As part of a plugin we're setting excerpt-include going through a MacroDefinitionUpdater, we have seen that, as part of the process a migration occurs where, trying to render a simple

{excerpt-include:test|nopanel=true}

we end up with:

<ac:structured-macro ac:name="excerpt-include" ac:schema-version="1" ac:macro-id="eda65b90-88a0-4b59-83f0-f67691e8867f">
<ac:parameter ac:name=""><ac:link></ac:link></ac:parameter><ac:parameter ac:name="nopanel">true</ac:parameter>
</ac:structured-macro>

After debugging we found:
StorageLinkMarshaller:52: // only write the ResourceIdentifier if it differs from the context object (CONF-23328 - support relative links: anchors on same page)

and the stack provided, showing a link can be marshalled to null in case of a local reference, crashing the rendering of exceprt-include and possibly include macros