What happens when Windows Evaluation period runs out?

Windows Server powers itself off.

slmgr /rearm to add another 180 days

I was surprised my VMs and Windows Server wasn’t responding to pings or ssh. Went over to check the HP host and found it was turned off.

When I powered it back on everything was looking fine so I went digging through event viewer. Had to scroll through a bunch of stuff but one obscure “information” entry in Application Logs that said:

The license period for this installation of Windows has expired. The operating system is shutting down.

One hour as well as a half hour before Windows Server shut itself down, there are a couple of information logs that said:

The license period for this installation of Windows has expired. The operating system will shutdown every hour.

It logged an identical entry when I turned the machine back on as well.