I'm used to basic Zone system thinking,whitch would be that if the shadow is Zone III, there would be two darker zones below it (above B+F), which is why I said assuming the shadow is Zone III.
From a practical point of view, using his EV measurements, if EV 10 is placed in Zone III, the exposure would be made on EV 12, and I would develop the EV 16 highlight N-2, to bring it down to Zone VII. Other people would think this is overly conservative, but I prefer to reduce contrast in the negative rather than in the print, where I can always add it back easily if I want to.
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