How do you launch an application.app stored in nfs share from bash script?
The primary issue I see with your command:

exec open -a "/path/to/nfs/"Sublime\ Text.app" "$@"


Is you have used a backslash to escape a space while also quoting the command. Use one or the other, but not both, e.g.:

open -a "/path/to/nfs/Sublime Text.app"


Or:

open -a /path/to/nfs/Sublime\ Text.app


I also see no reason to use exec when the open command by itself works in this context, or from a script, e.g.:

open -a "/path/to/nfs/"Sublime Text.app" "$@"


That said though, when using the open command with the -a option you might consider using the --args option, which from its man page states, "All remaining arguments are passed to the opened application in the argv parameter to main(). These arguments are not opened or interpreted by the open tool.", thus making the command as, e.g.:

open -a "/path/to/nfs/"Sublime Text.app" --args "$@"