Exhibit
4.7


 


AMENDMENT
TO PERSONAL EMPLOYMENT AGREEMENT


 


THIS
AMENDMENT (the “Amendment”) to the Employment Agreement dated December 23, 2013 (the “Employment Agreement”)
is entered into this 28 day of December, 2021 (the “Effective Date”), by and between Galmed Research and Development
Ltd., having its place of business at 16 Tiomkin Street, Tel Aviv, 6578317, Israel (the “Company”), and Allen Baharaff,
I.D. No 059100818, residing at 7 Hayotman St. Tel Aviv, Israel, Israel (the “Executive”).


 


	WHEREAS,	the
Company and the Executive are parties to the Employment Agreement; and
	 	 
	WHEREAS,	the
board of directors of the Company have resolved to approve certain amendment to the Employment Agreement, subject to the approval of
the shareholders which was obtained on August 30, 2021;


 


NOW,
THEREFORE, in consideration of the premises and mutual agreement hereinafter contained, the parties agree as follows:


 


	1.	Except
    as provided explicitly herein, all other provisions of the Employment Agreement (including any of its Exhibits and Amendments) shall
    continue in full force and effect, mutatis mutandis. All capitalized terms used in this Amendment and not defined herein shall
    have the meanings ascribed to then in the Employment Agreement.
	 	 
	2.	As
    of January 1, 2021, Section 6 of Annex A of the Employment Agreement shall be replaced in its entirely by the following:


 


“NIS
170,000”


 


As
of January 1, 2021, any references in the Employment Agreement to the term “Monthly Salary” shall refer to the amount set
forth in this Section.


 


	3.	Section
    9(c) of Annex A of the Employment Agreement shall be replaced in its entirely by the following:


 


“Unless
otherwise agreed by the Board and subject to applicable law, vacation days may be accumulated for no more than two years. Unused accumulated
vacation days that exceed the number of vacation days that may be accumulated over a two-year period (currently, 48 vacation days) shall
be redeemed once a year, on March 1st, provided that the redemption will not result in the number of accumulated vacation days following
the redemption being less than 48 days, or as otherwise required by law. Accumulated vacation days shall also be redeemed in the event
of termination of employment.”


 


	4.	This
    Amendment supersedes all prior agreement, written or oral, between the Parties relating to the subject matter of this Amendment.
    This Amendment may be executed in two or more counterparts, each of which shall constitute an original and all of which shall be
    deemed a single agreement. Except as amended hereby, the Employment Agreement remains in effect and unmodified. In the event of any
    conflict or inconsistency between the provisions of the Employment Agreement and this Amendment, the provisions of this Amendment
    shall prevail.


 




    	 



    	 



    

 


IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.


 


	GALMED
    RESEARCH AND

    DEVELOPMENT
    LTD.
	 	Executive
	 	 	 	 	 
	Name: 	Amir
    Poshinsky	 	Name: 	Allen
    Baharaff
	Title:	Chairman
    of the Audit Committee	 	Title:	President
    and CEO
	Date	December
    28, 2021	 	Date:	December
    28, 2021