Exhibit 4.7


January 19, 2020 RSU and PSU award agreement example


 


THE AWARD HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS
SUCH SECURITIES ARE REGISTERED UNDER THE ACT, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT ARE AVAILABLE. THE
TERMS “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED IN REGULATION S UNDER THE ACT.


 


 


2015 omnibus equity
incentive COMPENSATION plan


 


Award
Agreement


 


Caledonia Mining Corporation Plc (the “Company”)
hereby grants the following Restricted Share Units (“RSUs”) and Performance Units (“PUs”)
to the Participant named below (the “Recipient”), in accordance with and subject to the terms, conditions and
restrictions of this Agreement, together with the provisions of the 2015 Omnibus Equity Incentive Compensation Plan (the “Plan”)
of the Company for services rendered to the Company and its subsidiaries:


 


	Name of Recipient:	



 


Grant of RSUs:


 


	Date of Grant:	

	Value of RSUs at Date of Grant:	

	Price Per Share at Date of Grant1:	

	Total Number of RSUs:	

	Vesting Date of RSUs:	
        Subject to any reduction, cancellation, forfeiture
or acceleration in vesting as provided in the Plan or this Award Agreement, 100% of the RSUs granted pursuant to this Award Agreement
will vest on January , 2023 (“RSUs Vesting Date”).

	Dividend Reinvestment:	
        The Recipient will be entitled to receive,
from and after the date of the grant of the RSUs until settlement of the RSUs, for each RSU held at the time of payment of a dividend
by the Company, the cash equivalent of such dividend declared by the Company on one Share. Such cash equivalents paid by the Company
shall, with respect to each unvested RSU, be automatically reinvested in additional RSUs at a price per RSU equal to the then
applicable RSU Share Price. For the avoidance of doubt, all additional RSUs accrued to the Recipient through dividend reinvestment
shall be subject to the terms, conditions and restrictions of this Agreement and the Plan.




 


 


_____________________


1 The Fair Market Value of a Share underlying an RSU shall be
equal to the greater of (i) the volume weighted average trading price of the Shares on the NYSE American for the five trading days
preceding the relevant date in which such valuation occurs or (ii) the closing price of the Shares on the NYSE American on the
trading day immediately prior to such valuation date (i.e., grant date, dividend payment date, settlement date) (the “RSU
Share Price”).


 



     


     


    




	Settlement:	


        The settlement value of the RSUs shall be an amount equal to the Total Number of RSUs
        (including, for the avoidance of doubt, RSUs accrued to the Recipient pursuant to dividend reinvestment) multiplied by the RSU
        Share Price on the date of settlement. Such settlement value may be paid to the Recipient in the same currency and in the same
        manner that the Recipient receives his or her regular compensation.

         

        Notwithstanding the foregoing, the Recipient may, except in the event of a Change of
        Control, request that settlement be made in whole or in part in the form of Shares at a value equal to the then applicable RSU
        Share Price at the date of settlement and, in the event that such request is made, the Company shall endeavour to satisfy such
        request to issue Shares subject to there being, if the Recipient is a resident of Zimbabwe, a current listing of Shares or securities
        representing them on a Zimbabwe securities exchange and all applicable law and regulations (including, but not limited to, any
        restrictions on the issue of securities pursuant to the Plan and the Company’s share dealing code in force from time to time
        and the requirements of any securities exchange upon which the Shares are then listed) and otherwise on such terms and conditions
        as the Committee may determine.

         





 


Grant of PUs:


 


	Date of Grant:	

	Value of PUs at Date of Grant:	

	Price Per Share at Date of Grant2:	

	Target Number of PUs:	

	Vesting Date of PUs:	
        Subject to any reduction, cancellation, forfeiture
or acceleration in vesting as provided in the Plan or this Award Agreement, 100% of the PUs granted pursuant to this Award Agreement
will vest on January , 2023 (“PUs Vesting Date”).

	Performance Measures:	
        The number of PUs which will vest on the PUs
Vesting Date (including an increase or decrease in the Target PUs) will be equal to the Target PUs multiplied by the score determined
in accordance with Appendix A (the “Performance Multiplier”) to this Award Agreement.

	Performance Period:	
        January 1, 2020 to December 31, 2022.

	Dividend Reinvestment:	
        The Recipient will be entitled to receive,
from and after the PUs Vesting Date until settlement of the PUs, for each vested PU held at the time of payment of a dividend
by the Company, the cash equivalent of such dividend declared by the Company on one Share. Such cash equivalents paid by the Company
shall, with respect to each vested PU, be automatically reinvested in additional PUs at a price per PU equal to the then applicable
PU Share Price. For the avoidance of doubt, all additional PUs accrued to the Recipient through dividend reinvestment shall be
subject to the terms, conditions and restrictions of this Agreement and the Plan. No PUs accrued to the Recipient through dividend
reinvestment shall be subject to adjustment, either upwards or downwards, by the Performance Multiplier.




 


 


_________________________


2 The Fair Market Value of a Share underlying a PU shall be equal
to the greater of (i) the volume weighted average trading price of the Shares on the NYSE American for the five trading days preceding
the relevant date in which such valuation occurs or (ii) the closing price of the Shares on the NYSE American on the trading day
immediately prior to such valuation date (i.e., grant date, dividend payment date, settlement date) (the “PU Share Price”).


 



     


     


    




	Settlement:	


        The settlement value of the PUs shall be an amount equal to the Target Number of PUs
        (after application of the Performance Multiplier) multiplied by the PU Share Price. Such settlement value may be paid to the Recipient
        in the same currency and in the same manner that the Recipient receives his or her regular compensation.

         

        Notwithstanding the foregoing, the Recipient may, except in the event of a Change of
        Control, request that settlement be made in whole or in part in the form of Shares at a value equal to the then applicable PU Share
        Price at the date of settlement and, in the event that such request is made, the Company shall endeavour to satisfy such request
        to issue Shares subject to there being, if the Recipient is a resident of Zimbabwe, a current listing of Shares or securities representing
        them on a Zimbabwe securities exchange and all applicable law and regulations (including, but not limited to, any restrictions
        on the issue of securities pursuant to the Plan and the Company’s share dealing code in force from time to time and the requirements
        of any securities exchange upon which the Shares are then listed) and otherwise on such terms and conditions as the Committee may
        determine.

         



	Death of the Recipient:	
        If the Recipient dies while an Employee of
the Company or an Affiliate, any PUs held by the Recipient that have not vested will immediately vest and will be settled with
the estate of the Recipient as soon as practicable. The Performance Multiplier will be applied to determine the number of PUs
that vest as if the applicable Performance Period has been completed. If a Performance Period is in progress at the time of the
Recipient’s death or for future Performance Periods, the Performance Multiplier will be calculated on the basis of the Performance
Measures achieved at the end of the immediately preceding interim period. The determination of the foregoing will be in the sole
and unfettered discretion of the Committee.



 


 


 


 



     


     


    




	1.		The terms and conditions of the Plan are hereby incorporated by reference as terms
and conditions of this Award Agreement and all capitalized terms used in this Award Agreement, unless expressly defined in a different
manner, have the meanings given to them in the Plan. Except where the terms and provisions of this Award Agreement specifically
state that they supersede the terms or provisions of the Plan, in the event of a conflict between any term or provision contained
in this Award Agreement and a term or provision of the Plan, all terms and provisions of the Plan will govern and prevail.



 


	2.		The Awards granted pursuant to this Award Agreement are recorded in a notional account
held by the Company in your name, to which you may refer at any time.



 


	3.		Nothing contained in this Award Agreement or the Plan will give the Recipient or any
other Person any interest or title in or to any Share or any rights as a shareholder of the Company (including, without limitation,
any right to receive dividends or other distributions from the Company, voting rights, warrants or rights under any rights offering)
or any other legal or equitable right against the Company whatsoever, other than as set forth in this Award Agreement and in the
Plan.



 


	4.		If the Recipient voluntarily Retires, the Committee may, in its sole discretion but
will have no obligation to, accelerate the vesting of any unvested Awards granted pursuant to this Award Agreement. In exercising
its discretion, the Committee will consider the nature of the Recipient’s withdrawal from employment or office with the
Company or Affiliate, including without limitation the notice period given by the Recipient, the transition responsibilities carried
out by the Recipient and the Recipient’s adherence to any applicable restrictive covenants.



 


	5.		The Recipient will not be obligated to settle any Awards granted pursuant to this
Award Agreement on the vesting date of such Awards but may elect to settle at any time after such vesting date.



 


	6.		Nothing in the Plan or in this Award Agreement will affect the Company’s right,
or that of an Affiliate, to terminate the employment or term of office or engagement of a Recipient at any time for any reason
whatsoever. Upon such termination, the Recipient’s rights in respect of the Awards granted under this Award Agreement will
be subject to restrictions and time limits, the complete details of which are set out in the Plan.



 


	7.		Without restriction, and for the avoidance of doubt, the Recipient agrees that the
Recipient will not be entitled to any rights to accrue, vest or exercise any Awards during or in respect of any termination notice
or severance period under the Recipient’s employment agreement or employment arrangements.



 


	8.		Each notice relating to the Awards must be in writing. All notices to the Company
must be delivered personally or by prepaid registered mail and must be addressed to the Chief Financial Officer of the Company
with a copy to the Company Secretary of the Company. All notices to the Recipient will be addressed to the principal address of
the Recipient on file with the Company. Either the Company or the Recipient may designate a different address by written notice
to the other. Such notices are deemed to be received, if delivered personally, on the date of delivery, and if sent by prepaid,
registered mail, on the fifth business day following the date of mailing. Any notice given by either the Recipient or the Company
is not binding on the recipient of such notice until received.



 



     


     


    




	9.		Subject to 8.3 or 10.7 of the Plan, as applicable, any Award granted pursuant to this
Award Agreement may only be held during the lifetime of the Recipient by the Recipient personally and no assignment or transfer
of an Award, whether voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such Award whatsoever
in any assignee or transferee, and immediately upon any assignment or transfer or any attempt to make such assignment or transfer,
the Award granted under this Award Agreement terminates and is of no further force or effect. Complete details of this restriction
are set out in the Plan.



 


	10.		In the event of a Change of Control, all RSUs and PUs granted pursuant to this Award
Agreement shall immediately vest and the value of such RSUs and PUs shall be paid out in cash within 30 days subsequent to the
Change of Control in an amount based on the Change of Control Price. For the avoidance of doubt, the Committee shall have no discretion
regarding the form of payment and there shall be no Alternative Awards as described in Article 14 of the Plan.



 


	11.		The Recipient hereby acknowledges and agrees that:



 


		(a)	any rule, regulation or determination, including the interpretation by the Committee, with respect
to the Awards granted under this Award Agreement and, if applicable, its exercise, is final and conclusive for all purposes and
binding on all Persons, including the Company and the Recipient;



 


		(b)	the participation of the Recipient in the Plan is entirely voluntary; and



 


		(c)	the Recipient has been advised to obtain independent legal and tax advice prior to entering into
this Award Agreement and by entering this Agreement the Recipient represents that he or she did obtain whatever independent legal
and tax advice he or she considered appropriate and sufficient.



 


	12.		By signing this Award Agreement, the Recipient represents and warrants that (i) under
the terms and conditions of the Plan he is an Eligible Participant (as defined in the Plan) entitled to receive the Award, and
(ii) he is not in the United States or a U.S. person, nor is he acquiring the Award for the benefit of a person in the United
States or a U.S. person. Furthermore, the Recipient understands that the Award may not be exercised in the United States or by
or on behalf of a U.S. person unless the Award has been registered under the Act or is exempt from registration thereunder. The
Company may condition the Award upon receiving from the Recipient such representations and warranties and such evidence of registration
or exemption under the Act as is satisfactory to the Company, acting in its sole discretion.



 


	13.		This Award Agreement has been made in and is to be construed under and in accordance
with the laws of the Province of Ontario and the laws of Canada applicable in the Province of Ontario.



 



     


     


    




	 	CALEDONIA MINING CORPORATION PLC

                                             

                                             

                                             

	 	By: 	 
	 	Authorized Signatory 
	 	 


 


I have read the foregoing Award Agreement and hereby accept the
Awards in accordance with and subject to the terms and conditions of this Award Agreement and the Plan. I understand that I may
review the complete text of the Plan by contacting the Company Secretary. I agree to be bound by the terms and conditions of the
Plan governing the Award.


 


	 	 	 
	Date Accepted	 	Recipient’s Signature
	 	 	
         

         

	 	 	Recipient’s Name

(Please Print)


 


 


 


 


 


 


 


 






     


     


    

APPENDIX A

PERFORMANCE MULTIPLIER 


 


The Performance Multiplier will be calculated based on gold production
performance for the year ending December 31, 2022 in accordance with the following targets based on the applicable Life of Mine
Plan:


 


Gold ounces produced


 


 


 


	 	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
	2020	 4,407 	 4,240 	 4,813 	4,462 	4,710 	4,405 	5,202 	4,722 	4,441 	4,856 	5,026 	 4,908 
	2021	 6,041 	 6,343 	 6,343 	6,403 	6,403 	5,715 	5,715 	5,888 	6,061 	6,209 	6,939 	 6,939 
	2022	 6,800 	6,870 	6,871 	6,814 	6,814 	6,814 	6,814 	6,814 	6,654 	6,493 	6,493 	 5,747 
	Year ending Dec 31, 2022	80,000


 


 


The number of PUs to vest on the PUs Vesting Date will be determined
based on the Performance Multiplier, calculated as follows:


 


	Performance Measure(1)	Guideline Weight(2)	Below 70% of Target Met	70% of Target Met	Target Met	Maximum – 200% of Target
	Gold Production	100%	No PUs vest	70% PUs vest	100% PUs vest	200% PUs vest


Notes:


 


		(1)	For the purposes of determining whether a target has been met mid-year, the results for the immediately
prior interim quarterly period will be annualized and applied.



 


		(2)	If the applicable target is met, then a score equal to the Guideline Weight is achieved. For example,
if the target Gold Production is met, a score of 100% would be received. If the target is exceeded by 10%, a score of 110% would
be received. If a score of less than 70% is achieved, no PUs will vest. If a score above 200% is achieved, the maximum number of
PUs will continue to be 200% of the Target PUs.