Apparently, Vault Profiles ignored the following:
masterserver:/usr/openv/netbackup/db/*
Since we do a 2 step catalog backup, we had to exclude the images directory. I had to explicitly list all the directories in /usr/openv/netbackup/db/ minus the images directory.
So, the root cause was a tape cartridge filling up.
Kudos to the Veritas Support staff for helping find this one. I hope it makes it to the vault v5.1 MP3 readme file.