You will likely need to issue her a final K-1.
The IRS requires her to receive a K-1 proportionate to her ownership and the amount of the year that she owned her shares.
For example, if you and I were 50/50 partners in an S-corp and I quit on 7/1/2016. The ownership portions on the K-1 for that year would be 75% (50%+25% = 75%) for you and 25% for me (50%/2 = 25%). If she quit on 12/31/15 or 12/31/2016, there will (either) be no need to issue a K-1 in the case of the former or the K-1s would have the same ownership percentages as in years past in the case of the latter.
See the following from the Schedule K-1 (Form 1120S) Instructions:
Shareholder's Pro Rata Share
General Rule:
Items of income, gain, loss, deduction, or credit are allocated to a shareholder on a daily basis, according to the number of shares of stock held by the shareholder on each day of the corporation's tax year. See the detailed instructions for item F in Part II. Information About the Shareholder, later.
Shareholders who dispose of stock are treated as shareholders for the day of their disposition. Shareholders who die are treated as shareholders for the day of their death
