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If you're Verizon HTC One M8 is rooted and you are still completely stock otherwise ie no system files are changed, you should be able to accept the OTA however you will lose root. If you are already rooted then you are more than likely also S-Off and Bootloader Unlocked. If so you will still be able to flash a custom recovery later and gain root by flashing the SuperSU.zip in recovery.
If you are currently running a custom rom you will need to flash the S-Off only 4.4.4 RUU. This is a simple process there is an exe file that you will launch. The exe will then walk you through the process. This will not lock your bootloader. From there you can simply accept the 5.0 update, flash a custom recovery and then flash the supersu.zip in recovery. Head to the link below to grab the RUU file that you need to get yourself back to stock.
via XDA
