No, thats no good.
The nut neeeds to be higher up so the split pin goes through the "slots" in the nut, the idea being that the split pin stops the nut from undoing.
Something is not quite right, the bolts could be slightly too long or the nuts could be the wrong ones. I'm not sure but I seem to remember the nuts for these have a flange on the bottom which acts as a washer.
Finding the correct bolts and nuts for these motors could be a bit difficult so you need to place a washer under each nut to get the slots up to the correct height. If you undo a nut and wind it up until the pins slides through the slots in the nut and the hole in the bolt and then measure how thick the washer would need to be. Once you have done this head off to a engineering shop and get some hardened washers the correct thickness.
A bit of messing around but this part of the motor needs to be right, you dont want these particular bolts to come loose !