We present chemical synthesis, polarising optical microscopy, electric current, and small-angle X-ray scattering measurements on a strongly anisotropic bent-shape liquid crystal material. We find that it has two layer-undulated ferroelectric phases, M1 and M2. In the higher temperature M2 phase the undulation amplitude and period increases on cooling, similar to other published materials. It can be identified with a tilted modulated phase. In the M1 phase the molecular plane is not tilted, and - in sharp contrast with all prior observations - the modulation amplitude and period decrease on cooling. These observations can be explained with a 'leaning' director structure, where the leaning angle is decreasing on cooling.