With the memorial ceremony commemorating the second anniversary

"We begin with the memorial ceremony commemorating the second anniversary."

Do you agree that commemorating the second anniversary modifies the memorial ceremony behind like

1) Students studying English are in here.

Or commemorating the second anniversary functions as an object complement ,meaning two acts are happening at the same time like

2) She listened to me with her eyes shining.

I think that considering meaning, commemorating the second anniversary modifies the memorial ceremony behind and it is a reduced version of a restrictive relative clause, that commemorates the second anniversary.

Or with objects ~ing structures are always like with her eyes shining, meaning two acts are happening at the same time?

What do you native English speakers think?

Thank you so much as always and have a good day.