It was installed by a third party app. We do not use it. Something that checks SMART.

Disable the SAT-SMART driver. it is the cause of this panic. Then see if you get additional panics.

The submit IO's one at at time setting should not have had the behavior you indicated. I do not understand that one, all it does is more closely emulate the Apple RAID driver by not performing asynchronous IO's to the disks.

Does this mean disabling SMART monitoring in the SoftRAID preferences?

Which setting in SoftRAID should be used to disable the SAT-SMART driver? 

The submit IO's one at at time setting should not have had the behavior you indicated. I do not understand that one, all it does is more closely emulate the Apple RAID driver by not performing asynchronous IO's to the disks.

I've already run Techtool Pro to check my RAM is fully working.  I've switched my TB3 cable around.  I have an open support ticket, but so far there's been only been the basic suggestion to flip/swap the cable.

I tried the Preference: Submit reads and writes one at a time (slower).  But SoftRAID went haywire when I did that and started throwing up tons of I/O errors.  I nearly lost my striped drive... had to recover the data and rebuild it.

I'll attach the kernel panic log below:

panic(cpu 0 caller 0xffffff8015213577): "fi_dungeon_driver_IOSATDriver::setPowerState(0xffffff80bfe90af0 : 0xffffff7f95b7a234, 3 -> 0) timed out after 101995 ms"@/AppleInternal/BuildRoot/Library/Caches/com.apple.xbs/Sources/xnu/xnu-6153.141.16/iokit/Kernel/IOServicePM.cpp:5296
Backtrace (CPU 0), Frame : Return Address
0xffffffa7842a3b40 : 0xffffff8014b1963d
0xffffffa7842a3b90 : 0xffffff8014c53ae5
0xffffffa7842a3bd0 : 0xffffff8014c4566e
0xffffffa7842a3c20 : 0xffffff8014abfa40
0xffffffa7842a3c40 : 0xffffff8014b18d07
0xffffffa7842a3d40 : 0xffffff8014b190f7
0xffffffa7842a3d90 : 0xffffff80152c01cc
0xffffffa7842a3e00 : 0xffffff8015213577
0xffffffa7842a3e50 : 0xffffff8015212e59
0xffffffa7842a3e60 : 0xffffff801522a3ee
0xffffffa7842a3ea0 : 0xffffff8015211c08
0xffffffa7842a3ec0 : 0xffffff8014b5b605
0xffffffa7842a3f40 : 0xffffff8014b5b131
0xffffffa7842a3fa0 : 0xffffff8014abf13e

BSD process name corresponding to current thread: kernel_task

Mac OS version:
19H524

Kernel version:
Darwin Kernel Version 19.6.0: Tue Jan 12 22:13:05 PST 2021; root:xnu-6153.141.16~1/RELEASE_X86_64
Kernel UUID: 64F23D6D-4C30-3FC4-B7C2-9EE0BBA0D29A
Kernel slide: 0x0000000014800000
Kernel text base: 0xffffff8014a00000
__HIB text base: 0xffffff8014900000
System model name: iMac20,2 (Mac-AF89B6D9451A490B)
System shutdown begun: NO

System uptime in nanoseconds: 218665921546055
last loaded kext at 106544344338738: @filesystems.exfat 1.4 (addr 0xffffff7f9b22c000, size 65536)
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com.softraid.driver.SoftRAID 5.8.4
fi.dungeon.driver.SATSMARTDriver 0.10.2
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