@softraid-support Circling back around on this for additional feedback. I unplugged the thunderbolt cable and plugged it into the second slot on the Thunderbay. Rebooted everything and ran Recover failed disks and reset IO errors as suggested. This did in fact clear the errors and everything was fine (blue circle in the menu of the Mac mini M1). Today I decided to start SoftRaid to make sure all was okay. It asked to install the driver (as it does every time I start up). Then the circle in the menu went red and the app indicated that there are IO errors on mirror pair 2. I am running Repair and Validate again to see if that will fix it. Please let me know if there is anything else I need to do.
Thanks
I think you need to reinstall the SoftRAID driver.
Uninstall SoftRAID (utilities menu)
resinstall SoftRAID driver. (Allow OWC again)
restart
Clear the iO errors. See if they come back.
@softraid-support Hello, just to complete the loop here, your suggestions fixed the problem. When I upgraded to Monterey, the driver must have gotten corrupted and I would have easily solved the problem by uninstalling and reinstalling the driver (or application). In case anyone else has this problem, hopefully this helps. Thanks!
To be slightly more precise, signed drivers cannot become corrupted, or they won't run.
I think this may have been an OS bug, where macOS did not update the StagedExtensions, the version of the driver that loads, compared to what is officially installed.
In any case, happy this is resolved!

