Okay, I did this and successfully "rooted" my Verizon Galaxy S4 i545. It was cool. When I powered on my phone, it started up with a Samsung logo with a little unlocked icon underneath it, then went into the normal boot. I was able to use lollipop and removed a handful of bloatware apps.
The real reason I wanted root, though, was because I wanted to get back to KitKat. I don't like material design. I liked the KitKat settings interface. I think my camera worked better with KitKat than it does now. I also have a bug that leaves my default messenger app stuck in conversations and unable to go back to the top level to view other conversations. Bottom line, rooted lollipop was not my end objective.
This is where things start to suck. See, I had a "rooted" phone, but the bootloader was still locked. I could boot to download mode and flash kernels, but I couldn't boot to recovery. I tried TWRP and Clockwork ROM Manager. Neither of them worked. If I selected the boot to recovery options from either of those apps, the phone would display "Could not do normal boot" in red letters above the Odin download display. The only way I could get my phone to boot after each of those attempts was to turn it off, restart it in download mode, and reflash the OC1 kernel via Odin from my PC. I was still "rooted" with lollipop, but my phone was starting to act funny. It was really slow. Google crashed and chrome didn't work. I spent hours trying to work around the locked bootloader. No matter what I tried, I couldn't load ANY OTHER ROM.
Skip to the end... I used the Verizon System Update utility to back up and "repair" my phone. It worked. I had to set up all my accounts again, but my contacts, messages and photos were all restored. Bonus, my phone is now faster than ever. I wish I had tried the Verizon System Update utility a long time ago.
I don't get to see the cool unlocked icon when I start my phone up, but I have decided that rooting this i545 with a locked bootloader is like breaking out of my jail cell... only to discover I still can't get out of the building.
My advice: Don't waste your time rooting your Verizon Galaxy S4 i545 if you've updated past KitKat. Your bootloader is locked. Root won't buy you much.
"I got this S4 on lock."