Translation
If he covers the right side, take his sword in this way with your left hand and you can wound him with thrusts and cuts. And if you want, you can cut his face or neck with his sword in the way that is drawn. Also, when I have injured you well, I can abandon my own sword and take yours as the scholar after me shows.
Interpretation
Crossed in the middle of the swords as the 3rd master, your opponent is trying to switch sides, or possibly even disengage altogether. Dropping back with a volta stabile into a rear weighted stance, they use their sword to cover their right side. Before completing this move or properly chambering their weapon, you make your play.
Step though with your left foot. Move quickly so as to close the distance before your opponents structure achieves full stability. Grab the tip of their sword as you step through, and allow the point of your own sword to drop so that it points directly at them as shown.
From here, you are ideally placed to drive your point into their ribs, armpit or face. After your initial thrust hits home, you should have plenty of scope to deliver several more thrusts or cuts so as to finish the fight.
If you would like to continue, you could also shuffle up with your back foot and step behind your opponent with your left foot. Push your hand forward as you do so, causing your opponents blade to slice into their neck or face. As an expansion on this theme, you could also transition to the play of the 12th scholar.