The king and "his" Death are on a separate canvas, which was in a very bad condition before the restoration. It's very easy to see where the two canvasses are joined to the left of the king: The landscape doesn't fit together and gives the impression that a piece is missing. This is not the case, however, since the text-scrolls beneath the painting are intact.
It looks like the king is raising his sceptre as a baton to lead this part of the procession.
The text from the painting has been transcribed and translated under the photos of the painting from Lübeck.