The following sequence of procedures you must perform are summarized in the video linked above.
Right-click on the driver package, select Open.
Observe extraction of files to temporary folder.
Accept License Agreement.
Select Extract, this time to a specified folder; i.e., C:\Lexmark\....
Select Add a printer using aTCP/IP address or hostname.
Select Device type: TCP/IP Device.
Enter the IP Address of the device.
Select or highlight the print driver, i.e., Lexmark Universal v2 XL.
Complete the installation.
Verify successful installation via Control Panel > Devices and Printers.