The Pope (Leo X.) with Death at his side, crowns an Emperor, who kisses his foot. Another Death, in a cardinal's hat, is among the assistants. The message is that no matter how high your tation in life, even if you rank above an emperor, ultimately death will take you. It is an admonishment against putting too much weight on wordly things to the neglect of the spiritual duties.
There was a time when we were not. This gives us no concern - why then should it trouble us that a time will come when we shall cease to be? -- William Hazlitt