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\....

Click Start.

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.

Click Next.

Complete the installation.

Verify successful installation via Control Panel > Devices and Printers.