Since it's so hard to find anything good for this really nice phone I thought the least I could do is Provide a guide on how to turn your Droid 4 into a Mobile Hot Spot with no monthly fee.
Step One: Root your D4 with http://vulnfactory.org/public/motofail_windows.zip or wihich ever prgram works for you.
Step Two: Download SQLite Editor from the Market or where ever youcan get it at. Install it and open it. Wait for Databases to load. Navigate down to Settings Storage (the one with the hammer and wrench) and open it. Click Settings.db. Click Settings. Navigate to line #150 (Entitlement Check) and long press the box on the right with the number 1 in it. Click Edit Field and delete the number 1 and enter a zero. Click Save and exit, then reboot your D4.
Step Three: Download the latest Wi-Fi Tether app from here http://android-wifi-tether.googlecod...3_1-beta14.apk and install it. Open it and click menu button to get to the application Settings. Once in settings, click device profile and navigate to Droid Bionic and click it. Go back to settings and scroll down to Routing fix and check the box. Go back and you are ready to tether 4G LTE from your D4. You can optionally choose to enable a Wi-Fi Encryption by checking the box. You edit the SSID and your Pass phrase by selecting them, however they come standard as SSID: AndroidTether and Pass Phrase: abcdefghijklm.
Step Four: Happy Tethering