< xsl:template match="NAME">
    <xsl:text disable-output-escaping="yes">&lt;a
    href="mailto:";</xsl:text>

Never use disable-output-escaping for this kind of thing! You are trying
to make an element not text.

xsl:template match="NAME">
    <xsl:text disable-output-escaping="yes">&lt;a href="mailto:";</xsl:text>
    <xsl:value-of select="child::EMAIL"/>

apart from d-o-e that would be looking for an EMAIL child of NAME but
your example doc showed it as a sibling.

Assuming it is a sibling as in your example you want



<xsl:template match="NAME">
  <a href="{../EMAIL}">
 <xsl:value-of select="FIRST"/>
    <xsl:text> </xsl:text>
    <xsl:value-of select="LAST"/>
  </a>
</xsl:template>

<xsl:template match="EMAIL"/>

David

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