Job Hangs.
The memory allocated for the job gets exhausted.
The issue is resolved with Backup Exec 24.0 Hotfix 651544.
The issue was only seen for incremental backup of O365 SharePoint Online backup.
Workaround :
1) Edit the o365_settings.conf file located at C:\Program Files\Veritas\Backup Exec\SCFPlugins\O365.
Un-comment the following under the SharePoint section (find "[sharepoint]") of the conf file -
#Defines the buffer size in the backup (minimum- 16 , maximum- 16384)
backup_buffer_size_kb = 256
#Defines the memory pool size in the backup (minimum- 0 , maximum- 500)
backup_mem_pool_size_mb = 500
Note: Revert to original value if it does not help. Restart the BE services so that the edits can take effect.
2) If the above steps do not help, then run a Full Backup of the specific site which hangs.