Allow steak to sit out for 45 minutes or so at room temperature to take the chill off. Set up grill for indirect grilling with high heat. Brush and oil the great prior to cooking.
For the steak: Liberally sprinkle the steak with kosher salt and pepper. Place steak on the indirect side of the grill and cook until the internal temperature hits 100°F. This will take anywhere from 15 to 30 minutes depending on your particular grill and cooking conditions. Then with a sturdy pair of long tongs, move the steak over to the high direct heat and sear the sides of the steak until they are browned and deliciously crusty. Lay the steak down over the heat for 2 minutes at a 45-degree angle to the grates, then rotate 90-degrees and cook for another 2 minutes for great grill marks. Flip and finish cooking to the desired temperature (125°F to 130°F for medium rare; 130°F to 135°F for medium; 135°F to 140°F for medium well. Carryover cooking will raise the temperature another 5 degrees). Let the steak rest for 7 or 8 minutes while you prepare the sriracha shallots.
For the sriracha shallots: Melt the butter in a small saucepan. Once the butter stops sputtering and foaming add the shallots and sweat until softened; about 2 to 3 minutes. Add the vinegar and cook for 1 minute more. Remove from heat and stir in the remaining ingredients.
Slice and serve!
Recipe by Grilling Outdoor Recipes powered by Bull Outdoor Products at http://www.grillingoutdoorrecipes.com/easy-weekend-grill-ribeye-with-sriracha-shallots/