Edit: thanks portoist for pointing the right link, was too slow ;)
When developping for an embedded device, you need a Qt version dedicated (or at least compiled) for this plateform.
So when cross compiling, you have your "host" Qt version, here your MSVC2010 version, and the "device" Qt version, including all the binaries compiled for that precise platform (different compiler and/or build options).
The "host" version is optional as it is only needed to be able to run your application on your windows for testing purposes.
So basically you have two Qt directories/version. You usually have to build the "device" one yourself, which means:
Extracting your sources to the new device Qt version directory
(Optionnally modifying/creating the plateform specific mkspec file, containing compiler/linker path, etc.)
In a terminal, running "configure" to well... configure your Qt version. Here you would use "-platform win32-msvc2010" and "-xplaform linux-qnx-something" as options. The "platform" option represents the host machine architecture, and the "xplatform" option represents the target machine architecture. The string used after each option is the name of a mkspecs directory (see QtBase/mkspecs directory in your Qt sources)
Run qmake and make, which should end up with a valid Qt version built specifically for your target.
Here is a link for further information to cross compile for linux embedded, from Linux (Qt 4.8, not 5).
http://qt-project.org/doc/qt-4.8/qt-embedded-crosscompiling.html
Note that to cross compile for a Linux embedded target, it is way easier to have a linux host. If this is something you can do, Ubuntu is really accessible and has a bunch of tools to do that kind of development.