print (USERS.email.isin(EXCLUDE.email))
0     True
1    False
2    False
3    False
4     True
Name: email, dtype: bool

print (~USERS.email.isin(EXCLUDE.email))
0    False
1     True
2     True
3     True
4    False
Name: email, dtype: bool

print (USERS[~USERS.email.isin(EXCLUDE.email)])
     email
1  b@g.com
2  b@g.com
3  c@g.com