diff --git a/pep-0420.txt b/pep-0420.txt
index 61fc93614..10aac9799 100644
--- a/pep-0420.txt
+++ b/pep-0420.txt
@@ -173,15 +173,15 @@ Impact on import finders and loaders
 
 PEP 302 defines "finders" that are called to search path elements.
 These finders' ``find_module`` methods return either a "loader" object
-or None.
+or ``None``.
 
 For a finder to contribute to namespace packages, it must implement a
 new ``find_loader(fullname)`` method.  ``fullname`` has the same
 meaning as for ``find_module``.  ``find_loader`` always returns a
 2-tuple of ``(loader, <iterable-of-path-entries>)``.  ``loader`` may
-be None, in which case ``<iterable-of-path-entries>`` (which may be
-empty) is added to the list of recorded path entries and path
-searching continues.  If ``loader`` is not None, it is immediately
+be ``None``, in which case ``<iterable-of-path-entries>`` (which may
+be empty) is added to the list of recorded path entries and path
+searching continues.  If ``loader`` is not ``None``, it is immediately
 used to load a module or regular package.
 
 Note that multiple path entries per finder are allowed.  This is to