Bespectacled man in suit opens wallet while a younger lady in formal wear laughs with him.
Two people are near each other.
Laughs with him implies near each other.
If a man is in a suit and a lady is in formal wear and other people are near, it implies they are at an important occasion.
A man and lady are two people.  In order for 2 people to be laughing together they must be near each other.