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. (of space) the furthest or farthest, most distant, most remote, the utmost or uttermost, extreme, last
  2. (of time) last, final, ultimate, end

    (of space) the furthest or farthest, most distant, most remote, the utmost or uttermost, extreme, last

    (of time) last, final, ultimate, end

    Source: wiktionary.org