Yes, that is assuming the overload N/C contact is N/C when the overload is not tripped but in reality this is the N/O contact, The idea is that when the overload is ok you get a closed contact so that if it trips it removes the signal to the input, in actual fact it would be a N/O in it's tripped state, sounds confusing doesn't it, like relays I always assume a N/O contact is open when not energised & N/C is closed when not energised. So it depends on what you call it. overloads often have two spare aux contacts one of each I always use the N/O contact when tripped so when reset it passes a signal, this way the input to the PLC is on when healthy, this has an advantage that if the supply to the contact was lost (broken wire) then the indication to the PLC is there is a trip. if you use a N/C contact that opens when the overload is healthy then a broken wire will not show up as a fault. For the same reason an E-stop or Stop button is normally closed so that if the signal is lost it stops the process if it is pressed or if a wire comes off or the contact spring breaks (fail safe, sort of). There has been a lot of debate over AB versus other PLC types for example XIO Examine if open is not the physical contact is open but the contact is closed and XIC is the opposite so N/O & XIC is the same & N/C XIO is the same.