Document:

WAIVER
AGREEMENT

    

    This waiver agreement (“Waiver”) dated as of
December 22, 2010, memorializes the prior agreement by and among China Century
Dragon Media, Inc., a Delaware corporation (the “Company”) and the
undersigned (each a “Holder” and together
the “Holders”).  Capitalized
terms not otherwise defined herein shall have the meanings set forth in that
certain Registration Rights Agreement by and among the Company, the Holders and
CD Media (Holding) Co., Limited dated as of April 30, 2010 (the “Agreement”).

    

    RECITALS

    

    WHEREAS,
pursuant to the Agreement, the Company agreed to file a Registration Statement
for resale of the Registrable Securities by the Required Filing Date and to use
its reasonable best efforts to cause such Registration Statement to become
effective by the Required Effectiveness Date;

     

    WHEREAS,
the pursuant to the Agreement, if the Company fails to file the Registration
Statement by the Required Filing Date or if the Registration Statement does not
become effective on or before the Required Effectiveness Date due to the failure
of the Company to fulfill its obligations under the Agreement, the Company is
required to issue Penalty Shares to each Holder equal to a total of 0.0333% of
such Holder’s respective Shares for each calendar day that the Registration
Statement has not been filed or declared effective by the SEC (and until the
Registration Statement is filed with or declared effective by the SEC), as
applicable;

     

    WHEREAS,
pursuant to the Agreement, no Penalty Shares are due to the Holders if the
Company is using its best efforts to cause the Registration Statement to be
filed and declared effective in a timely manner;

     

    WHEREAS,
the Company did not file the Registration Statement on or prior to the Required
Filing Date;

     

    WHEREAS,
the Company and the Holder’s previously verbally acknowledged and agreed that
the Company is using is best efforts to cause the Registration Statement to be
filed and declared effective in a timely manner and that no Penalty Shares are
due under the Agreement; and

     

    WHEREAS,
the Company and the Holders desire to memorialize their prior verbal agreement
with a written agreement.

     

    NOW,
THEREFORE, in consideration of the foregoing recitals and other good and
valuable consideration, the parties, intending to be legally bound hereby, agree
as follows:

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    AGREEMENT

     

    1.           Acknowledgement
and Waiver. The Company and the
Holders affirm their acknowledgment and agreement that the Company has been
using its best efforts to cause the Registration Statement to be filed and
declared effective in a timely manner and that no Penalty Shares are due to the
Holders under the Agreement to date.  Further, the Holders affirm
their waiver of all rights to Penalty Shares under the Agreement as long as the
Company continues to use its best efforts to cause the Registration Statement to
be filed and declared effective by the SEC as soon as practicable after the
Initial Registration Statement is declared effective, where Company actions
substantially consistent with those taken with respect to the fling of the
Registration Statement to date shall continue to constitute satisfactory “best
efforts.”

    

    2.           Agreement
to File.  The Company affirms its agreement to file the
Registration Statement as soon as practicable after the Initial Registration
Statement is declared effective by the SEC.

    

    3.           Governing
Law.  This Agreement and all actions arising out of or in
connection with this Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without regard to the conflicts of law
provisions of the State of Delaware, or of any other state.

    

    4.           Successor
and Assigns.  This Agreement shall inure to the benefit of and
bind the successors and assigns the heirs, executors, administrators, successors
and assigns of the parties hereto.

    

    5.           Severability.  In
case any one or more of the provisions contained in this Agreement shall be
deemed invalid, illegal, or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein shall not in any
way be affected or impaired thereby.

    

    [SIGNATURE
PAGES TO FOLLOW]

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    
 

    IN
WITNESS WHEREOF, the parties have executed this Waiver as of the day and year
first written above.

     

    China
Century Dragon Media, Inc.

     

    
      
        
          
            	
                    By:

                  	
                    /s/ Haiming Fu

                  
	
                    Name:

                  	
                    Haiming
      Fu

                  
	
                    Title:

                  	
                    Chief
      Executive Officer

                  

          

        

      

    

     

    Holders:

     

    
      
        	
                /s/ Richard Rappaport

              	 
      
	
                Richard
      Rappaport

              	 
      
	 
      	 
      
	
                /s/ Anthony Pintsopoulos

              	 
      
	
                Anthony
      C. Pintsopoulos

              	 
      
	 
      	 
      
	
                /s/ Kevin DePrimio

              	 
      
	
                Kevin
      DePrimio

              	 
      
	 
      	 
      
	
                /s/ Jason Stern

              	 
      
	
                Jason
      Stern

              	 
      
	 
      	 
      
	
                /s/ Robert Schultz

              	 
      
	
                Robert
      Schultz

              	 
      
	 
      	 
      
	
                /s/ Debbie Schwartzberg

              	 
      
	
                Debbie
      Schwartzberg

              	 
      
	 
      	 
      
	
                /s/ Joanne Stathoulis

              	 
      
	
                Joanne
      Stathoulis

              	 
      

      

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    The Julie
Schwartzberg Trust dated 2/9/2000

    

    
      
        
          	
                  By:

                	
                  /s/ Debbie Schwartzberg

                
	
                  Name: 
      

                	
                  Debbie Schwartzberg

                
	
                  Title:

                	
                  Trustee

                

        

      

    

     

    The David
N. Sterling Trust dated 2/3/2000

    

    
      
        	
                By:

              	
                /s/ Debbie Schwartzberg

              
	
                Name: 
      

              	
                Debbie Schwartzberg

              
	
                Title:

              	
                Trustee

              

      

    

     

    Amanda
Rappaport Trust

    

    
      
        	
                By:

              	
                /s/ Richard Rappaport

              
	
                Name: 
      

              	
                Richard Rappaport

              
	
                Title:

              	
                Trustee

              

      

    

     

    Kailey
Rappaport Trust

    

    
      
        	
                By:

              	
                /s/ Richard Rappaport

              
	
                Name: 
      

              	
                Richard Rappaport

              
	
                Title:

              	
                Trustee

              

      

    

     

    WestPark
Capital Financial Services, LLC

     

    
      
        
          	
                  By:

                	
                  /s/ Richard Rappaport

                
	
                  Name: Name:  

                	
                  Richard Rappaport

                
	
                  Title:

                	
                  Chief Executive
  Officer

                

        

      

    

     

    
      
         

      

      
        4Exhibit 10.1

AMENDMENT NO. 2

TO

AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

OF

K&M ASSOCIATES L.P.

This Amendment
No. 2 (this "Amendment No. 2") to Amended and Restated Agreement of Limited Partnership of K&M Associates L.P., a
Rhode Island limited partnership (the "Partnership"), is made on December 22, 2010, by and among Aimpar, Inc., a New
York corporation, as sole general partner of the Partnership (the "General Partner"), and Ocean State Jewelry, Inc.,
a Delaware corporation, sole limited partner of the Partnership ( the "Limited Partner").

WHEREAS, the General
Partner and the Limited Partner desire to amend the Amended and Restated Limited Partnership Agreement of K&M Associates L.P.,
dated as of April 1, 1995, by and among the General Partner and the Limited Partners (the "Limited Partnership Agreement"),
as previously amended, extend the term of the Limited Partnership Agreement to December 31, 2020.

NOW, THEREFORE, in consideration
of the representations, warranties, covenants and agreements set forth herein, and intending to be legally bound hereby, the General
Partner and the Limited Partner agree as follows:

 

1.Amendment
to Section 5. Section 5 of the Limited Partnership Agreement is hereby amended by replacing the reference to December 31, 2010
with December 31, 2020.

 

2.Continued
Effectiveness of Limited Partnership Agreement. Except as amended by this Amendment No. 2, as so amended, the Limited Partnership
Agreement shall remain in full force and effect and shall be otherwise unaffected hereby.

 

3 Governing
Law. This Amendment No. 2 shall be governed by and construed in accordance with the laws of the State of Rhode Island without
giving effect to the principles of conflict of laws thereof that would require the application of any other law.

 

4Enforceability.
If any term or provision of this Amendment No. 2 is held by a court of competent jurisdiction or other authority to be invalid,
illegal or unenforceable, the remainder of the terms and provisions of this Amendment No. 2 shall remain in full force and effect
and shall in no way be affected, impaired or invalidated.

 

     

     

    

5Counterparts.
This Amendment No. 2 may be executed in separate counterparts, each of such counterparts shall for all purposes be deemed to be
an original, and all such counterparts shall together constitute but one and the same instrument.

 

[Signature Page To Follow]

 

2

     

     

    

IN WITNESS WHEREOF, this
Amendment No. 2 has been executed as of the day and year first above written.

GENERAL PARTNER: AIMPAR, INC.

/s/ Richard G. Marcus 

Name: Richard
G. Marcus 

Title: President

 

 

 

LIMITED PARTNER:

 

OCEAN STATE JEWELRY, INC.

/s/ Richard G. Marcus 

Name: Richard
G. Marcus 

Title: President

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