This time we had a fellow DBA

The Agent logs $AGENT_HOME/sysman/log/emagent.trc showed for this target
011-01-03 02:36:38,423 Thread-3643 WARN vpxoci: OCI Error -- ErrorCode(1008): ORA-01008: not all variables bound
On doing some more debugging. this issue showed up to be a specific issue with Oracle 10.2.0.3 and cursor_sharing as described in ID 422118.1.
The Workaround is to change the cursor sharing from similar to exact and flushing the shared pool.
Please also Note in Oracle 11 Cursor_sharing=similar has already been deprecated per Note # 1169017.1