Radio Shack scanner headset rewire to work with Midland GXT850

I have a set of Midland gxt850’s. I found a great deal on a racing headset with microphone at RadioShack

The pin fits the midland correctly with the proper 3.5mm and 2.5mm stero jacks. The speakers work great but the mic is not wired correctly for the midland.

I have been searching for an answer on how to rewire this for the midland and I am thinking I need to wire it according to the following diagram. Can someone tell me if I have this correct or not?