What is the meaning of Ultimus?

In an academic promotion ceremony, the person who graduates with the second best grades and receives his/her diploma last.

superlative degree of ulter

1. the furthest or farthest, most distant, most remote, the utmost or uttermost, extreme, last

   the furthest or farthest, most distant, most remote, the utmost or uttermost, extreme, last

   last, final, ultimate, end

   the farthest or most distant part of, the end, edge or tip of something

   Source: wiktionary.org