To install, just copy plug-in to the specific location:

*.component ->    /Library/Audio/Plug-Ins/Components/

*.vst -> /Library/Audio/Plug-Ins/VST/
*.vst3 -> /Library/Audio/Plug-Ins/VST3/
*.aaxplugin -> /Library/Application Support/Avid/Audio/Plug-Ins/
*.app ->             /Applications/

NOTE:

Make sure to reboot or Log Out the Mac after the installation!

In order to successfully update AAX plug-in manually you need to delete the
old version and then copy the new one!

If installation is still not successful, try the installer.

If you still have the problems using the AAX, try updating the iLok License
Manager.