or
(makes an attack that does not include you as a target)

Since I'm trying to make a Polearm fighter and obviously the first way would be better for me to take advantage of reach, but I'm not sure.