rc-local.service fail with: Failed at step EXEC spawning /etc/rc.d/rc.local: Permission denied

Issue

• rc-local.service failed to run with below error:

-- Unit rc-local.service has begun starting up.
Jun 17 07:28:05 test.com systemd[46568]: rc-local.service: Failed to execute command: Permission denied
Jun 17 07:28:05 test.com systemd[46568]: rc-local.service: Failed at step EXEC spawning /etc/rc.d/rc.local: Permission denied

Jun 29 04:13:45 test.com systemd[1]: rc-local.service: Control process exited, code=exited status=203
Jun 29 04:13:45 test.com systemd[1]: rc-local.service: Failed with result 'exit-code'.
Jun 29 04:13:45 test.com systemd[1]: Failed to start /etc/rc.d/rc.local Compatibility.