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I just did the conversion and I am posting how to do it. There was an old thread that explained it but there was one little difference that could confuse people who are not very computer savvy:

The original post that I am basically copying is here:

(1) Put all your saves (everything with .sav extension and I also included .cur which is probably not needed) in c:\xeen
(2) Copy the whole MM4/5 install to c:\xeen2

Leaving the original note here:
NOTE: By default, these files end up in "GOG Games\Might and Magic VI Limited Edition\Might and Magic 4-5". The files are NOT in "Program Files" or "Program Files (x86)" -- the old files are there. So, be sure you copied the right ones. You will know you have the right files if you have the files GAME1.inst and GAME2.inst both present, along with the file dosboxMM4-5_singleCD.conf (and several other files).

In Galaxy you can go More -> Manage installation -> Show Folder. That will lead you to the folder you need.
For me it was: d:\GOG\Games\Might and Magic 4-5\

(3) Start up DOSBOX
It's located in the DOSBOX subfolder. For me it was:
d:\GOG\Games\Might and Magic 4-5\DOSBOX\

(4) Run the following commands (in order) from the DOSBOX command prompt (assuming you are at z:\> prompt):

mount c c:\xeen
imgmount d "c:\xeen2\game1.ins" "c:\xeen2\game2.ins" -t iso
d:\game\sav2wox c: d:

Then follow the on-screen prompts.

(5) Finally, exit DOSBOX (Type exit) and copy the WOX files from c:\xeen\ to your equivalent of d:\GOG\Games\Might and Magic 4-5\cloud_saves\WORLD\. You can delete the folder c:\xeen2, but you may want to keep c:\xeen around for backup because it has your original SAV files as well as the WOX files. (The original SAV files are in the c:\xeen\BACKUP directory.)

Note that you do NOT need to download sav2wox, nor do you need to put it in c:\xeen, because it is present in the image file.

Please note I am not support and I did this as a courtesy for those willing to do something for their game to work. If it doesn't work, I am sorry, try another solution. If it does, gratz and enjoy!