The Q cycle (named for quinol) describes a series of sequential oxidation and reduction of the lipophilic electron carrier Coenzyme Q (CoQ) between the ubiquinol and ubiquinone forms.
These reactions can result in the net movement of protons across a lipid bilayer (in the case of the mitochondria, the inner mitochondrial membrane).
The Q cycle was first proposed by Peter D. Mitchell, though a modified version of Mitchell's original scheme is now accepted as the mechanism by which Complex III moves protons (i.e. how complex III contributes to the biochemical generation of the proton or pH, gradient, which is used for the biochemical generation of ATP).
Operation of the modified Q cycle in Complex III results in the reduction of Cytochrome c, oxidation of ubiquinol to ubiquinone, and the transfer of four protons into the intermembrane space, per two-cycle process.
Ubiquinol is divergently oxidized (gives up one electron each) to the Rieske iron-sulfur '(FeS) protein' and to the bL heme.