In-universe is an attack pattern of jumping to maximum warp (possibly to dodge weapons fire as well) to point blank range of an enemy vessel, and unloading all available weapons before they can react. Picard described it as a desperation measure he used while in command of the Stargazer in combat with a Ferengi ship.

In pop-culture, it's standing and pulling a shirt down to present a clean front. The two-piece TNG uniforms had elastic bands at the waist and would ride up while sitting, so Picard would stand from his chair and straighten his uniform every time.

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