Motorola DROID Razr HD and Droid Razr Maxx HD get updated to Android 4.1.2 with 9.16.6.

It will take you approximately 8-10 minutes to download the software, depending on network conditions.
Once user downloads the software, the next step is to install it onto the device. Installation process should take up to 8-10 additional minutes. During the installation process, the user will be unable to make or receive calls, including emergency calls.

The size for software version is 96 MB. To check out the update, go to Settings>About phone>System updates.

 Over The Air (OTA) Software

There are two types of OTA software upgrades:

1. OTA User Initiated - Follow these instructions for an upgrade on a device manually.
2. OTA Server Initiated - Follow these instructions if you receive a notice on your device indicating that there is a software upgrade available.

For more information visit Official Update Instruction Page.
Source 1: http://support.verizonwireless.com/pdf/system_update/droidrazrhd-instructions.pdf
Source 2: http://www.droid-life.com/2013/03/21/droid-razr-hd-and-maxx-hd-update-to-build-9-16-6-is-rolling-out-now/