ypbind service fails to start with an error "systemd: ypbind.service start-post operation timed out. Stopping."

Issue

• Unable to bind NIS client to NIS server running on Solaris 10
• ypbind service failed to start with following errors in /var/log/messages:

Jul 29 11:36:33 nisclient systemd: Starting NIS/YP (Network Information Service) Clients to NIS Domain Binder...
Jul 29 11:36:33 nisclient setsebool: setsebool:  SELinux is disabled.
Jul 29 11:36:38 nisclient ypbind: Binding NIS service
Jul 29 11:38:08 nisclient systemd: ypbind.service start-post operation timed out. Stopping.
Jul 29 11:38:08 nisclient systemd: Failed to start NIS/YP (Network Information Service) Clients to NIS Domain Binder.
Jul 29 11:38:08 nisclient systemd: Unit ypbind.service entered failed state.
Jul 29 11:38:08 nisclient systemd: ypbind.service failed.