The following steps are summarized from the video linked in the Issue Description above.
Extract files to a temporary folder.
Accept the License Agreement.
Remove the check mark next to "Launch the Add Printer Wizard after extraction completes".
Extract to C:\Lexmark\Lexmark_Universal_v2_UD1_PCL. Take note of this extraction path.
Open File Explorer > This PC > Local Disk (C:) > Lexmark > Lexmark_Universal_v2_UD1_PCL > Drivers > Print > GDI, and copy the full directory path (press Ctrl+C).
Open Control Panel > Hardware and Sound > View devices and printers.
Click Print server properties > Drivers tab > Change Driver Settings > Add.
Click Next in Add Printer Driver Wizard.
Select x86 for 32-bit, and x64 for 64-bit OSes/drivers.
Click Have Disk....
Press Ctrl + V in the dialog box for Copy manufacturer's files from: to paste the directory C:\Lexmark\Lexmark_Universal_v2_UD1_PCL\Drivers\Print\GDI.
Highlight the printer, click Next, and then click Finish.
Note: A new printer driver entry will appear under Print server properties.
Select Add a printer.
Add a printer using a TCP/IP address or hostname.
Select Device type: Web Services Device.
Enter the printer's Hostname or IP Address.
Click Next, or change the Printer name before clicking Next.
Note: A new printer will appear under Devices and Printers.