UAW would get 55 pct stake in Chrysler under deal

* Union to also get cash for health fund

* Fiat to get 35 percent of Chrysler

* U.S. taxpayers, creditors to share 10 percent

* Fiat to invest $8 billion, create 4,000 UAW jobs

By Nick Carey and David Bailey

DETROIT, April 28 (Reuters) - The United Auto Workers union would own 55 percent of automaker Chrysler under a proposed contract union members must vote upon by Wednesday night, according to a summary of the deal prepared by the UAW.

If ratified by Chrysler's 26,800 UAW-represented workers, the company would also make payments to a union-aligned retiree health care trust in return for concessions by workers.

The summary, distributed to union hourly workers, also says Italian automaker Fiat SpA (FIA.MI: Quote, Profile, Research) -- which is in talks with Chrysler on forming an alliance -- would "eventually own" 35 percent of Chrysler's stock.

Fiat would also share key engine technology with Chrysler that would be equivalent to an investment of more than $8 billion and would create 4,000 UAW-represented jobs.