Wages in lieu of notice are wages paid or payable by an employer to you. There must be an employment agreement, a statutory requirement or a uniformly applied company policy which requires that the employer give the employee a definite period of notice before a layoff or separation. The employee must be laid off or separated without the required notice. The employer must pay the employee a sum equal to his regular wages, or an amount computed in accordance with a formula which is based on the employee's past earnings, for the required period of notice.
If you are receiving severance pay based on years of service or work, this question should be answered "No". Severance pay is not considered to be wages in lieu of notice and is not disqualifying for unemployment insurance purposes.
Wages in Lieu of Notice (pdf)