Severance and unemployment, do they overlap? (Albuquerque)

I was offered severance of 14 weeks after being let go as a welding apprentice and I am unsure how it affects benefits. There are 14 people counting on me, so I am trying to be careful. The agreement mentions a release and a payment schedule.

I filed on day one anyway and reported the severance honestly. The agency decided what to do about the timing.