"Computer restarted because of a problem" issue

Hello,

Many times when I try to shut down or restart my Mac I get a "Your computer restarted because of a problem" error.

I am running BigSur 11.2.3

I have a:

iMac (Retina 5K, 27-inch, 2017)

4.2 GHz Quad-Core Intel Core i7

32 GB 2400 MHz DDR4

The is the error message:

panic(cpu 2 caller 0xffffff8019cbfbe6):  initproc exited -- exit reason namespace 2 subcode 0x4 description: none

uuid info:

 0x119128000 uuid = <0d4ea85f-7e30-338b-9215-314a5a5539b6>

 0x10bf6b000 uuid = <7426871f-66d2-3ee3-9d3c-26d02cdfa336>

Thread 4 crashed

RAX: 0x00007fff203dcc2a, RBX: 0x000070000b8df9b0, RCX: 0x00007fff203f498d, RDX: 0x0000000000000002

RSP: 0x000070000b8df998, RBP: 0x000070000b8df9a0, RSI: 0x0000000000000390, RDI: 0x00007ff9b4c05360

R8:  0x00000000004f4005, R9:  0x0000000000000001, R10: 0x0000000000000000, R11: 0xfffffffffffffe30

R12: 0x00007ff9b4d05ed0, R13: 0x0000000000000001, R14: 0x0000000000000001, R15: 0x000070000b8dfaa0

RFL: 0x0000000000010207, RIP: 0x00007fff203ee347, CS:  0x000000000000002b, SS:  0x0000000000000023

Thread 0: 0xffffff86e27f5d10

0x00007fff2053a622

0x00007fff203cf51b

0x0000000000000000

Thread 1: 0xffffff86e9014360

0x00007fff20557a7a

0x00007fff203be7c7

0x00007fff203c45fe

0x00007fff203c50cb

0x00007fff203cec5d

0x00007fff20566499

0x00007fff20565467

0x0000000000000000

Thread 2: 0xffffff86e60e4000

0x00007fff2053a5a2

0x000000010bf780a6

0x00007fff203be7c7

0x00007fff203c45fe

0x00007fff203c50cb

0x00007fff203cec5d

0x00007fff20566499

0x00007fff20565467

0x0000000000000000

Thread 3: 0xffffff86e60fbad0

0x00007fff20536586

0x00007fff203dc1fc

0x00007fff203cb84c

0x00007fff203cb4ac

0x000000010bf9ee49

0x000000010bf78029

0x000000010bf77e0e

0x00007fff203be7c7

0x00007fff203cb605

0x000000010bf77527

0x00007fff203be7c7

0x00007fff203c1195

0x00007fff203d1550

0x00007fff203c44a7

0x00007fff203c50cb

0x00007fff203cec5d

0x00007fff20566499

0x00007fff20565467

0x0000000000000000

Thread 4: 0xffffff86e60fb240

0x00007fff203ee347

0x00007fff203db404

0x00007fff203ceae0

0x00007fff20566499

0x00007fff20565467

0x0000000000000000

Thread 5: 0xffffff86e60fd480

0x00007fff20534da6

0x00007fff20536987

0x00007fff205ac5e4

0x00007fff205ace0f

0x000000010bf9f249

0x00007fff203cb1d5

0x00007fff203be7c7

0x00007fff203c45fe

0x00007fff203c50cb

0x00007fff203cec5d

0x00007fff20566499

0x00007fff20565467

0x0000000000000000

Thread 6: 0xffffff86e60f39b0

0x0000000000000000

Mac OS version:

20D91

Kernel version:

Darwin Kernel Version 20.3.0: Thu Jan 21 00:07:06 PST 2021; root:xnu-7195.81.3~1/RELEASE_X86_64

Kernel UUID: C86236B2-4976-3542-80CA-74A6B8B4BA03

System model name: iMac18,3 (Mac-BE088AF8C5EB4FA2)

System shutdown begun: YES

Panic diags file available: YES (0x0)

••••

How serious is this?

Is this a system problem? Disk?

Should I reformat my main drive and reinstall from a backup? Or can I just reinstall my system software?

I am not sure what my next step should be to fix this.