First off.. Max thanks for posting the link.
Legendboy,
You are right with what you said, however...
First, remember that you have a 24 VAC contactor so the L1 and L2 connections will be to 24 volts (transformer).
Second, The M contact (middle lower) could be the unused L3 contact on your contactor, but it would be better if you used a Normally Open Aux contact as Max described above. Your contactor may already have one on the side, if not one will be available. Using the Aux contact keeps the 24 volt stuff away from the line voltage and is safer and easier to understand in the future.
Last, the OL is the motor overloads. They are used to protect motors when the contactor is used to switch motors. In your case they are not needed or used, just ignore them and wire the coil directly to L2 (in your diagram) remember 24 volts NOT actual line voltage.
Sorry to harp on the voltage, just don't want you to get a bad surprise

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